ITR Filing Last Day Today: Income Tax Returns Rise 60% Till Now, Crosses 5 Crore Filings
The government had extended the deadline to file ITRs from July 31 to August 31,
Mumbai, August 31: Today is the last day to file your Income Tax Returns (ITR) for salaried people and those with business or professional income without the need for audit. According to a Times of India report, ITR filed this year till Thursday evening has hit the five-crore mark, which is a 60 percent rise as compared to a year ago. More than 20 lakh returns were filed on Thursday itself and the numbers are expected to rise because there will be several people who may have kept it for the last day. Income Tax Returns for FY 2017–18 Doubles, Refunds Up by 80 Percent Before the Last Date of ITR Filing
The authorities believe that the fear of giving a penalty if they cross the ITR deadline and the rise in the education of the taxpayers have resulted in the rise in the filing of ITRs. The government had extended the deadline to file ITRs from July 31 to August 31, this gave people more opportunity to file their returns.
Reportedly, tax experts also believe that with the imposition of GST, many businessmen have been forced to file returns or disclose higher income for the fear of getting tracked.
(The above story first appeared on LatestLY on Aug 31, 2018 09:11 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).