As the 2024 deadline for filing income tax returns (ITR) approaches on July 31, many taxpayers have begun the filing process, only to face significant challenges with the e-filing portal. This year, the widespread issues with the portal have led to an outpouring of complaints on social media. This has led people to assume that the ITR filing deadline might be extended.

ITR Filing Deadline Extension

If you were expecting an extension for the ITR filing deadline you may be disappointed. It’s highly likely that the July 31 deadline will not be extended, as there has been no official announcement.

ITR Filing Last Date 2024

The current due date for filing ITR for the financial year 2023-24 is July 31, 2024.

Can You File ITR After July 31?

Yes, you can. However, if you missed the deadline you will have to pay a late fee. This is called filing a belated return.

Belated ITR Filing Last Date

December 31, 2024 is the last date to file a belated return for the financial year 2023-24 (assessment year 2024-25).

The penalty for failing to file an income tax return by the due date specified under section 139(1) is Rs 5,000. However, if the total income of the taxpayer does not exceed Rs 5 lakh, the penalty is reduced to Rs 1,000.
In addition to any late filing fees, you’ll also incur interest on any unpaid taxes. This interest accrues from the original due date until the full amount is paid.
Beyond incurring penalties and interest charges, filing a belated return has additional drawbacks. Missing the July 31 deadline means you cannot carry forward certain losses to future years. In the case of late filing, only losses from house property can be carried forward.
Under Section 276CC, if the tax payable or evaded exceeds Rs 25,000, the penalty for late filing of income tax returns can include imprisonment ranging from 6 months to 7 years, along with a fine.

Filing your ITR on time can minimize the chances of being subjected to inquiries or scrutiny proceedings by the Income Tax Department for delayed or non-filing. This can save you from unnecessary stress and potential legal consequences.