Taxpayers should act quickly since the deadline for filing income tax returns is just one day away.
Reetu | Jul 30, 2024 |
ITR Filing: Why Taxpayers expecting Extension of Deadline beyond July 31
Taxpayers should act quickly since the deadline for filing income tax returns is just one day away. With the deadline swiftly approaching, completing and filing your tax returns on time is essential to avoid potential fines or late fees. If you haven’t already filed, acquire the relevant documents and information right away to ensure a smooth filing process.
The deadline for filing your income tax return (ITR) for the financial year (2023-24) is July 31, 2024. The income tax department recommends that taxpayers file their returns by this date.
As per a report from the news agency, the All-India Federation of Tax Practitioners (AIFTP) has formally requested that the Central Board of Direct Taxes (CBDT) extend the deadline for filing income tax returns for the financial year 2023-24 to August 31.
In their memorandum, AIFTP National President Narayan Jain and Direct Tax Representation Committee Chairman S.M. Surana stated that recent floods in numerous states had severely affected the filing process. They further mentioned that landslides in Uttarakhand and Himachal Pradesh had aggravated these problems.
As the July 31 deadline for ITR filing approaches, there is a growing demand for an extension.
A Chartered Accountant said, “Accessing Form 26AS/AIS/TIS is challenging.”
“OTP verification errors and many submission attempts owing to validation issues hamper the filing procedure.” an Associate Director of a company said.
Despite technical issues with the income tax website, the number of Income Tax Returns (ITRs) filed has surpassed 5 crores by July 26 when compared to the same period last year.
The Income Tax Department also addressed a fake social media announcement that claimed the ITR filing date had been extended to August 31. They underlined that the deadline for filing ITRs for Fiscal Year 2023-24 remains July 31, with no extensions granted.
Taxpayers should file their ITR as soon as possible to avoid penalties or notices.
As per the Income Tax Department and the Central Board of Direct Taxes (CBDT), more than 5 crore income tax returns (ITRs) had been filed as of July 26.
In a recent announcement, the Income Tax Department advised taxpayers to file their taxes correctly to ensure timely refunds. They added that refund claims are subject to verification, which could cause delays. Properly filed returns allow for faster refund processing, however, discrepancies may result in requirements for revised returns.
The department also urged taxpayers not to claim inaccurate Tax Deducted at Source (TDS) amounts, underreport income, exaggerate deductions, or file claims for non-existent expenditures.
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