As the end of July approaches, many taxpayers are anxiously awaiting news regarding the extension of the Income Tax Return (ITR) filing due date for the assessment year 2024-2025 or Financial Year 2023-24.
The Facts
The due date for filing ITRs for individual taxpayers, Hindu Undivided Families ( HUFs ), and those whose accounts do not require auditing remains July 31, 2024. This decision comes as a reminder for taxpayers to complete their filings promptly to avoid penalties and interest on late submissions.
Read More: Income Tax Return Filing 2024: Common Portal Errors, Other Issues and Fixes that You Must Know
Rumours and Speculations
Every year, as the deadline nears, there is often speculation about whether the due date will be extended. This year was no different, with many anticipating a possible extension due to various factors, including the complex filing requirements and technological issues faced by some taxpayers.
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The CBDT has earlier signalled that the deadline will not be extended this year. An official statement from the department reads, “Taxpayers are advised to file their returns on or before the due date of July 31, 2024.”
Read More: No ITR Filing Deadline Extension: Income Tax e-Filing Portal works Fine Now, says CBDT Chairman
Despite the rampant rumours and widespread speculation, the Central Board of Direct Taxes (CBDT) has not yet confirmed any deadline extension as of now.
Penalties for Late Filing
Taxpayers who fail to file their returns by the due date will face penalties and interest charges. Under Section 234F of the Income Tax Act, a late fee of INR 5,000 will be levied if the return is filed after the due date but before December 31, 2024.
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For returns filed after December 31, 2024, the penalty increases to INR 10,000. However, for taxpayers with a total income of less than INR 5 lakhs, the maximum penalty is INR 1,000.
Read Also: Income Tax Department Alerts Taxpayers: Severe Penalties for Missing ITR Filing Deadline
Importance of Timely Filing
Filing ITRs on time is important for several reasons:
– Avoid Penalties: Timely filing helps avoid hefty fines and interest.
– Loan Approvals: Banks and financial institutions often require ITR receipts as proof of income when processing loan applications.
– Claim Refunds: Taxpayers expecting refunds from the Income Tax Department can receive them more quickly if they file their returns on time.
– Compliance: Maintaining a clean tax compliance record is important for future financial and legal dealings.
“We urge all those who haven’t filed ITR for AY 2024-25, to file their ITR at the earliest to avoid last minute rush”, the Income Tax India Official Twitter (X) handle tweeted earlier on 26th.
Steps to File Your ITR
For those who have yet to file their returns, here are the steps to ensure a smooth process:
1. Gather Documents: Ensure you have all necessary documents, including Form 16, bank statements, and investment proofs.
2. Login to the IT Portal: Visit the Income Tax Department’s official e-filing portal.
3. Select the Appropriate ITR Form: Choose the form that matches your income category.
4. Fill in Details: Enter your personal, income, and deduction details accurately.
5. Verify and Submit: Review the information for any errors, then submit your return.
6. E-Verify: Complete the e-verification process using Aadhaar OTP, net banking, or other available methods.
Read Also: Know How to File ITR Self without CA Assistance
The due date for filing Income Tax Returns for the Financial Year 2023-2024 is firmly set at July 31, 2024 as of 04:30 PM today. Taxpayers are encouraged to complete their filings promptly to avoid penalties and ensure compliance with tax regulations.
For those who haven’t yet filed their returns, the clock is ticking. Gather your documents, log in to the e-filing portal, and complete the process to avoid unnecessary penalties and ensure a hassle-free financial year ahead. The Central Board of Direct Taxes (CBDT) is the final authority to decide on whether the ITR filing deadline is to be extended or not, which has currently made no official statements regarding the extension as of now.
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