New Delhi: If you have made investments eligible for Income Tax deductions and exemptions, and want to file ITR according to the old tax regime, you must do so by the July 31, 2024, deadline. Otherwise, you will simply not receive these benefits. In a further squeeze, the Income Tax Department will simply not allow taxes to be filed in the old tax system after the deadline of July 31 expires.
Cash flow to be impacted
The fallout is simple — all your investments made throughout the year may be affected. These include:
PPF
Insurance premiums
NPS
Don’t miss the July 31, 2024, deadline to avoid losing tax benefits on the above investments. In other words, your cash flow will be affected since you would have a larger tax payout to meet. Besides, the taxpayer will also have to shell out Rs 5,000 as penalty for ITR late filing, compounding their financial woes.
ITR Filing deadline extension
For all taxpayers who do not need to get their accounts audited, the last date of filing ITR is July 31, 2024. All pleas by multiple bodies such as the All India Federation of Tax Practitioners (AIFTP) and the Institute of Chartered Accountants of India for ITR Filing deadline extension has fallen on deaf ears.
Only New Tax Regime after July 31
“If you are filing taxes under the old system, you just cannot afford to miss the July 31 deadline. Any ITR filed on or after August 1 has to be in the new system only,” said Monojit Banerjee, a Kolkata-based tax practitioner.
Belated ITR filing: No benefits going forward
“Individual taxpayers planning to file ITR under old tax regime must ensure that ITR is filed (even if not verified) on or before July 31. If the ITR is filed after the deadline, then a belated ITR can be filed only under the new tax regime. Consequently, a belated ITR filer will not be able to claim tax deductions and exemptions that are available under the old tax regime,” Abhishek Soni, CEO, Tax2Win.in, an ITR filing website, told the media.
Soni further stated that if someone files an ITR under the old regime just before the deadline expires, and has to later rectify the mistakes in the old regime, but the filing has to be completed by the deadline.
ITR filing 2024: With just a few more hours to go before the ITR filing deadline expires, taxpayers must rush to file taxes on Wednesday to receive old tax regime benefits. Here’s why Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
