Income Tax Filing Deadline Likely Extended to August 31: Key Updates on ITR Submission
News Mania Desk/Agnibeena Ghosh/30th July 2024
The deadline for filing income tax returns (ITR) for the Assessment Year 2024-25 might be extended beyond the current cutoff of July 31, 2024. The Income Tax Department is considering a possible extension, responding to numerous requests from taxpayers and tax professionals who have faced issues with the e-filing portal. This potential extension reflects the ongoing concerns about technical glitches that have disrupted the filing process.
As of now, the deadline for submitting ITRs is set for July 31, 2024. The Income Tax Department, along with the Union Finance Ministry, has been actively reminding taxpayers via emails and SMS to complete their filings by this date to avoid penalties and complications. However, given the widespread difficulties reported with the e-filing system, there is growing anticipation that the deadline may be extended to provide additional relief to taxpayers.
To date, more than 5.70 crore taxpayers have successfully filed their ITRs, and approximately 2.42 crore returns have been processed. With many taxpayers still awaiting their refunds, there is heightened interest in when these will be issued. The tax department has emphasized that processing times may vary and urged taxpayers to be patient as their returns are reviewed.
It is important for taxpayers to understand that the July 31 deadline primarily applies to those whose accounts do not require an audit. For individuals and entities whose accounts are subject to audit, the deadline extends to October 31, 2024. This extended timeline allows additional time for the completion of the audit process before filing the ITR. The Income Tax Department has granted an extra 90 days for these taxpayers to have their accounts audited by a certified chartered accountant prior to submitting their returns.
The potential extension of the filing deadline would provide relief to many who have struggled with technical difficulties and other challenges in completing their tax filings on time. The Income Tax Department’s decision will likely take into account the feedback from taxpayers and the current status of the e-filing system.
For those affected, it is crucial to stay informed through official announcements from the Income Tax Department and the Union Finance Ministry. Taxpayers should also ensure that they complete any necessary documentation and audits promptly to avoid last-minute issues.
In summary, while the official extension of the ITR filing deadline has not yet been confirmed, the Income Tax Department is actively considering it. Taxpayers should prepare for possible changes and continue to monitor updates to ensure they comply with new deadlines and processes.
