The Income Tax Department has clarified that July 31 remains the last date to file income tax returns (ITR) for FY 2023-24. Contrary to reports and speculations, the department said there would be no deadline extension this year, urging taxpayers to file their returns on time to avoid penalties or last-minute hassles.
The Income Tax Department also announced that over five crore ITRs have been filed as of July 26, a significant increase from last year.
In a recent post on X, the department acknowledged the milestone, saying, “We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs).”
We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs).
Over 5 crore ITRs for AY 2024-25 have already been filed till 26th of July this year as compared to 27th of July last year.
We urge all those… pic.twitter.com/PNPnRQdf44
— Income Tax India (@IncomeTaxIndia) July 26, 2024
This comes despite several taxpayers and chartered accountants flagging problems with the tax filing portal. There were reportedly glitches in generating OTPs and difficulty claiming rebates.
Chartered accountant bodies have written to the tax department, seeking an extension of the deadline due to these difficulties.
Don’t Miss ITR Filing Deadline
Missing the July 31 ITR filing deadline can have serious consequences, including:
- Loss of benefits under the old tax regime
- Automatic shift to the new tax regime, potentially increasing tax liability
- Late filing fee of Rs 5,000 (Rs 1,000 for income below Rs 5 lakh)
- Interest on outstanding tax at 1 per cent per month
- No carry forward of losses to offset against future income
Taxpayers are advised to prepare and file their returns on time to avoid penalties and fines.