ITR alert: Will the Income Tax Return filing FY 2023-24 deadline get extended?
Income Tax Return filing deadline update: As the clock ticks down, many taxpayers are rushing to meet the Income Tax Return (ITR) filing deadline for the financial year 2023-24. With July 31, 2024, quickly approaching, it¡¯s crucial to finalize your tax returns to avoid any last-minute stress. In this article, we¡¯ll explore whether the deadline might be extended and highlight the important steps you need to take to ensure your ITR is filed on time. Stay tuned to find out what you need to do to avoid penalties and keep your tax affairs in order.
Taxpayers and tax professionals are asking the government to extend the deadline for filing tax returns beyond July 31, 2024, due to several issues. Many people have struggled with the e-filing portal at incometax.gov.in, facing technical problems and delays that could cause them to miss the deadline. Tax professionals agree with these concerns, pointing out that the tight deadline increases the risk of mistakes. They believe that extending the deadline would give taxpayers more time to ensure their returns are accurate and avoid penalties.
If you haven't filed your income tax return yet, here¡¯s a quick guide on how to file your ITR online for the financial year 2023-24 or the assessment year 2024-25.
What is the Last Date for Filing ITR in 2024?
The last date to file your ITR for the financial year 2023-24 or the assessment year 2024-25 is July 31, 2024. This applies to individuals who do not require an audit.
Has the ITR Date Been Extended?
No, the deadline for filing the ITR has not been extended yet. The government has not made any official announcement about extending the deadline for ITR filing in 2024.
Will the ITR Last Date Be Extended?
Currently, there is no official statement from the Income Tax Department about extending the filing deadline for FY2023-24. It is unlikely that the government will extend the deadline for AY2024-25.
Deadline Approaching: Act Now!
Taxpayers who do not need an audit must submit their ITR by today, July 31, 2024, for the assessment year 2024-25. Missing this deadline can lead to hefty fines, up to Rs. 5,000, and interest charges on any outstanding tax amount. If you've already filed your ITR for FY2024, remember to e-verify it within 30 days to complete the process. For those waiting on an ITR refund, you can check its status on the Income Tax e-filing portal at incometax.gov.in.
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Update from the Income Tax Department
Recently, the Income Tax Department took to X to announce the milestone of 7 crore Income Tax Returns (ITRs) filed as of July 31 out of which over 50 lakh ITRs have been filed today till 7 pm. The Central Board of Direct Taxes (CBDT) emphasizes the importance of accurate ITR filing to ensure timely refunds. Mistakes in your return can lead to delays in processing and potential requests for revised returns.
Avoid Common Mistakes in Your ITR
The department has cautioned against several common errors:
- Incorrect Tax Deducted at Source (TDS) amounts
- Under-reporting income
- Overstating deductions
- Claiming non-existent expenses
- Ensure your return is accurate to avoid these issues and expedite your refund.
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Consequences of Missing the Deadline
Missing the July 31 ITR filing deadline can have serious repercussions:
- Loss of benefits under the old tax regime
- Automatic shift to the new tax regime, possibly increasing your tax liability
- A late filing fee of ?5,000 (?1,000 for incomes below ?5 lakh)
- Interest on any outstanding tax at 1% per month
- Inability to carry forward losses to offset against future income
Here's Why Salaried Individuals Should Wait Until June 15
How to Check Your ITR Status Online
To check the status of your ITR, follow these steps:
- Visit the e-filing portal of the Income Tax Department.
- Click on 'Income Tax Return (ITR) Status'.
- Enter your acknowledgment number and a valid mobile number.
- Click 'Continue'.
- Enter the 6-digit OTP sent to your mobile number.
- Click 'Submit'.
By taking these steps now, you can avoid penalties and ensure a smooth filing process for your Income Tax Return.
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Disclaimer:
(The information provided in this article is for general informational purposes only and does not constitute legal or financial advice. Tax laws and deadlines are subject to change, and it is advisable to consult with a tax professional or visit the official Income Tax Department website for the most current and accurate information regarding your Income Tax Return (ITR). The author and publisher of this article are not liable for any actions taken based on the information provided.)
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