ITR Filing Last Date: Have you filed income tax return for financial year 2023-24 and assessment year 2024-25. If you have not completed this work yet, then do it as soon as possible, because the deadline for filing ITR is about to end. Taxpayers can file it without penalty till July 31. In such a situation, now only two days are left for this. The Income Tax Department is also repeatedly advising people to file income tax returns within the deadline. If you file income tax return after July 31, you may have to pay heavy penalty.
This much fine will have to be paid for missing the last date
The amount of penalty that taxpayers will have to pay for filing income tax returns after July 31 will depend on your income. Taxpayers whose annual income is less than Rs 5 lakh will have to pay a penalty of Rs 1000 for late filing of return. Those whose annual income is more than Rs 5 lakh will have to pay a fine of Rs 5000 as tax.
Last date rising demand to increase
All India Tax Practitioners Federation (AIFTP) has submitted a demand to the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income tax returns for the financial year 2023-24. He has demanded before the CBDT to extend this deadline from 31 July to 31 August. The union said that due to situations like floods and landslides in many areas of the country, taxpayers are facing difficulty in filing ITR. AIFTP national president Narayan Jain and direct tax representative committee chairman SM Surana gave a written application to the federation saying that due to bad weather conditions in states like Uttarakhand and Himachal Pradesh, ITR filers are facing problems.
#IncomeTaxSiteIssues was trending on Twitter today
Along with this, there is difficulty in downloading the income tax form and submitting it on the ‘e-filing portal’ of the Income Tax Department. Along with the problems being faced in the software, it is taking more time to download the self-assessment and tax payment challans. In such a situation, the government should extend the deadline for filing ITR in view of all these circumstances. This morning the #IncomeTaxSiteIssues hashtag was trending on social media portal X.
Will the date be extended? Know the estimate of tax expert-
Like every year, this year too there is a demand to extend the deadline for filing income tax returns, but till now no response has been given by the government on this. Experts have advised people not to wait for the deadline to get extended and file their income tax returns as soon as possible, otherwise they will have to face problems later.
More than 5 crore ITRs filed till 26th July
The Income Tax Department had shared information about the returns filed on its official Twitter handle on July 26. According to the department, by July 26, 2024, more than 5 crore taxpayers across the country have filed their income tax returns. Along with this, the department had advised the remaining people to file income tax returns as soon as possible.
Not filing income tax returns on time can prove costly for taxpayers as late filing of returns can result in punishment ranging from heavy fine to jail. So it is better that you do not wait for extension and file your ITR ASAP.
