New Delhi: Only one day left to file your Income Tax Return (ITR) for the financial year (FY) 2023-24. July 31, i.e., Wednesday is the last day to file your ITR and the Income Tax department has advised taxpayers to file their tax returns before the deadline to avoid getting penalised.
Will ITR filing deadline be extended?
It may be noted that there is no chance of income tax return extension for this year. It may be recalled that the government did not extend the ITR filing deadline in 2023. Last week, the Central Board of Direct Taxes (CBDT) chairman confirmed that the Income Tax department will not extend the ITR filing due date.
As per the latest information, more than 5 crore ITRs for AY 2024-25 have already been filed as of July 26th this year. It is expected that the figures will surpass the previous ones.
The All-India Federation of Tax Practitioners (AIFTP) recently appealed to CBDT to extend the deadline of filing Income Tax returns by a month to August 31 for the assessment year 2024-25. The AIFTP in its request to CBDT said floods, landslides have severely impacted the process of filing returns, also the problems with the Income Tax portal and software persist.
To make the ITR filing process smoother, CBDT made available the ITR functionalities i.e. ITR-1, ITR-2 and ITR-4 on the e-filing portal from 1st April, 2024. Companies were also able to file their ITRs through ITR-6 from April 1 onwards.
This is for the first time in recent times that the Income Tax department enabled taxpayers to file their Returns on the first day of the new financial year.
ITR filing important note
If Form 10IEA is filed for AY 2024-25 then is it compulsory for taxpayer to opt for old tax
regime. Once Form 10IEA is filed for AY 2024-25, then it cannot be revoked / withdraw in same AY, taxpayer must mandatorily opt for the old tax regime for AY 2024-25.
Late ITR filing penalty
If a taxpayer misses filing the Income Tax Return by July 31, 2024, the individual can file the belated return by 31st December 2024 by paying the penalty for late filing.
What is the last date for ITR filing in 2024? CBDT chief has stated that there are no plans to extend ITR filing deadline to August 31, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
