Synopsis:
- The last date to file income tax returns (ITR) for FY 2023-24 is July 31, 2024.
- The Income Tax Department confirmed that there will be no extension, despite rumours
- Problems with the e-filing portal are noted but unlikely to cause an extension.
- Late filing will result in penalties.
The deadline for filing income tax returns (ITR) for the financial year 2023-24 is July 31, 2024. The Income Tax Department has strongly advised against waiting until the last minute.
The Income Tax Department has clarified that there will be no extension of the ITR filing deadline despite some rumours circulating on social media, particularly from a reputed Gujarati publication. Any such claims, including a false announcement of an extension to August 31, 2024, are incorrect. The Department has reiterated that the deadline remains July 31, 2024.
It has come to our knowledge that a clipping of @sandeshnews is circulating on social media regarding extension of date of e-filing of ITR. This is FAKE news.
— Income Tax India (@IncomeTaxIndia) July 22, 2024
Taxpayers are advised to follow updates from the official website/portal of @IncomeTaxIndia#FactCheck pic.twitter.com/Hs5jk0kF3J
Technical Challenges:
Even though some technical issues have been reported on the e-filing portal, such as problems with Aadhaar-based OTP authentication, upload errors and slow page loading, a deadline extension is unlikely unless a significant technical issue arises.
Penalties for Late Filing:
Failing to meet the July 31 deadline will be subject to penalties imposed by the Income Tax Department. Taxpayers are encouraged to file their returns promptly to avoid penalties and ensure compliance with the regulations.
What Happens if You Don’t File Your ITR on Time in 2024?
Advice:
To ensure a smooth filing process, taxpayers are advised to gather all necessary documents, such as salary slips, investment proofs, and Form 16 , well in advance. Online services provided by the Income Tax Department can assist in calculating tax liabilities and preparing returns.
Key Dates to Remember:
- Individuals and most taxpayers: July 31, 2024
- Businesses requiring audits: October 31, 2024
- Specific cases under Section 92E: November 30, 2024
- Belated and revised returns: December 31, 2024
- Updated returns: March 31, 2026
