ITR Filing FY 2023-24 Last Date: Taxpayers must act quickly, as the deadline to file income tax returns is only two days away. With the final date rapidly approaching, completing and submitting your tax returns by the deadline is crucial to avoid potential penalties or late fees. If you haven't yet filed, gather all necessary documents and information promptly to ensure a smooth filing process.
The deadline to file your income tax return (ITR) for the financial year (FY) 2023-24 is July 31, 2024. The income tax department has recommended that taxpayers complete their filings by this date.
According to a report from the news agency PTI, the All-India Federation of Tax Practitioners (AIFTP) has formally requested the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income tax returns for the assessment year 2024-25 to August 31.
As the July 31 deadline for ITR filing draws near, there is increasing demand for an extension.
"Accessing Form 26AS/AIS/TIS is challenging," said Abhishek Jain, a CA.
"OTP verification failures and repeated submission attempts due to validation glitches further complicate the filing process," said Gaurav Singh Parmar, Associate Director at Fincorpit Consulting.
Meanwhile, Abhishek Soni, CEO and Co-founder of Tax2win, said that despite technical glitches with the income tax website, the number of Income Tax Returns (ITRs) filed had exceeded five crores by July 26, compared to the same period last year. The Income Tax Department also addressed a false social media announcement claiming the ITR filing deadline had been extended to August 31. They clarified that the deadline for filing ITRs for FY 2023-24 remains July 31, with no extension granted. Taxpayers are advised to file their ITRs as soon as possible to avoid penalties or notices.
"We have consistently emphasized the importance of timely filing," stated Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited, quoting Finance Minister Nirmala Sitharaman at a press conference. He noted that the Central Board of Direct Taxes has upgraded the e-filing portal to support up to 500,000 concurrent users. These enhancementsand the government's firm stance suggest that filing by July 31 will help avoid late fees and other penalties.
Gaurav Singh Parmar, Associate Director at Fincorpit Consulting, added, "While an extension of the ITR filing deadline cannot be completely ruled out, historical data makes it unlikely. The government has consistently upheld July 31 as the deadline in the past three years, with extensions only in exceptional cases like pandemic-related lockdowns."
According to the Income Tax Department and the Central Board of Direct Taxes (CBDT), over 5 crore income tax returns (ITRs) had been filed as of July 26.
In a recent announcement, the Income Tax Department urged taxpayers to file their returns accurately to ensure timely refunds. They noted that refund claims are subject to verification, which could lead to delays. Properly filed returns facilitate faster refund processing, while discrepancies may result in requests for revised returns.
The department also warned taxpayers against claiming incorrect Tax Deducted at Source (TDS) amounts, under-reporting income, exaggerating deductions, or submitting claims for non-existent expenses.
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