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PremiumITR Filing 2024 Highlights: The annual tax season is nearing its end today, as the deadline for filing income tax returns (ITR) looms, on July 31. Thus, taxpayers who have not yet filed returns for FY24 (AY25), have to do so quickly.
Here are all the details you need to know to file your ITR — including the deadline, penalty for missing the deadline, documents required, who has more time, and possible extension of deadline.
Notably, the number of ITR filings for the period had already extended filings from the previous year for the same period. According to Abhishek Soni, CEO and Co-founder of Tax2win, despite technical glitches with the I-T portal, returns filed exceeded 5 crore by July 26, compared to last year.
Stay with Livemint for all the latest ITR news, developments and updates.
If you haven't received your acknowledgment number after filing your income tax return (ITR), you can easily obtain it by downloading the ITR-V from the Income Tax Department's e-filing portal. Follow these steps to download the ITR-V:
Visit the Income Tax Department's e-filing portal and log in using your PAN details and password.
Once logged in, navigate to e-File > Income Tax Returns > View Filed Returns.
You'll see a list of your filed ITRs. Select the relevant assessment year for which you want to download the acknowledgment number.
Click the 'Download Form' button next to the chosen assessment year to download the ITR-V with your acknowledgment number.
There has been no official announcement regarding the extension of the ITR FY2023-24 deadline so far.
"More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!
To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X.
We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven't filed ITR for AY 2024-25, to file their ITR," said Income Tax India on a social media post on X.
On the last day of the income tax return (ITR) filing season, taxpayers have took on social media to voice their frustrations on about ongoing technical issues with the e-filing portal. Throughout the past month, both individual taxpayers and tax professionals have faced numerous problems while trying to submit their returns on the Income Tax Department’s e-filing platform.
Revenue Secretary Sanjay Malhotra announced that around 6 crore income tax returns were filed for the financial year 2023-24, with 70% of these under the new simplified tax regime that offers lower rates. Speaking at the PHD Chamber of Commerce and Industry, Malhotra explained that the move towards simplicity is designed to ease compliance burdens. For the previous year, 2022-23, 8.61 crore returns were submitted. India currently has two tax regimes: the old one with higher rates and more exemptions, and the new one with lower rates and fewer deductions.
According to Section 234F of the Income-tax Act, 1961, failing to submit your Income Tax Return (ITR) by the July 31 deadline will lead to penalties. Taxpayers with income below ₹5 lakh will face a late fee of up to ₹1,000, whereas those with income exceeding ₹5 lakh may be penalized up to ₹5,000.
ITR Filing 2024 LIVE: Despite appeals from tax professionals and organizations, the Income Tax Department has confirmed that the July 31, 2024, deadline for filing ITR will remain unchanged. Taxpayers must ensure they file by this date to avoid penalties or legal consequences.
Since today is the deadline to file ITR, it is essential to review your Form 26AS and Annual Information Statement (AIS). Verifying the accuracy of these documents will ensure you report all your income correctly. Failure to do so may result in receiving notices from the Income Tax Department.
The I-T Department has asked taxpayers to avoid bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds, PTI reported.
"Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said.
The department informed the taxpayers that their claims should be “correct and accurate", adding, “filing a false or bogus claim is a punishable offence."
A PIB Fact Check clarified that the due date for filing ITR is July 31, and it has not been extended, despite some misinformation circulating on social media.
The income tax (I-T) department also recommended that taxpayers use Edge, Chrome, or Firefox browsers for better results.
The I-T e-filing portal mentions that taxpayers who are facing any technical problem related to filing can reach out as follow:
The deadline to file Income Tax Returns (ITR) for AY2024-25 is today, and the Income Tax Department has yet to announce any extension. Many citizens and tax professionals have cited glitches on the tax filing portal as a reason for requesting more time.
The All-India Federation of Tax Practitioners (AIFTP) has in a memorandum, requested the Central Board of Direct Taxes (CBDT) to extend deadline for filing of income tax returns for FY24 (AY25), PTI reported.
Around 6 crore taxpayers have filed their income tax returns (ITR) for FY24, as per Revenue Secretary Sanjay Malhotra said.
He added that as much as 70 per cent of these returns have been under the new tax regime.
"While an extension of the ITR filing deadline cannot be completely ruled out, historical data makes it unlikely. The government has consistently upheld July 31 as the deadline in the past three years, with extensions only in exceptional cases like pandemic-related lockdowns."
Taxpayers must have the following documents ready for filing their ITR:
"We have consistently emphasized the importance of timely filing. The Central Board of Direct Taxes (CBDT) has upgraded the e-filing portal to support up to 500,000 concurrent users. These enhancements and the government's firm stance suggest that filing by July 31 will help avoid late fees and other penalties."
