income tax return filing - Has today's ITR deadline been extended?

income tax return filing - Has today's ITR deadline been extended?

ITR filing 2024 Updates: The Income Tax Department has not yet extended the deadline for filing income tax returns for the Assessment Year 2024-25 or the financial year 2023-24. As of now, the last date to file ITR is July 31. The Income Tax Department has been sending reminders to taxpayers through emails and SMS to file their ITR on time to avoid penalties. Taxpayers have faced several glitches on the e-filing portal which prompted tax professionals to write to the government about the issue.

Don't Miss the 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 ₹ 5,000 (Rs 1,000 for income below ₹ 5 lakh)
- Interest on outstanding tax at 1 percent 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.

As of July 31, 2024, the latest updates regarding Income Tax Return (ITR) filing in India are as follows:

1. Due Date for Filing: The due date for filing ITR for individuals and entities whose accounts are not required to be audited remains July 31, 2024.

2. New Tax Regime: The Income Tax Department continues to encourage taxpayers to consider the new tax regime introduced in Budget 2020, which offers lower tax rates without exemptions or deductions.

3. E-filing Portal: The e-filing portal has undergone several updates to improve user experience. Taxpayers are advised to use the portal for seamless filing and to access resources like Form 26AS and AIS (Annual Information Statement).

4. Extended Due Dates: For taxpayers requiring audits, the due date for filing ITR is generally October 31, 2024. For transfer pricing cases, the due date is November 30, 2024.

5. Penalties: Failing to file the ITR by the due date can attract penalties. A late filing fee under section 234F may be levied, which can be up to ₹10,000 depending on the delay and the income level of the taxpayer.

6. Faceless Assessments: The government continues with faceless assessments and appeals to minimize human interaction and increase transparency in the tax filing process.

7. Pre-filled ITR Forms: The pre-filled ITR forms have been further enhanced to include more details, helping taxpayers to file returns accurately and promptly.

Taxpayers are encouraged to file their returns promptly and accurately to avoid penalties and to ensure compliance with the tax laws. If you have specific questions or need assistance with filing, consulting a tax professional is recommended.

ITR filing 2024 Updates: How are ITR-1 and ITR-2 forms different?

ITR filing 2024 Updates: ITR-1 (Sahaj) is for individuals with income up to ₹50 lahks from salary, one house property, and other sources like interest. ITR-2 is for taxpayers and HUFs not having income from profits and gains of business or profession.

ITR filing 2024 Updates: How much do third-party websites charge for filing ITR?

ITR filing 2024 Updates: Online platforms like Clear Tax2Win, TaxBuddy, Quicko, and others charge between ₹500 to ₹1,000 for ITR filing.

ITR filing 2024 Updates: How to get a full refund?

ITR filing 2024 Updates: Individual taxpayers who have paid more taxes than required are eligible to receive a tax refund. For this, you have to file your ITR by July 31, 2024, for FY 2023-24 (AY 2024-25).

ITR filing 2024 Updates: What is Form 16?

ITR filing 2024 Updates: Form 16 is mandated under Section 203 of the Income-tax Act, 1961. It is issued by employers regarding tax deduction at source (TDS) from an employee's salary during a financial year. It provides a detailed account of the salary paid and the TDS amounts remitted to the government against the employee's PAN.

ITR filing 2024 Updates: What is the penalty for income tax notice?

ITR filing 2024 Updates: If the Income Tax return is furnished before 31st December of the assessment year, the penalty is ₹5,000 but it cannot exceed the amount of TDS/TCS. Moreover, if there is under-reported income, the penalty can be 50% of the amount of tax payable on that under-reported income.

ITR filing 2024 Updates: Last day to file ITR today

ITR Filing Last Date Extension: Today, July 31, is the last date to file an income tax return (ITR) for the financial year 2023-24 for taxpayers who are not required to audit their incomes.

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