ITR-1, ITR-2 filing Deadline: Major good news for taxpayers. The central government extended the ITR-1 and ITR-2 filing deadlines again. Finance Minister Nirmala Sitharaman delivered the Union Budget in Parliament today. In this budget presentation, the government has made a series of announcements aimed at the middle class and taxpayers. The most significant and unexpected news from this budget relates to the process of filing Income Tax Returns (ITR).
The government has now opted to differentiate filing deadlines by taxpayer category. Moreover, the new Income Tax Act is set to be implemented this year, completely overhauling the long-standing, complex regulations.
Major change in ITR filing dates
Previously, July 31st was a crucial date for most individual taxpayers, but that has now changed. According to the budget announcement, the deadlines for taxpayers submitting ITR-1 and ITR-2 have been streamlined. Now, taxpayers can file their returns comfortably by July 31st, helping alleviate last-minute stress and technical issues on the portal. The government believes that assigning distinct dates to various categories will reduce the burden on the tax system and expedite the refund process.
The new Income Tax Act will be implemented from this year
The Finance Minister made another groundbreaking announcement during his speech. He mentioned that the “New Income Tax Act” will take effect nationwide this year. Its main goal is to simplify and clarify India’s complicated tax system. By eliminating outdated laws that have been around for years, a new system is being introduced that will not only curb tax evasion but also make tax payments easier for the average citizen. The launch of this new Act could also result in significant enhancements to income tax slabs and exemption regulations.
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