ITR Filing 2024 Highlights: Penalties and consequences for missing the July 31 income tax return deadline

If you haven't received your acknowledgment number after filing your income tax return (ITR), you can easily obtain it by downloading the ITR-V from the Income Tax Department's e-filing portal. Follow these steps to download the ITR-V:

Visit the Income Tax Department's e-filing portal and log in using your PAN details and password.

Once logged in, navigate to e-File > Income Tax Returns > View Filed Returns.

You'll see a list of your filed ITRs. Select the relevant assessment year for which you want to download the acknowledgment number.

Click the 'Download Form' button next to the chosen assessment year to download the ITR-V with your acknowledgment number.

There has been no official announcement regarding the extension of the ITR FY2023-24 deadline so far.

"More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!

To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X.

We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven't filed ITR for AY 2024-25, to file their ITR," said Income Tax India on a social media post on X.

On the last day of the income tax return (ITR) filing season, taxpayers have took on social media to voice their frustrations on about ongoing technical issues with the e-filing portal. Throughout the past month, both individual taxpayers and tax professionals have faced numerous problems while trying to submit their returns on the Income Tax Department’s e-filing platform.

Revenue Secretary Sanjay Malhotra announced that around 6 crore income tax returns were filed for the financial year 2023-24, with 70% of these under the new simplified tax regime that offers lower rates. Speaking at the PHD Chamber of Commerce and Industry, Malhotra explained that the move towards simplicity is designed to ease compliance burdens. For the previous year, 2022-23, 8.61 crore returns were submitted. India currently has two tax regimes: the old one with higher rates and more exemptions, and the new one with lower rates and fewer deductions.

According to Section 234F of the Income-tax Act, 1961, failing to submit your Income Tax Return (ITR) by the July 31 deadline will lead to penalties. Taxpayers with income below ₹5 lakh will face a late fee of up to ₹1,000, whereas those with income exceeding ₹5 lakh may be penalized up to ₹5,000.

ITR Filing 2024 LIVE: Despite appeals from tax professionals and organizations, the Income Tax Department has confirmed that the July 31, 2024, deadline for filing ITR will remain unchanged. Taxpayers must ensure they file by this date to avoid penalties or legal consequences.

Since today is the deadline to file ITR, it is essential to review your Form 26AS and Annual Information Statement (AIS). Verifying the accuracy of these documents will ensure you report all your income correctly. Failure to do so may result in receiving notices from the Income Tax Department.

The I-T Department has asked taxpayers to avoid bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds, PTI reported.

"Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said.

The department informed the taxpayers that their claims should be “correct and accurate”, adding, “filing a false or bogus claim is a punishable offence.”

• If you miss the July 31 deadline to file ITR, you cannot file your tax returns under the old tax regime. 
• This is simply because the new tax regime (NTR) is the default regime for FY2023-24. 
• It means you will not be able to avail exemptions and deductions against investments in tax-saving instruments. 
• After the July 31 deadline expires, taxpayers will not be able to claim these benefits since they will be moved to the new tax regime, which does not offer these benefits.

A PIB Fact Check clarified that the due date for filing ITR is July 31, and it has not been extended, despite some misinformation circulating on social media.

The income tax (I-T) department also recommended that taxpayers use Edge, Chrome, or Firefox browsers for better results.

The I-T e-filing portal mentions that taxpayers who are facing any technical problem related to filing can reach out as follow:

• Toll-free helpdesk numbers 1800 103 0025 and 1800 419 0025. 
• They can also email efilingwebmanager@incometax.gov.in.

The deadline to file Income Tax Returns (ITR) for AY2024-25 is today, and the Income Tax Department has yet to announce any extension. Many citizens and tax professionals have cited glitches on the tax filing portal as a reason for requesting more time.

The All-India Federation of Tax Practitioners (AIFTP) has in a memorandum, requested the Central Board of Direct Taxes (CBDT) to extend deadline for filing of income tax returns for FY24 (AY25), PTI reported.

• AIFTP national president Narayan Jain and Direct Tax Representation Committee chairman SM Surana told the board that states have been impacted by floods and landslides, which have delayed filings and caused difficulties. 
• They also claimed "persistent problems" with the I-T portal, such as difficulties in downloading and verifying various forms. 
• They added that the process of paying self-assessment tax through banks and downloading challans is time-consuming.

• Visit the Income Tax e-Filing portal.
• Log in using your PAN, Password, and Captcha code. 
• Navigate to the 'e-File' menu and select 'Income Tax Return'. 
• Choose the appropriate ITR form based on your income (ITR-1 or ITR-2 if you have Form 16). 
• Select the Assessment Year (AY) 2023-24. 
• Validate all entered data in the form and submit. 
• After submission, e-verify your return using Aadhaar OTP or other available options. 
• Upload and verify your return.

Around 6 crore taxpayers have filed their income tax returns (ITR) for FY24, as per Revenue Secretary Sanjay Malhotra said.

He added that as much as 70 per cent of these returns have been under the new tax regime.

"While an extension of the ITR filing deadline cannot be completely ruled out, historical data makes it unlikely. The government has consistently upheld July 31 as the deadline in the past three years, with extensions only in exceptional cases like pandemic-related lockdowns."

• Businesses involved in international transactions. This is because they require extensive analysis and documentation for transfer pricing. Deadline for these is November 30, 2024. 
• Businesses engaged in specified domestic transactions. These would be considered if the business requires detailed reporting and compliance procedures. 
• There are however, complex exceptions to this, so please check the ITR website or with your CA to check eligibility. 
• All business and individual taxpayers can also file delayed ITR till December 2024 --- but with added penalties.

Taxpayers must have the following documents ready for filing their ITR:

• Aadhaar Card, 
• Form 16 (from current employer and former employer if you changed jobs mid-year), 
• PAN Card (PAN-Aadhaar must be linked), 
• investment proofs (including bank deposits, PPF deposits, etc. for calculating deductions), 
• Home loan interest certificate, 
• Insurance premium payment receipts, and 
• AIS from the I-T portal

• Taxpayers who miss the July 31 deadline can file a delayed return by December 31, 2024, for FY23-24 / AY24-25. 
• However, those who file delayed ITR would be liable to pay penalties ranging between ₹1,000 and ₹10,000 depending on the duration of the delay and the taxable income slab. 
• Another setback of filing delayed ITR is that it could lead to you losing out on some tax deductions that would have reduced your tax liability. 
• Delayed ITR filing could also attract increased scrutiny from the I-T Department.

"We have consistently emphasized the importance of timely filing. The Central Board of Direct Taxes (CBDT) has upgraded the e-filing portal to support up to 500,000 concurrent users. These enhancements and the government's firm stance suggest that filing by July 31 will help avoid late fees and other penalties."

• The I-T Dept had to address a fake social media post which claimed that the deadline for filing ITR had been extended till August 31. 
• The department clarified that the deadline for filing ITRs for FY 2023-24 is July 31 — with no extension. 
• Taxpayers were also asked to file ITRs swifty to avoid penalties or notices.

• The All-India Federation of Tax Practitioners (AIFTP) formally requested the CBDT formally for extension of the ITR deadline till August 31, PTI reported, so you may keep your eyes out for an update on that.
• CA Abhishek Jain said that they are demanding an extension as accessing Form 26AS/AIS/TIS is “challenging”. 
• Gaurav Singh Parmar, Associate Director at Fincorpit Consulting said, “OTP verification failures and repeated submission attempts due to validation glitches further complicate the filing process.”

• Today, July 31, is the last date for ITR filing for Financial Year 2023-24 or Assessment Year 2024-25. 
• Taxpayers who miss the July 31 deadline can file a delayed return by December 31, 2024, for FY23-24 / AY24-25.
• Delayed returns will however attract penalties and other impositions.