Synopsis:
- Over 4 crore tax returns filed, but nearly half (50%) are yet to be submitted.
- Daily filings are expected to increase significantly in the coming days.
- Late filers will face a penalty of up to Rs. 5,000 if returns aren’t filed by December 31st.
- New tax regime benefits announced in the recent budget won’t be applicable for this year’s filing.
July 26th, 2024: As the deadline for filing income tax returns approaches on July 31st, the Indian Income Tax Department has revealed that over 4 crore (40 million) tax returns have been filed so far. However, this represents less than 45% of all taxpayers in the country.
While this is an 8% increase compared to the same period last year, it also means a significant number of taxpayers are yet to file their returns. This has sparked concerns and rumours about a possible extension of the deadline.
Note: Taxpayers who miss the July 31st deadline will face a penalty of up to Rs. 5,000 if they file their returns before December 31st.
Can You File ITR After 31st July?
Changes in Tax Regime and Collections
The recent Union Budget introduced several changes to the new tax regime, including a higher standard deduction and revised tax slabs. However, these benefits will only take effect from the next financial year.
Meanwhile, the government has reported a significant increase in tax revenue. Gross direct tax collections have grown by over 22.19% in the first quarter of the current financial year, surpassing the previous year’s full-year growth of 18.48%. Advance tax collections have also seen a substantial increase of 27.34%.
Deadline Extension Rumors
There are rumours that the deadline for filing tax returns might be extended. Many people have been having problems with the online filing system and their tax documents, which is making things more stressful. While the department has acknowledged these challenges, there has been no official confirmation of a deadline extension.
No ITR deadline extension: Income Tax Department warns against fake news.
With just a few days left, taxpayers are urged to prioritize filing their returns to avoid penalties and potential complications. The Income Tax Department has provided helpline numbers and email support for those facing difficulties.
