ITR filing 2024 LIVE updates: Last day to file income tax returns and penalties for missing the deadline

Today, July 31, is the final day to file your Income Tax Returns (ITR) for the financial year 2023-24 (assessment year 2024-25). With the deadline fast approaching, taxpayers who have yet to file their returns are urged to do so promptly.

Here’s everything you need to know:

Key points on ITR filing 2024:

Deadline: July 31 is the deadline for filing ITR for FY24. Despite requests for an extension, the Income Tax Department has confirmed there will be no extension this year.

Penalties for Missing the Deadline: According to Section 234F of the Income-tax Act, 1961, failing to file your ITR by July 31 will result in penalties. Taxpayers with income below ₹5 lakh face a late fee of up to ₹1,000, while those with income above ₹5 lakh may be penalized up to ₹5,000. Additionally, if you miss the deadline, you will not be able to file under the old tax regime, which offers more exemptions and deductions.

Technical Glitches: Many taxpayers have reported issues with the ITR e-filing portal, including glitches and delays. Despite these problems, over 7 crore ITRs have been filed as of 7 PM on July 31, with more than 50 lakh filed on the final day alone.

False Extension Rumors: The Income Tax Department has debunked social media rumors about an extension of the filing deadline, confirming that July 31 remains the final date.

Documents Required: Ensure you have your Aadhaar Card, PAN Card, Form 16, investment proofs, home loan interest certificates, insurance premium receipts, and your Annual Information Statement (AIS) from the I-T portal ready to facilitate quick filing.

What happens if you miss the deadline?

Late Filing: If you miss the July 31 deadline, you can still file a delayed return until December 31, 2024. However, this will attract penalties and may result in the loss of certain tax benefits and deductions.

Increased Scrutiny: Filing your ITR late could also lead to increased scrutiny from the Income Tax Department, potentially leading to notices or audits.

Official assistance:

Helpline numbers: For any issues related to filing your ITR, you can contact the I-T helpdesk at toll-free numbers 1800 103 0025 and 1800 419 0025. Email support is also available at [email protected].

What to expect:

Despite appeals from various organizations, including the All-India Federation of Tax Practitioners (AIFTP), for an extension due to technical issues and natural calamities, the government has not granted additional time for filing. Taxpayers are advised to file their returns as soon as possible to avoid penalties and other legal consequences.