Income tax Return filing on http://www.incometax.gov.in, ITR Due Date AY 2023-24 Latest News Updates on July 31 deadline: Today is the due date of ITR filing for taxpayers whose accounts don’t need to be audited. If you haven’t filed your ITR for AY 2023-24 (FY 2022-23) yet, you must do it by the end of the day today. It is now almost certain that there will not be an extension of the ITR filing Due Date for AY 2023-24. More so because it seems most of the taxpayers have already filed their returns, a day before the end of the due date.
Also Read: Belated ITR Filing: Last Date, Fees, Penalty for Late Income Tax Return AY 2023-24
Data shared by the Income Tax Department show that more than 6.13 crore ITR have already been filed till July 30. Till July 31 last year, only around 5.83 crore returns were filed. Moreover, a large number of taxpayers have also received refunds.
In recent weeks, several reports confirmed that the Government was not planning to extend the due date beyond July 31. So if your book of account doesn’t need to be audited, ensure to file your ITR today to avoid the consequences of not filing ITR by July 31. This blog provides recent updates on the ITR filing Due Date on July 31 along with relevant last-minute tips to help you file your returns.
Income Tax Return Filing Due Date for AY 2023-24, ITR Last Date Extension - Latest News Updates on July 31
Today is the last date to file ITR without any penalty for taxpayers whose accounts don’t need to be audited. If you miss today’s deadline, there will be several consequences. See here
More than 6.50 crore ITRs have been filed so far (31st July), out of which about 36.91 lakh ITRs have been filed today till 6 pm, the Income Tax Department tweeted.
“We have witnessed more than 1.78 crore successful logins on the e-filing portal till 6 pm, today. To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & social media,” it added.
Taxpayers failing to file ITR today will be able to submit their returns till December 31. However, such filing will attract a late fee of up to Rs 5000 and may be a penal interest as well. If you haven't filed yet, file now. Only few hours are left.
To err is human. Taxpayers also make mistakes while filing their Income Tax Returns. This year is also no exception. These mistakes may be in the form of not disclosing all incomes or forgetting to claim some deductions.
However, the Income Tax rules provide an opportunity for taxpayers to rectify their mistakes by filing a revised Income tax Return (ITR) within a fixed time frame. Read full story
A large number of taxpayers have received their refunds from the tax department. However, as the tax filing season is on, many taxpayers may want to revise their returns filed early. But, is it possible, especially if they have already received refunds? Read full story
As many as 26.74 lakh income tax returns were filed by taxpayers till 4 pm today (July 31). As many as 3.84 lakh returns were filed in the last 1 hour between 3 pm and 4 pm, the Income Tax Department tweeted.
Till July 30, 6.13 crore returns were filed. Adding today’s number, the total returns filed for AY 2023-24 till 4 pm on July 31 is around 6.4 crore.
As many as 3.39 lakh ITRs were filed by taxpayers within 1 hours between 11 am and 12 noon today. Till 12 noon today, over 6.24 crore ITRs for AY 2023-24 were filed.
If a person after furnishing the return finds any mistake, omission or any wrong statement, then return should be revised within prescribed time limit.
A return can be revised at any time 3 months before the end of the Assessment Year or before the completion of the assessment; whichever is earlier. If original return has filed in paper format or manually, then technically it cannot be revised by online mode or electronically. Revised return can be filed online under section 139(5). Source: Income Tax website
There are several benefits of Income Tax Return (ITR) filing even when your income is below the basic exemption limit. Senior citizens can also get these benefits by filing Nil ITR, i.e. the return filed when income is below the exemption threshold. Read full story
As legal proceedings under the Income-tax Act can be initiated for past years, you should maintain a copy of income tax returns. After the introduction of the e-filing facility, it is very easy and simple to maintain a copy of the return of income.
Income Tax Return Filing AY 2023-24 Due Date news: As the deadline for ITR filing is ending today, taxpayers are in a rush to complete the submission of their returns. While most of the taxpayers have already filed their income tax returns for AY 2023-24, some have complained of facing errors on the e-filing portal (incometax.gov.in) while trying to file their ITRs. Read full story
Over 6.24 crore Income Tax Returns have been filed till 12 pm today for AY 2023-24. As many as 11.03 lakh ITRs were filed up to 12 noon today while 3.39 lakh returns were filed in last one hour. Till July 30, 6.13 crore returns were filed, according to the Income Tax Department
Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the Department by way of filing of the return of income. Only then the Government assumes rights over the taxes paid by you. Filing of return is critical for this process and, hence, has been made mandatory. Failure will attract levy of penalty. Source: Income Tax website
Even though there has been a record of ITR filing this year, several tax filers on social media complained of facing errors on the e-filing portal ahead of the due date and urged the Income Tax Department to consider extending the ITR Due Date by a month till August 31. Read full story
Clear has announced strategic partnerships for the Income Tax Return (ITR) season with OYO and other players across multiple industries. The collaborations aim to offer their HRs a range of employee benefit programs and resources to assist employees in resolving their compliance and tax-related concerns.
After the introduction of the new tax regime in the Budget 2020, there has been a lot of confusion in the minds of people in respect to how the new regime can be opted and opted out. Also, a very common question is what are the compliance requirements of opting into the new regime. Read full details about the compliance required for opting for the new tax regime here
The number of ITRs filed till July 30 this year has been higher than the total returns filed till July 31 last year. In the last few years, the number of ITRs filed has been increasing constantly. Finance Minister Nirmala Sitharaman recently explained the reasons behind the increasing number of ITRs filed. Read here
While the Income Tax rules do not mandate individuals to file Income Tax Return (ITR) if their income is less than the basic exemption limit of Rs 2.5 lakh (Rs 3 lakh in the case of senior citizens for AY 2023-24), experts say you should file a Nil ITR even when your income is below the taxable threshold as there are several benefits of doing so. Read details here
Filing income tax returns (ITR) can be a daunting task for many taxpayers. However, avoiding the common ITR filing mistakes is essential to ensure a hassle-free return filing. Read about the common mistakes here
The Last Day to file ITR without any fine for taxpayers whose accounts don’t need to be audited is here. If you haven’t filed yet, file as soon as possible today. You can also read all the important details about ITR filing here
According to the Income Tax Department, more than 1.3 crore people logged in on the ITR e-filing portal on July 30. “We have witnessed more than 1.30 crore successful logins on the e-filing portal till 6.30 pm, today,” the tax department said. As many as 26.76 lakh ITRs were filed till 6.30 pm on July 30.
Do not wait anymore for due date extension. File your return today as there will not be any extension. Data on the Income Tax e-filing website shows that more than 6.13 crore ITRs have already been filed by taxpayers till July 30.
Income Tax Return Due Date Extension News on July 31, Latest Updates on ITR Due Date, Latest ITR Filing News Today, ITR Due Date News on July 31: Will there be ITR Due Date Extension? Income Tax Refund News, ITR Filing Errors and Mistakes To Avoid - All Details