Income Tax Return Filing Due Date for AY 2023-24, ITR Last Date Extension – Latest News Updates on July 31
Income Tax Return last date 2023: Why is the number of ITRs filed increasing?
The number of ITRs filed till July 30 this year has been higher than the total returns filed till July 31 last year. In the last few years, the number of ITRs filed has been increasing constantly. Finance Minister Nirmala Sitharaman recently explained the reasons behind the increasing number of ITRs filed. Read
ITR Last Date: Should you file a Nil Income Tax Return if earning less than Rs 2.5 lakh?
While the Income Tax rules do not mandate individuals to file Income Tax Return (ITR) if their income is less than the basic exemption limit of Rs 2.5 lakh (Rs 3 lakh in the case of senior citizens for AY 2023-24), experts say you should file a Nil ITR even when your income is below the taxable threshold as there are several benefits of doing so.
ITR login: 1.3 crore taxpayers logged in on e-filing portal on July 30
According to the Income Tax Department, more than 1.3 crore people logged in on the ITR e-filing portal on July 30. “We have witnessed more than 1.30 crore successful logins on the e-filing portal till 6.30 pm, today,” the tax department said. As many as 26.76 lakh ITRs were filed till 6.30 pm on July 30.
Total Income Tax Returns Filed till July 30
Do not wait anymore for due date extension. File your return today as there will not be any extension. Data on the Income Tax e-filing website shows that more than 6.13 crore ITRs have already been filed by taxpayers till July 30.
Income Tax Return Due Date Extension News on July 31, Latest Updates on ITR Due Date, Latest ITR Filing News Today, ITR Due Date News on July 31: Will there be ITR Due Date Extension? Income Tax Refund News, ITR Filing Errors and Mistakes To Avoid – All Details
Consequences of missing the ITR filing deadline
The Income Tax Department imposes certain penalties and interests for individuals who fail to file their ITRs before the prescribed deadline. Read below to know more details:
One of the most critical aspects of ITR filing is providing accurate personal information. This includes your full name, PAN (Permanent Account Number), email ID, and phone number. Any errors in these details can lead to processing delays or issues with your income tax return. Double-checking your personal information ensures a smooth filing process.
How to file ITR after July 31st deadline?
The good news is that missing the July 31 deadline does not mean the end of the road for filing your ITR. You can still complete the process by filing a belated return. Here’s what you need to know:
- A belated return can be filed at any time until three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
- To file a belated return, visit the Income Tax Department’s e-filing portal and select the appropriate ITR form applicable to your income sources.
- Provide all the required information and supporting documents accurately. Remember that errors or discrepancies could lead to further complications and scrutiny.
- Calculate your tax liability and pay any outstanding taxes along with the applicable penal interest.
- After successfully filing the belated return, the Income Tax Department will process your return and determine any refunds or additional taxes owed.
FAQs about ITR Filing Deadline
- What is the ITR filing deadline for the assessment year 2023-24?
The deadline is July 31, but you can file a belated return until December 31 with a late fee and penal interest. - What happens if I miss the July 31 deadline?
You can still file a belated return until December 31, but you’ll incur a late fee and 1% penal interest per month. - What’s the late fee for missing the deadline?
For income above Rs 5 lakh, the fee is Rs 5,000; for income below Rs 5 lakh, it’s Rs 1,000. - Can I file ITR after the deadline without penalties?
No, filing after the deadline incurs late fees and interest as per the Income Tax Act. - Is timely ITR filing important?
Yes, it helps avoid penalties and interests, and ensures smooth processing of taxes and potential refunds.
ITR filing mistakes which can cost you dearly
Reconciliation of Form 26AS and Form AIS
The government has introduced the Annual Information Statement (AIS) to enhance transparency in reporting income details. “Taxpayers should reconcile Form AIS and Form 26AS with their income records and make any necessary corrections. Providing feedback on Form AIS can help avoid inquiries from the Income Tax Department and ensure compliance,”
Not Reporting All Income Sources
One of the common mistakes taxpayers make is failing to report all sources of income while filing their ITR. It is crucial to include all income, such as salary, rental income, interest income, capital gains, and business income. Overlooking any income source can attract penalties or even legal actions. So, be diligent in reporting all earnings.
Forgetting to Claim Deductions
Claiming deductions is an effective way to reduce your taxable income and lower your tax liability. Deductions such as medical insurance, education loan interest, and charitable donations can lead to significant tax savings. Ensure you are aware of all eligible deductions and claim them diligently, especially if you are filing income tax under the old regime.
Not Verifying the ITR
Verifying your ITR is crucial to confirm that it has been successfully filed. “You can complete the verification process electronically or by sending a signed copy of the ITR-V form to the Centralized Processing Centre (CPC) within 120 days of filing. Neglecting this step can render your ITR invalid. So, make sure to verify it timely,” informs Kochar.
Incorrect Bank Account Details
Providing correct bank account details is essential, especially if you are eligible for a tax refund. Any errors in the bank account information can lead to delays or even non-receipt of the refund. Double-checking the bank account details can save you from unnecessary hassles and ensure a smooth refund process.
Missing to report Assets or Liabilities, Foreign Assets, Directorship, or Unlisted Share Holding
Taxpayers with income exceeding INR 5 million should report their assets and liabilities. Additionally, ordinarily resident taxpayers must furnish details of overseas assets. “If you hold directorship in a company or have unlisted shareholdings, those should also be reported. Neglecting to disclose these details may invite scrutiny under the Income-Tax Act and the Black Money Act
Particulars of TDS and TCS
While filing your ITR, ensure that you accurately claim the Taxes Deducted at Source (TDS) or Taxes Collected at Source (TCS). Any discrepancies in these particulars can result in a mismatch of tax credit and lead to demand for additional taxes. Double-checking these details can prevent unnecessary tax burdens.
Not Filing ITR on Time
Filing your ITR within the due date is crucial to avoid penalties and interest. The general deadline for filing ITR is July 31st, but it may be extended to September 30 in some cases. Missing the deadline can result in financial consequences, so make it a priority to file your ITR on time.
Not Keeping Proper Records
Maintaining comprehensive records is vital to substantiate your claims while filing the ITR. These records include bank statements, receipts, invoices, and other relevant documents. Proper documentation can prove beneficial in case of any query or assessment by the tax authorities.
Avoiding these ITR filing mistakes will keep you compliant with tax regulations. Remember to provide accurate personal information, report all sources of income, claim eligible deductions, and verify your return before the deadline. Keeping proper records and reconciling financial details will ensure a smooth and stress-free ITR filing experience.