Income Tax Return Filing Deadline To Be Extended Beyond July 31? Here's What You Need to Know
Income Tax Return Filing Deadline: As of now, for the 2022-23 fiscal year, a total of 8.61 crore ITRs were filed, marking an 8.5 per cent increase from the same period last year
ITR filing deadline: The Income Tax (I-T) Department has confirmed that no extension has been announced for the income tax return (ITR) filing deadline, which remains set for July 31, 2024. On July 30, an advisory of office of Press Registrar General of India shared on social media is being misconstrued as extension of due date for filing ITR.
The department has clarified that, despite reports and speculations, there will be no deadline extension this year. Taxpayers are urged to file their returns on time to avoid penalties and last-minute hassles.
An advisory of Office of Press Registrar General of India shared on social media is being misconstrued as extension of due date for filing ITR#PIBFactCheck
— PIB Fact Check (@PIBFactCheck) July 30, 2024
✔️The advisory is NOT related to extension of date of filing ITR.
✔️The due date for filing ITR is 31 July 2024 pic.twitter.com/F4OHwK2d3Y
This statement follows a significant increase in ITR filings compared to the previous year. As of now, for the 2022-23 fiscal year, a total of 8.61 crore ITRs were filed, marking an 8.5 per cent increase from the same period last year.
Despite this uptick, numerous taxpayers have reported issues with OTP verification failures and multiple submission attempts. In response to these challenges, the All-India Federation of Tax Practitioners (AIFTP) has called on the Central Board of Direct Taxes (CBDT) to extend the ITR filing deadline for the assessment year 2024-25 to August 31. Similarly, the All Gujarat Federation of Tax Consultants and the Income Tax Bar Association have also requested an extension.
In a post on X (formerly Twitter), the tax department emphasized the importance of timely filing, stating, “We urge all those who haven't filed ITR for AY 2024-25 to file their ITR at the earliest to avoid a last-minute rush.”
Consequences of Missing the ITR Deadline
Taxpayers who miss the July 31 deadline will have until December 31, 2024, to file a belated ITR, but they will incur penalties. If the total annual taxable income is below Rs 5,00,000, the penalty is Rs 1,000; for income above this threshold, the penalty increases to Rs 5,000. Additionally, taxpayers who miss the deadline will be unable to opt for the old tax regime for tax calculations.
Increase in ITR Filings Under the New Tax Regime
Revenue Secretary Sanjay Malhotra said that about six crore ITRs have been filed for income earned in the 2023-24 fiscal year, with 70 per cent of these filings under the new simplified tax regime, which offers a lower tax rate. Speaking at the post-budget session of the PHD Chamber of Commerce and Industry, Malhotra addressed concerns about the adoption of the new regime, saying, "The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden."
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