Waiting for Income Tax Return (ITR) Due Date Extension? Know this

Waiting for Income Tax Return (ITR) Due Date Extension? Know this

Photos: Pixabay/Pexels.com

Photos: Pixabay/Pexels.com

If you are still waiting for an extension of the ITR filing due date for AY 2023-24, you should stop and file now. Read on to know why

If you are still waiting for an extension of the ITR filing due date for AY 2023-24, you should stop and file now. Read on to know why

The due date to file ITR for AY 2023-24 for taxpayers whose accounts don’t need to be audited is July 31, 2023.

The due date to file ITR for AY 2023-24 for taxpayers whose accounts don’t need to be audited is July 31, 2023.

There are only 5 days left before the end of July 31 deadline. But it is almost certain that the due date will not be extended this year.

There are only 5 days left before the end of July 31 deadline. But it is almost certain that the due date will not be extended this year.

Even in the previous year, the ITR filing due date was not extended by the Finance Ministry.

Even in the previous year, the ITR filing due date was not extended by the Finance Ministry.

This year, a record number of tax returns have already been filed.

This year, a record number of tax returns have already been filed.

Till July 25, more than 4.7 crore ITRs were filed and over 4 crore returns were verified by taxpayers.

Till July 25, more than 4.7 crore ITRs were filed and over 4 crore returns were verified by taxpayers.

The Income Tax Department has already processed over 2.4 crore ITRs for AY 2023-24 for refunds.

The Income Tax Department has already processed over 2.4 crore ITRs for AY 2023-24 for refunds.

The Finance Ministry had recently said it was not contemplating any extension of the due date this year.

The Finance Ministry had recently said it was not contemplating any extension of the due date this year.

If you fail to file ITR before the due date, you may face several repercussions.

If you fail to file ITR before the due date, you may face several repercussions.

While you can file ITR even after July 31, you will have to pay a late fee for belated filing and even a penal interest (if applicable).

While you can file ITR even after July 31, you will have to pay a late fee for belated filing and even a penal interest (if applicable).

So why delay? You should file ITR even when income is below basic exemption limit. There are several benefits of doing so.

So why delay? You should file ITR even when income is below basic exemption limit. There are several benefits of doing so.