Will ITR filing deadline be extended beyond July 31, 2024

The extension for filing ITR has been requested by The Institute of Chartered Accountants of India (ICAI). It wants the tax department to move the deadline which is July 31, 2024. They have also stated the top nine problems that taxpayers are facing. Due to these delays and inaccuracies are taking place in filing returns.

1. Problems in Accessing Form 26AS/AIS/TIS and Discrepancies

A common issue is accessing Form 26AS, AIS, and TIS. These forms contain important details about tax deducted at source (TDS) and other information. Taxpayers have reported problems in accessing these forms and even after being accessible, the figures often do not match, resulting in errors in returns.

2. Limited Response Options in AIS/TIS

The Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) are used to help taxpayers. ICAI also states that the response options provided by these tools are limited, making it difficult for taxpayers to correct these, resulting in filing errors.

3. Delay in Updates of Responses in TIS

Another problem is the delayed update of responses in TIS. When taxpayers submit corrections these changes are not updated immediately. This delay causes confusion and delays the timely filing of correct returns.

4. Technical Issues on the Income-Tax E-Filing Portal

The e-filing portal meant to simplify tax filing, is facing technical glitches and many taxpayers face errors. Other issues arise while using the portal making it difficult to complete their filings on time.

5. Inconsistencies in Pre-Filled Data

Pre-filled data in ITR forms is intended to make filing easier. However, ICAI noted that there are often mismatches in this data. Taxpayers must spend their extra time verifying and correcting these inaccuracies.

6. Involvement of Dividend Income in Schedule OS

Taxpayers reported issues with the reflection of dividend income in Schedule OS of ITR forms. The present utility requires that the income be reflected and then deducted from business income before it is shown in Schedule OS. The utility may be improved to allow for the proper representation of dividend income in Schedule OS without needing it to be first included and then deducted from company income.

7. Issues Encountered During ITR Filing

Many taxpayers encounter error messages while filing their ITRs. These errors cause unnecessary delays. They add to the stress of meeting deadlines.

8. Failure to Receive OTPs for Authentication

The authentication process for ITR filing often requires OTPs (One-Time Passwords). However, many taxpayers report not getting OTPs, this stops them from completing their filings.

9. Challenges in Accessing or Downloading Filed ITR Receipts

Few taxpayers face difficulties in downloading receipts for their filed ITRs. These receipts are important for record-keeping and future reference.

Keeping in mind the problems taxpayers are facing, the ICAI has requested the tax department to extend the ITR deadline beyond July 31, 2024. This extension will help taxpayers to address the problems, resulting in accurate filing. The taxpayers are waiting for the decision of the tax department on this request.