Income Tax Return: Is Govt Planning To Extend ITR Deadline? What We Know So Far

Only a week is left before the ITR deadline of July 31. Following that, penalties will be applicable on filing your income tax return. As of now, the ITR deadline is unlikely to be extended, and it was not extended last year also.

According to the latest data on the income tax department’s website, a total of 4 crore ITRs for AY 2023-24 have been filed so far. Out of these, 3.62 crore ITRs have been verified, and 2.13 crore verified ITRs have been processed. There are a total of 11.39 crore individual registered users.

Revenue Secretary Sanjay Malhotra has told PTI that income taxpayers should file their returns at the earliest as the finance ministry is not contemplating an extension of the July 31 deadline. “We expect that the filing would be higher than the last year…we are hopeful that it should be more than the last year,” he said.

The I-T department has been giving repeated reminders to file ITR as soon as possible to avoid a last-minute rush. Enlisting the benefits of timely filing of ITR for taxpayers, it said the early filing will help in hassle-free access to loans and credit facilities, along with helping in the processing of VISA applications.

Consequences of not filing ITR on time include — certain losses cannot be carried forward, levy of interest under Section 234A, and levy of fee under Section 234F.

Things To Keep in Mind While Filing ITR

While filing the income tax return, it is important to know the slab rates under both the regimes — the new tax regime and the old tax regime. Tax slabs are different under both income tax regimes. Knowing the slabs will help you save taxes. Also, income tax deductions are available under the old tax regime only.

You also need to choose the correct form to avoid any notice from the tax department. There are around 7 income tax forms. Each form is different and is for a particular type of tax filer. You must know which form is appropriate for you so that any income tax notice can be avoided in future. Those having only salary income can file income tax returns using ITR-1, while those having other sources of income need to use other forms to file ITR.

PAN card, Aadhaar card, Form 16, Form 26AS, bank statement, investment proofs, sale deed, rent agreement, and dividend warrants may be required to file the income tax return.