The Income Tax Department has clarified that July 31 is the last date to file income tax returns (ITR) for FY 2023-24. Contrary to speculations, the department stated there would be no deadline extension this year, asking taxpayers to file their returns to avoid penalties or inconveniences.
The Income Tax Department asserted that over five crore ITRs have been filed as of July 26, a massive increase from last year.
In a post on X, the department said, "We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs)."
This comes despite numerous taxpayers and chartered accountants raising problems with the tax filing portal. There were numerous glitches in generating OTPs and claiming rebates.
Chartered accountant bodies have urged the tax department, urging for an extension of the deadline due to these glitches.
Missing the July 31 ITR filing deadline can cause major problems, including:
Loss of claims from the old tax regime
Automatic shift to the new tax regime
Penalty of ₹ 5,000 (Rs 1,000 for income below ₹ 5 lakh)
Interest on outstanding tax at 1 per cent per month
No implementation of losses to offset against future income.
