Last Call for ITR Filing: Deadline Approaches

The clock is ticking for taxpayers as the deadline to file income tax returns (ITR) for FY 2023-24 is just around the corner. If you haven’t filed your return yet, be sure to gather your documents and complete the process by July 31, 2024, to avoid any penalties or late fees.

As the deadline draws near, many are calling for an extension. The All-India Federation of Tax Practitioners (AIFTP) has appealed to the Central Board of Direct Taxes (CBDT) to push the deadline to August 31. However, no official extension has been granted yet.

Issues with the e-filing portal have been reported, making it tough for some to access Form 26AS/AIS/TIS, with complications like OTP verification failures and system glitches during submission attempts. These challenges have raised concerns among taxpayers and professionals alike.

Despite these technical hiccups, there’s a silver lining: as of July 26, more than five crore ITRs have already been filed—a significant increase compared to last year, according to Abhishek Soni, CEO of Tax2win.

The Income Tax Department has also debunked rumors of an extended deadline circulating on social media. They firmly reiterated that the cut-off for filing remains July 31, and stressed the importance of filing your returns promptly to dodge any unwanted charges or notices.

In support of timely tax returns, Siddharth Maurya emphasized the need for accuracy to ensure faster refunds. The department has warned taxpayers against making mistakes like misreporting income or inflating deductions, which could lead to additional scrutiny and delays.

While there are murmurs about a possible extension, experts believe it’s unlikely. Historical patterns suggest that the government has consistently upheld July 31 as the deadline, with extensions reserved only for rare situations, like those experienced during pandemic lockdowns.