Important Updates for ITR Filing 2024
July 31, 2024, marks the deadline for filing income tax returns (ITR) for the financial year 2023-24 (FY24), making it an essential time for taxpayers across the nation. Here are the latest updates and developments related to ITR filing:
No Extension of Deadline
Contrary to circulating claims, the Income Tax department has officially clarified that the ITR filing deadline has not been extended to August 31, 2024. Taxpayers are urged to rely on updates from the official website of Income Tax India to stay informed and avoid confusion.
Clarification on Real Estate Acquisition Cost
The Income Tax department has specified that the cost of acquisition of real estate properties purchased before 2001, for the purpose of calculating long-term capital gains (LTCG) tax, will be based on the fair market value (FMV) as of April 1, 2001, or the actual cost of the land or building, provided it does not exceed the stamp duty value.
Review of Income Tax Act for Simplification
The Chairman of the Central Board of Direct Taxes (CBDT), Ravi Agarwal, has announced a comprehensive review of the Income Tax (I-T) Act. The objective is to simplify the existing complex law, making it more understandable and accommodating for taxpayers, while also aligning it with new technological processes.
Comparison of New and Old Tax Regimes
Taxpayers are faced with the decision of choosing between the old and new tax regimes after the Budget. This decision depends on individual financial situations, income levels, and investments. Exploring the key differences between the two tax regimes is crucial in determining which option offers more benefits and savings.
Impressive ITR Filing Statistics
As of the most recent update, the Income Tax department has received over 5 crore I-T returns for assessment year 2024-25 on the e-filing portal, signifying an 8% increase over the previous year. Notably, more than 28 lakh ITRs were filed on July 26 alone. With the approaching deadline, the department has emphasized consistent and uninterrupted services for taxpayers.
Appeal for Deadline Extension
Two prominent chartered accountant (CA) bodies have requested a 30-day extension for the ITR filing deadline, citing technical glitches on the e-filing portal and the increased time required to report complex transactions.
It’s imperative for taxpayers to stay updated with the latest announcements and comply with the ITR filing deadline to avoid any penalties or complications. The information provided here offers insights into the significant developments related to ITR filing for FY24.
