July 31, 2023, was the final deadline for individuals and businesses to file their Income Tax Return (ITR) for the financial year (FY) 2022-2023. As much as we all should be aware about filing our taxes, a lot of us are still not as financially sound and depend on someone who is, to help us out. Financial independence is one of the most important qualities, we must aim at acquiring. And that’s exactly what the finfluencers try to do with their content on social media.
Finance influencers, or as they like to call themselves, “finfluencers” share their expertise and insights on various financial topics in the most easy-to-understand format. These creators gained a significant following by translating complex finance lingo into simple concepts while giving a lot of insightful tips to save and earn more.
What Is An ITR?
An Income Tax Return (ITR) is a declaration stating that you have an income for which you have paid tax. Filing of an ITR is a mandatory obligation where you detail your income from salary and other sources, allowances and reliefs claimed, and investments made through the financial year (FY).
While the official due date for filing ITR is July 31 of the assessment year (AY) – which is the year following the FY during which the income was earned, the income tax department keeps the ITR window open until the end of AY (March 31), for you to file a belated return.
The ITR department assured the people filing their returns yesterday with all the support from their end in a tweet saying, “To assist taxpayers for ITR filing, tax payment and other related services, our help desk is functioning on 24×7 basis, and we are providing support through calls, live chats, WebEx sessions & social media.“
More than 6.5 crore Indians had already filed their returns on the last date before deadline itself. “We express our heartfelt gratitude to all taxpayers and tax professionals who have contributed to achieving this remarkable milestone. Their cooperation and promptness have been instrumental in this successful endeavour,” the tax department added.
Last Day Struggles
While over 6.5 crore ITRs have been filed already, some taxpayers still seem to be struggling with the process. A number of people complained that they are encountering glitches or that the e-filing website is slow. Many people shared screenshots as proof of the ordeal they faced while attempting to file the ITR. Some even requested the tax department to extend the deadline so they can complete the process.
A Twitter user requested: “Kindly Extend the due date of Filling IT Returns from 31 July to 31 August 2023. Many taxpayers requiring more times to link Aadhaar with PAN, facing some financial problems due to floods in many states and around 20-30% taxpayers are waiting still to salary credit at least 10 days.”
However, an extension of the July 31 deadline seems unlikely as over 6.5 crore people have already filed their ITRs. Those who have not filed their return yet can either try to complete the process by today or file a belated return.
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The Finfluencers
Finance influencers, or as they like to call themselves, “finfluencers” share their expertise and insights on various financial topics in the most easy-to-understand format. These creators gained a significant following by translating complex finance lingo into simple concepts while giving a lot of insightful tips to save and earn more.
Anushka Rathod
A digital content creator who transforms complex financial topics into entertaining videos, Anushka Rathod comes from a strong financial background having studied it in depth. She creates extremely informative and valuable content in the form of reels and videos. It is an amalgamation of facts, humour, and emotions. Her digital presence is not limited to Instagram and YouTube but she is a great storyteller on LinkedIn as well.
Anushka is a firm believer of the fact that financial knowledge is essential for every woman, as it provides them with the skills, confidence, and opportunities to navigate the financial landscape, achieve financial freedom, and contribute to their own personal growth and the growth of their communities. With July being the last month to file the ITR, Anushka posted a few videos regarding what to do before, on the last day and after while explaining the process and giving tips.
CA Bhagyashree Thakkar
When a Chartered Accountant tells you what you could do to save money or best ways to invest it, you know you can trust them. CA Bhagyashree Thakkar is passionate about finance and content creation. Merging the two was the way to go for her. Her goal is to empower people to be financially literate, build wealth and achieve financial freedom in a easy breezy way. She was awarded CA 40 Under 40 by ICAI as well.
With all the knowledge she has obtained studying Chartered Accountancy, her accounting, business and management skills enable her to provide the best guidance in her Instagram and YouTube content. Check out how easily and quickly one can file their ITR using Cleartax.
CA Rachana Ranade
With the aim is to improve financial literacy in India CA Rachana is on a path to enable people to learn about stock markets in the most simplified way. She has been a part of the YouTube community for the last 10 years and has seen an exponentially growth of more than 1,000,000 subscribers. She is also working on localising her content in her mother tongue Marathi, through her new YouTube channel.
CA Rachana Ranade believes that her objective is to build financial discipline in the masses by simplifying Stock Market Education and other financial concepts. And to achieve this, apart from content creation, she also teaches various courses related to these subjects. She is considered to be a legend who demystifies finance through very detailed and easy-to-follow videos just like this one explaining what are the 5 main documents one requires to file their ITR.
The younger generation can benefit immensely from these finfluencers to understand the world of finance and manage their own money without feeling too intimidated or needing someone’s help constantly. It is definitely our responsibility to know and handle our finances, pay taxes and file returns within the stipulated deadlines every year.
