ITR Filing Last Date: Have you filed income tax return for the financial year 2023-24 and assessment year 2024-25? If you have not completed this work yet, then do it as soon as possible, because the deadline for filing ITR is about to end. Taxpayers can file it without penalty till July 31. In such a situation, only two days are left for this now. The Income Tax Department is also repeatedly advising people to file income tax returns within the deadline. If you file income tax return after July 31, then you may have to pay a heavy penalty.
If you miss the last date, you will have to pay this much fine
The amount of penalty that taxpayers will have to pay for filing income tax returns after July 31 will depend on how much your income is. Taxpayers whose annual income is less than Rs 5 lakh will have to pay a penalty of Rs 1000 for filing returns late. Whereas those whose annual income is more than Rs 5 lakh will have to pay a penalty of Rs 5000 as tax.
last date is rising demand to increase
The All India Federation of Tax Practitioners (AIFTP) has placed a demand before the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income tax returns for the financial year 2023-24. He has demanded from the CBDT to extend this deadline from 31 July to 31 August. The association said that due to conditions like floods and landslides in many areas of the country, taxpayers are facing difficulty in filing ITR. AIFTP National President Narayan Jain and Direct Tax Representative Committee President SM Surana gave a written application to the federation saying that due to bad weather conditions in states like Uttarakhand and Himachal Pradesh, ITR filers are facing difficulties.
#IncomeTaxSiteIssues was trending on Twitter today
Along with this, there is a problem in downloading the income tax form and submitting it on the ‘e-filing portal’ of the Income Tax Department. Along with the problems in the software, it is taking more time to download the self-assessment and tax payment challan. In such a situation, the government should extend the deadline for filing ITR in view of all these circumstances. This morning, the hashtag #IncomeTaxSiteIssues was trending on the social media portal X.
Will the date be extended? Know the estimate of tax experts-
Like every year, this year too there is a demand to extend the deadline for filing income tax returns, but so far the government has not given any response on this. Experts have advised people not to wait for the deadline to be extended and file their income tax returns as soon as possible, otherwise they will have to face problems later.
More than 5 crore ITRs have been filed till July 26
The Income Tax Department had shared information about the returns filed on its official Twitter handle on July 26. According to the department, more than 5 crore taxpayers across the country have filed their income tax returns by July 26, 2024. Along with this, the department had advised the remaining people to file income tax returns as soon as possible.
We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs).
Over 5 crore ITRs for AY 2024-25 have already been filed till 26th of July this year as compared to 27th of July last year.
We urge all those… pic.twitter.com/PNPnRQdf44
— Income Tax India (@IncomeTaxIndia) July 26, 2024
Not filing income tax return on time can cost taxpayers a lot because late filing of return can lead to heavy fines and even jail time. So it is better that you don’t wait for an extension and file your ITR ASAP.
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