ITR Filing FY 2023-24 Last Date Highlights: The Income Tax Department may decide whether or not to extend the deadline for filing income tax returns for the Assessment Year 2024-25 or the financial year 2023-24. As of now, the last date to file ITR for AY 2024-25 is July 31. The Income Tax Department and the Union Finance Ministry have been sending reminders to taxpayers through emails and SMS to file their ITR on time to avoid penalties and other repercussions. Taxpayers are hoping that the Income Tax Department will extend the ITR filing deadline, especially given the severe glitches on the e-filing portal for several days, which prompted tax professionals to write to the government about the issue. As of July 30, over 5.70 crore taxpayers have filed their ITRs, and around 2.42 crore ITRs have been processed. Now, taxpayers are curious to know when their income tax refunds will be issued by the tax department.
Taxpayers should note that the July 31 deadline applies to those whose accounts do not require an audit. Individuals and entities whose accounts do require an audit can file their ITR until October 31, 2024. This extension aims to provide them time to complete their audit process before filing ITR. The Income Tax Department grants such taxpayers an additional 90 days to get their accounts audited by a certified chartered accountant before filing their ITR.
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!
How soon you get your tax refunds depends on when you actually filed income tax return. Those who filed their ITRs in June or early July, many of them have received their tax refunds. But millions of taxpayers wait until end-July to file their ITR, such taxpayers will have to wait for longer to get their refunds. Normally, it takes four to five weeks for the refund to be credited to the taxpayer’s account. If the refund is not received within this timeframe, the taxpayer should check for any notifications about discrepancies in the ITR. Look for emails from the income tax department regarding your refund, and you can also track the refund status on the e-filing portal as outlined below.
If you want to check your ITR refund status online using your PAN card, go to the official income tax e-filing portal at incometax.gov.in and log in with your PAN, password, and captcha code.
Remember that you should have following essential details: a valid ID and password to log in to the income tax e-filing portal, PAN linked with Aadhaar, and the acknowledgment number of the ITR filed. These details are crucial for accessing and tracking refund status accurately.
The deadline to file income tax return (ITR) is ending tonight. If you face any technical problem related to filing, you can reach out to the toll-free helpdesk numbers 1800 103 0025 and 1800 419 0025. They can also email efilingwebmanager@incometax.gov.in.
When filing an ITR, you must disclose incomes earned from all sources, inclusive of interest, dividend, rent, etc, as well as exempt income. If you do not reveal all your incomes, your ITR would be deemed inaccurate, which may result in income tax notice.
Under the income tax provisions, businesses and individuals whose accounts are required to be audited get additional three months to comply with ITR filing requirements. These entities can file their tax returns by October 31, 2024. Those whose accounts do not require audit have to file their ITR today. From tomorrow, they will have to file a belated return with a penalty in the range of Rs 1000 to Rs 5000.
As today is the last date to file income tax return (ITR), many who are unable to meet the ITR filing deadline would be worried if they would have to pay the penalty amount greater than the actual tax payable. Taxpayers should note that they do not have to pay more than TDS applicable as the fine amount cannot exceed the tax dues outstanding.
As it is very unlikely that the income tax return deadline will be extended, taxpayers are advised to not wait for due date extension and rather file their ITR today to avoid penalty. If you miss today's deadline to file tax returns, you will have to pay a penalty of up to Rs 5000 plus interest on outstanding tax dues, if any, when you file a belated return.
Taxpayers who have preferred to stay in the Old Tax Regime and paid their taxes after availing all the deduction and exemption benefits under the old tax framework will be the biggest loser if they don't file income tax return by July 31, which is today. The reason is that if you don't file ITR by the due date you will be moved to the new tax regime automatically where you can't take the benefits of most deductions and exemptions.
Individual taxpayers are urging the government to extend the income tax return deadline, which is ending today. The Income Tax Department seems to be in no mood to stretch the last date to file ITR because data shows that over 6 crore ITRs have already been filed and the past trends suggest that nearly a crore taxpayers file their income tax returns in the last 24 hours. Keeping in view these data, it is unlikely that there will be any extension this time for ITR filing due date.
Following are the steps to file income tax return (ITR) online:
Step 1:
-Log in to visit the official income tax e-filing website and click on ‘Login’.
-Enter your PAN in the User ID section.
-Click on ‘Continue’ and enter your password.
-Click on ‘Continue’ to log in.
Step 2:
-Go To ‘File Income Tax Return’
-Click on the ‘e-File’ tab > ‘Income Tax Returns’ > ‘File Income Tax Return’.
Step 3:
-Select the Right ‘Assessment Year’
-Select ‘Assessment Year’ as ‘AY 2024-25’ if you file for FY 2023-24. Use the mode of filing as ‘Online’. Select the filing type as either original return or revised return.
Also read: ITR Filing for FY2023-24: Key documents required for filing income tax returns
Step 4:
-Select the Status
-Select your applicable filing status: Individual, HUF, or Others. For most people, select ‘Individual’ and ‘Continue’.
Step 5:
-Select ITR Type
-Now, select the ITR type. Determine which ITR form you need based on your income sources. There are 7 ITR forms, of which ITR 1 to 4 are applicable for Individuals and HUFs.
Step 6:
-Choose the Reason for Filing ITR
-Specify the reason for filing your returns: taxable income above the exemption limit, meeting specific criteria, etc.
Step 7:
-Validate Pre-filled Information
-Validate pre-filled details such as PAN, Aadhaar, name, contact information, and bank details. Review your income, exemptions, and deduction details.
Step 8:
-E-Verify ITR
-The last step is to verify your return within the time limit (30 days). You can e-verify using methods like Aadhaar OTP, EVC, Net Banking, or by sending a physical copy of ITR-V to CPC, Bengaluru.
The due date to file income tax return (ITR) will end today. Taxpayers are still expecting the government to announce ITR deadline extension by at least a month until August 31. Those who miss the ITR filing deadline of July 31 will face a penalty in the range of Rs 1,000 to Rs 5,000 when filing a belated income tax return. People also wonder whether they will lose the tax refunds if they fail to meet the ITR deadline of July 31. Under the Income Tax Department's provisions, you will get refunds even when you file a belated return, but you might lose on the interest part.
Over 6 crore taxpayers have already filed their income tax returns (ITRs) and of this around 2.56 crore ITRs have been processed by the Income Tax Department. Those who have filed their ITRs recently and the tax department has not processed their returns are now wondering how many days it will take to get the ITR refunds.
Today is the last day to file income tax return (ITR) and taxpayers are still hoping that the Income Tax Department will extend the ITR due date by at least a month, citing technical glitches on the e-filing portal users faced throughout this month. But data suggests otherwise, showing that over 6.09 crore ITRs have been already filed with one more day to go before the deadline comes to an end. In view of this number, it is very unlikely that the tax department will stretch the deadline beyond July 31.
It is unlikely that the Income Tax Department will extend the last date for filing the income tax return (ITR) for the Assessment Year 2024-25. Today is the last date to file ITR, after that penalty will be imposed along with the tax due and interest on the outstanding amount. Similarly, if your refunds get delayed the tax department is liable to pay the interest on refunds. The interest rate is 0.5% per month on outstanding tax refunds.
If a taxpayer fails to pay tax, TDS, or TCS, the income tax authority will determine the penalty payable. However, the fine amount will not exceed the amount. It is advisable for taxpayers to not miss the July 31 deadline of ITR filing to avoid late fee or penalty.
If you fail to respond to an income tax notice within the stipulated period, your income tax return (ITR) may be treated as invalid. This can lead to various consequences, such as penalties, interest charges, the inability to carry forward losses, and the loss of specific exemptions, as outlined in the Income Tax Act. It is important to address any notices immediately to avoid these potential repercussions.
The penalty for non-compliance with income tax regulations can vary. If the return is furnished before 31st December of the assessment year, the penalty is Rs 5,000. However, it cannot exceed the amount of TDS/TCS. Additionally, if there is under-reported income, the penalty can be 50% of the amount of tax payable on that under-reported income.
Visit the e-filing portal at incometaxfiling.gov.in and log in using your User ID and Password. Click on "e-proceedings" under the pending options menu, which will display the notices issued to you along with the timeline of response. This section provides a timeline of all actions related to the assessment, helping you stay informed and take timely action to resolve the notice.
After receiving an income tax notice after filing of an ITR, the first thing you should do is to carefully read the notice to understand why it was sent. Read the basic details of the notice to ensure it is indeed intended for you. Find out if there were any mismatches in your income tax return that might have triggered the notice. If you are able to understand the mismatches and discrepancies, you will find yourself in a better position to reply to that notice.
Even if you are covered by basic tax exemption due to your income falling within the Rs 2.5 lakh limit under the old tax regime or Rs 3 lakh under the new tax regime, you still have to file ITR under certain conditions.
- Income tax laws say if you spent Rs 2 lakh or more on travel abroad, you must file an ITR.
- If you paid Rs 1 lakh or more on electricity bills during the financial year 2023-24, you should file an ITR.
- If you have deposited Rs 1 crore or more in current accounts during the last financial year, you need to file ITR.
The charges for filing income tax return through third-party websites may vary. Online platforms like Clear (formerly ClearTax), Tax2Win, TaxBuddy, Quicko, and others charge somewhere Rs 500 to Rs 1,000 for ITR filing. These online tax platforms provide user-friendly interfaces and help you through the filing process.
Many taxpayers file their ITR themselves as the process and steps involved in income tax return filing are quite easy. But those with complex investments and a variety of income sources need professional help. So the cost of getting your ITR filed by a certified CA depends on many factors like your income levels, investments and type of ITR needed to be filed, city you live in and reputation of CA, etc. Normally, a CA charges up to Rs 5000 to file an ITR for a person with an earning up to Rs 50 lakh with multiple sources of income and some complex investments.
The last date to file Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without a late fee is July 31, 2024. After this due date, one can file revised return or belated return.
The jail term for evading taxes and not filing income tax returns (ITRs) can be for a term of 3 months to 2 years with a penalty. If the tax owed to the income tax department crosses Rs 25,000, the jail term may extend to even 7 years, tax experts say.
The Income Tax Department imposes a penalty of Rs 5,000 on missing ITR filing deadline in case the taxpayer's income is above Rs 5 lakh per annum. Those with income of less than Rs 5 lakh per annum will have to pay a fine of Rs 1,000 for failure to file income tax return by the due date of July 31.
According to Revenue Secretary Sanjay Malhotra, about 6 crore income tax returns (ITRs) have been filed for FY 2023-24 till July 30. Of these ITRs, 70% returns have been filed under new tax regime.
Are July 31 ITR deadline meant for everyone? No, certain taxpayers have time till October 31 to file their income tax returns. Individuals and businesses whose accounts are not required to be audited will have to file their ITR by July 31 but those whose accounts are supposed to be audited will have 3 more months to comply with income tax return filing regulation.
Taxpayers and tax professional bodies have been demanding deadline extension to file income tax return (ITR) beyond July 31. However, the Income Tax Department has reiterated that there would be no ITR due date extension this year and urged taxpayers to file their tax returns by July 31 to avoid penalties. In a recent post on X, the I-T Department wrote after reaching the 5 crore ITRs milestone, "We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs)."
It is mandatory to verify your income tax return within 30 days. You can e-verify your ITR using various methods like Aadhaar OTP, bank EVC, DSC, net banking, and more. If you fail to verify it on time, your ITR will be considered invalid, meaning it is as good as you have not filed your return.