Taxpayers must act quickly, as the deadline to file income tax returns is only two days away. With the final date rapidly approaching, completing and submitting your tax returns by the deadline is crucial to avoid potential penalties or late fees. If you haven’t yet filed, gather all necessary documents and information promptly to ensure a smooth filing process.
Income tax return (ITR) filing deadline
The deadline to file your income tax return (ITR) for the financial year (FY) 2023-24 is July 31, 2024. The income tax department has recommended that taxpayers complete their filings by this date.
Tax practitioners urge CBDT to extend ITR filing deadline
According to a report from the news agency PTI, the All-India Federation of Tax Practitioners (AIFTP) has formally requested the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income tax returns for the assessment year 2024-25 to August 31.
In their memorandum, AIFTP National President Narayan Jain and Direct Tax Representation Committee Chairman S.M. Surana highlighted that recent floods in several states have significantly disrupted the filing process. They also noted that landslides in Uttarakhand and Himachal Pradesh have exacerbated these challenges.
As the July 31 deadline for ITR filing draws near, there is increasing demand for an extension.
“Accessing Form 26AS/AIS/TIS is challenging,” said Abhishek Jain, a CA.
“The tax portal faces accessibility issues and slow speeds during peak filing periods. Users have also reported disparities between Form 26AS and AIS data,” said Aarti Raote, Partner at Deloitte India
“OTP verification failures and repeated submission attempts due to validation glitches further complicate the filing process,” said Gaurav Singh Parmar, Associate Director at Fincorpit Consulting.
According to the Income Tax Department and the Central Board of Direct Taxes (CBDT), over 5 crore income tax returns (ITRs) had been filed as of July 26.
In a recent announcement, the Income Tax Department urged taxpayers to file their returns accurately to ensure timely refunds. They noted that refund claims are subject to verification, which could lead to delays. Properly filed returns facilitate faster refund processing, while discrepancies may result in requests for revised returns.
The department also warned taxpayers against claiming incorrect Tax Deducted at Source (TDS) amounts, under-reporting income, exaggerating deductions, or submitting claims for non-existent expenses.
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