ITR due date extension: The deadline to file income tax return (ITR) for FY 2022-23 (AY 2023-24) was originally July 31, 2023. If you are wondering whether the income tax department has extended this deadline or not, then the answer is no. The income tax department has not extended the deadline to file ITR.
Despite there being several pleas from the taxpayers on social media for extending the ITR filing deadline, the income tax department did not extended the ITR filing deadline.
Here are some reasons why taxpayers were asking for an extension of the tax filing deadline.
First, there have been widespread floods across the country. Many states – Uttarakhand, Himachal Pradesh, Telangana, Maharashtra — are facing flood situations. Previously, the Central Board of Direct Taxes (CBDT) extended the deadline in 2018 due to flood situation in Kerala.
Second, even after two years of the new income tax portal being launched, it is marred with glitches. On the last day of filing ITR, many taxpayers complained on Twitter about the website being slow, glitches while validating the ITR form and more. Those taxpayers wanted the government to extend the due date and waive late filing penalty.
Third, essential TDS certificates, i.e., Form 16 (issued by employer) and Form 16A (issued by the banks, companies, mutual funds) are mandatorily required to be issued by June 15. Due to this, a salaried individual usually gets only 45 days to file his/her income tax return. However, many times banks, employers and other deductors delay in issuing the TDS certificates. This further delays the process of filing ITR for individuals.
It is important to note that the CBDT extended the due date of filing TDS returns of employees and financial institutions by 15 days from May 15 to May 31 in 2017. This delayed the issuance of TDS certificate by 15 days. The government offered more time to deductors to file TDS returns, however, the same extension was not given to the ITR filers.
What should you do now?
If you have missed the ITR filing deadline, then you must worry not. You can still your ITR, albeit by paying a late filing fee of a maximum of Rs 5,000. ITR filed after the expiry of the deadline is called belated ITR. This ITR is filed under section 139(4) of the Income Tax Act, 1961.
An individual not having any tax due will first be required to deposit a penalty amount. An individual can file a belated ITR once the penalty is deposited. For small taxpayers having taxable income up to Rs 5 lakh, a penalty of Rs 1,000 will be applicable.
There are certain disadvantages of filing belated ITR, apart from paying a penalty. A belated return does not allow carry forward of losses except those in the case of house property. If any taxes are due, then an individual will be liable to pay penal interest under section 234A, B or C as applicable.
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