ITR Filing Last Date 2024 Extension Live: Today, July 31, 2024, is the last day for individuals who do not require an audit to file their income tax return (ITR) for the financial year 2023-24 or the assessment year 2024-25. Taxpayers who have yet to submit their ITR are urged to do so by the end of the day to avoid additional penalties and interest charges, which could significantly increase their financial burden. It is crucial to avoid errors while filing your return in a rush. Go to the income tax e-filing portal — incometax.gov.in and file your ITR by today. Few more hours, file your ITR now to avoid late fee.
ITR filing deadline for 2024: What happens if you miss the due date of filing ITR by today, July 31, 2024?
Hefty penalty: Missing the ITR filing deadline for FY2023-24 will attract a hefty penalty, depending on your income. According to Section 234F, a late of up to Rs 5,000 will be imposed if your income is more than Rs 5 lakh. For income below Rs 5 lakh, a late fee of up to Rs 1,000 will be levied.
Interest on tax due: According to Section 234A, if you have any tax liability and fail to file your ITR on time, you will be liable to pay interest at 1% per month or part of a month on the unpaid tax amount until the return is filed.
Cannot choose old tax regime and claim deductions after July 31, 2024:
Starting from the assessment year 2024-25, the new tax regime is the default tax regime. Keep in mind that most of the popular deductions that you claim to reduce your taxable income are not available under the new income tax regime. If you file ITR after the deadline of July 31, 2024, you have to file your return in the new tax regime. You will not be able to choose the old regime while filing a belated ITR. Hence, you have to let go of all your deductions available under Section 80C or HRA if you file your ITR late.
Income tax return filing deadline extended? What we know so far
Taxpayers and tax professional bodies are requesting the government to extend the filing date beyond July 31, 2024, due to various reasons. The primary reason is the difficulty many taxpayers have faced in filing the income tax through the e-filing portal — incometax.gov.in. Many taxpayers have reported technical issues and delays while attempting to file their returns online through the e-filing portal, leading to fears of missing the deadline. Professional tax bodies echo these concerns, highlighting the added pressure and potential for errors due to the tight timeline. Taxpayers argue that an extension will provide them with adequate time to ensure accuracy and compliance, thereby avoiding potential penalties and interest charges.
If you have not filed your income tax return yet, here is your last-minute guide on how to file ITR online for FY2023-24 or AY2024-25.
What is the last date for filing ITR in 2024?
The last date to file an income tax return (ITR) or the financial year 2023-24 or Assessment year 2024-24 is July 31, 2024. The deadline applies to those individuals who do not need to audit their income.
Has the ITR date been extended?
No, the deadline for filing ITR for FY2023-24 has not been extended yet. The government has not released any official announcement regarding the extension of the deadline of filing ITR in 2024.
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