ITR Filing Deadline Not Extended Beyond July 31, 2024:

ITR Filing Deadline Not Extended Beyond July 31, 2024 The deadline to file an Income Tax Return (ITR) for the year 2023-24 (assessment year 2024-25) was July 31, 2024. As of that date, over 7 crore ITRs were filed. More than 50 lakh ITRs were filed on the last day itself. The tax department provided 24/7 support through calls, live chats, WebEx sessions and social media to help taxpayers.

Deadline and Penalty for Late Filing

The income tax department did not extend the deadline despite many requests on social media. If you missed July 31 deadline you can still file your ITR. However, you will need to pay a penalty. Late ITR is called belated ITR. It is filed under section 139(4) of the Income Tax Act 1961.

How to File ITR after the Deadline?

After the deadline, you can file a belated return. To file a belated ITR you must first pay a late fee of up to Rs.5,000 in case of income crossing Rs.5 Lakh in a financial year. If your taxable income is up to Rs.5 lakh then the penalty is Rs 1,000. Filing a late return has other disadvantages. You can't carry forward losses except for house property losses. You may also owe penal interest under sections 234A, 234B or 234C if you owe taxes.

Issues and Requests for Extension

Many taxpayers faced problems with the e-filing portal. Slow loading times and difficulties submitting returns were common issues. Several tax associations including All Gujarat Federation of Tax Consultants, Income Tax Bar Association, ICAI and Karnataka State Chartered Accountants Association requested an extension due to these issues. They also cited problems with pre-filled data. Limited response options on the portal added to the frustration.

Penalty Details

The maximum penalty for late filing introduced in the Budget 2017 is Rs.10000. Before this, the assessing officer could impose a penalty of Rs.5000 if the return was not filed before the end of the assessment year. The deadline to file ITR for the FY 2023-24 was not extended beyond July 31. You can still file a belated ITR with the penalty. Despite technical issues and requests for extension government did not change the deadline.