43 Lakh Income Tax Returns Filed In A Day:- The Indian government denied extension of the last day to file the tax returns for the financial year 2022-23, the Indians had a rush to file the returns as the due date is tomorrow. As per the information from the Income Tax Department's web portal, around 43 lakh ITRs are filed on Friday alone. There are talks that close to 50 lakh returns will be filed today and the total would touch 5 crores by tomorrow. The last day returns are generally higher. and the website may crash down for sure because of the heavy rush. Lot of financial experts in the country urged the government through social media to extend the due date to file the returns.
The Indian government made it clear that the due date will not be extended and asked everyone to file the returns on time. The last date is tomorrow for the salaries individuals and the Hindu Undivided Families. The tax payers would get several benefits for filing the returns on time before the due date. The tax payers can avoid fine and penalty if the returns are filed on time. A clean record will help the individuals get loans in the future. Here are some of the perks if you file the returns before the due date:
Savings in Interest u/s 234A, 234B and 234C
Avoidance of Late fees u/s 234F
Allowability of Set off and carry forward of all losses
No restrictions on claiming deductions under Chapter VI-A
Faster processing of the refund, if any.