Income Tax Return Filing: Key Dates and Deadlines

The deadline for filing income tax returns (ITR) is fast approaching, with the current date set for July 31, 2024. So far, over 5.5 crore taxpayers have successfully submitted their ITRs for the financial year 2023-24, but as the deadline looms, many are anxious about completing their filings on time.

The Income Tax Department has not yet announced any extensions for the ITR filing deadline, despite requests from numerous taxpayers and organizations. They have expressed concerns over significant technical issues on the e-filing portal. As of July 30, a total of approximately 5.70 crore ITRs have been filed, and around 2.42 crore of these have progressed to processing.

Taxpayers who need to file their returns should be aware that both the Income Tax Department and the Union Finance Ministry are sending out reminders through emails and SMS to ensure everyone meets the deadline. This is essential not just to avoid penalties but also to keep things orderly.

For those who are required to have their accounts audited, there is good news. They can file their ITRs until October 31, 2024. This additional time is meant to ensure that the audit is completed before they file their returns.

Furthermore, businesses that engage in international transactions usually need to provide detailed documentation regarding transfer pricing. These businesses also benefit from an extended deadline for filing their ITRs, which is pushed back to November 30.

Similarly, companies involved in specified domestic transactions may qualify for similar extensions. However, these extensions come with specific criteria laid out in different sections of the Income Tax Act, and it’s important to note that late filing fees may still apply.

If taxpayers miss the July 31 deadline, there is still a chance to file their returns, but they may face penalties. The latest deadline for belated returns is set for December 31, 2024, for taxpayers who didn’t file during the usual period.