ITR Filing Last Date News Highlights: More than 7 crore ITRs have been filed

There is no official announcement on the extension of ITR FY2023-24 deadline till now

As of July 31st, over 7 crore ITRs have been filed; of those, over 50 lakh ITRs had been filed as of this evening at 7 pm.

More than 6.5 crore taxpayers filed income tax returns (ITRs) till 8pm. The Income Tax department has not yet made an official notification regarding an extension of the deadline for reporting ITRs for FY2023–2024. Individual taxpayers must file their ITR by July 31, 2024, if they do not need to have their income tax return audited.

Taxpayers have been complaining about persistent technical issues with the income tax e-filing platform on social media on the last day of the income tax return (ITR) filing season. Individual taxpayers and tax professionals have run across a number of problems trying to file their income tax returns electronically through the Income Tax Department's platform over the course of the last month.

If an employee finds that their TDS has not been deposited,

--Notify the employer and request immediate rectification.

--If the employer does not act, within a reasonable time, “the employee can raise a grievance on the TDS Reconciliation, Analysis and Correction Enabling System (TRACES - https://contents.tdscpc.gov.in/) portal under the tab ‘Request for resolution’ for mismatch of TDS / missing TDS details. This will trigger a query to the employer from the Income-tax Department which would direct the employer to resolve the issue,” said Kale.

--The employee can also file a written application to the employer’s TDS Assessing Officer and Commissioner of Income-tax intimating the tax authorities regarding the defaults of the employer in deposit of TDS, added Kale.

If an employee finds that their TDS has not been deposited,

--Notify the employer and request immediate rectification.

--If the employer does not act, within a reasonable time, “the employee can raise a grievance on the TDS Reconciliation, Analysis and Correction Enabling System (TRACES - https://contents.tdscpc.gov.in/) portal under the tab ‘Request for resolution’ for mismatch of TDS / missing TDS details. This will trigger a query to the employer from the Income-tax Department which would direct the employer to resolve the issue,” said Kale.

--The employee can also file a written application to the employer’s TDS Assessing Officer and Commissioner of Income-tax intimating the tax authorities regarding the defaults of the employer in deposit of TDS, added Kale.

Bear these points in mind while disclosing foreign assests in ITR

- Foreign depository/custodial accounts

- Investments in foreign equity/debt

- Surrender value of foreign insurance/annuity contracts

- Financial interest in any entity

- Immovable property

- Other capital assets

- Details of accounts in which there is signing authority

- Trusts in which the assessee is a trustee/beneficiary/settler

- Tax implications on stock trading

Under Section 234F of the Income-tax Act, 1961, failing to file your ITR by the July 31 deadline will result in penalties. Taxpayers with income below Rs 5 lakh will face a late fee of up to Rs 1,000, while those with income above Rs 5 lakh could incur a penalty of Rs 5,000.

The new simplified tax regime, offering lower tax rates but fewer deductions, has been adopted by a significant number of taxpayers. This regime is designed to make tax filing simpler and reduce the overall compliance burden.

Filing your ITR on time not only helps avoid penalties but also allows you to carry forward losses to future years, ensures faster processing of refunds, and serves as proof of income for loan applications and visa processing.

Despite requests from tax professionals and organizations, the Income Tax Department has confirmed that the July 31, 2024, deadline for ITR filing will not be extended. Taxpayers should ensure they meet this deadline to avoid any penalties or legal actions.

Approximately 6 crore income tax returns were filed for the financial year 2023-24, with 70% under the new simplified tax regime offering lower rates, Revenue Secretary Sanjay Malhotra announced. Addressing the PHD Chamber of Commerce and Industry, Malhotra noted the shift towards simplicity aims to reduce compliance burdens. For 2022-23, 8.61 crore ITRs were filed. 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.

With the ITR filing deadline for the financial year 2023-24 ending today,  July 31, many tax professionals are requesting additional time to complete the process. However, the Income Tax Department has firmly stated that the circulating rumors about extending the due date are false. Taxpayers should ensure they file their returns by the deadline to avoid penalties and ensure compliance. Read here why you should not rely on ITR filing deadline extension

If you have income or losses from Futures and Options (F&O) trading, it is essential to report it accurately in your income tax returns. Individuals or Hindu Undivided Families (HUF) with F&O income should use Form ITR-3. For those who choose presumptive taxation under Section 44AD, Form ITR-4 is applicable. Properly filing your returns ensures compliance with tax regulations and helps avoid potential issues with the Income Tax Department. Know more here

Salaried individuals have the flexibility to switch between the old and new tax regimes each year. The Budget 2023 established the new, simplified tax regime as the default option. Consequently, many salaried taxpayers who intended to stay with the old regime overlooked the need to select it explicitly while submitting their investment declarations in April 2023. This oversight might have led to excess tax deductions from their salaries throughout FY 2023-24. Fortunately, you can choose the old tax regime when filing your returns and claim a refund for any additional deductions. Read on to learn how to make the switch while filing your ITR.

Filing your ITR before the due date is crucial to avoid penalties, interest, and a late filing fee. Missing the deadline can result in a 1% monthly interest under Section 234A and a Rs 5,000 late fee under Section 234F (Rs 1,000 if income is below Rs 5 lakh). Timely filing ensures prompt refunds, the ability to carry forward losses, and facilitates loan approvals. If you miss the July 31 deadline, you can file a belated return by December 31, 2024. Read more here

If you find any errors in your income tax return for the financial year 2023-24, don't worry. You have until December 31, 2024, to file a revised return and make necessary corrections. You can resubmit your returns as many times as needed to ensure accuracy. Read here to know more

The deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 is ending today, and the government is unlikely to extend the due date beyond July 31, 2024. Despite requests from various quarters for an extension, the Income Tax Department has indicated that the deadline will remain unchanged. So far, over 6 crore returns have been filed, with taxpayers urged to complete their filings promptly to avoid penalties and ensure compliance.

As today's the last date to file ITR, it is crucial to review your Form 26AS and Annual Information Statement (AIS). Ensuring the accuracy of these documents will help you report all your income correctly. Omitting any income can lead to notices from the Income Tax Department. Read this to know what key details you should verify before filing your income tax return to avoid any discrepancies and potential tax penalties.

Today is the last date to file ITR, therefore it’s very important to select the correct income tax return (ITR) form to avoid any further complications. If you haven’t filed your ITR yet, you need to act quickly to avoid late-filing fees, penalties, and delays in receiving tax refunds. Read this to know how to choose the right ITR Form

As the ITR filing deadline approaches, it's crucial to ensure your returns are error-free to avoid complications.

Report Foreign Assets: Failing to disclose foreign assets can attract notices from the Income Tax Department. Make sure to include all relevant information about your foreign holdings.

Claim Only Eligible Deductions: Avoid claiming deductions for which you are not eligible. Incorrectly claiming deductions can lead to scrutiny and possible penalties.

Verify Bank Account Details: Double-check your bank account details to ensure they are correct. Incorrect information can delay the processing of your tax refund.

Read more tips for filing your income tax return correctly at the last minute:

Revenue Secretary Sanjay Malhotra has reported that approximately 6 crore income tax returns have been filed for the financial year 2023-24. Significantly, 70 percent of these returns were submitted under the new simplified tax regime, which provides the benefit of lower tax rates.

As an NRI, understanding the rules around Income Tax Return (ITR) filing is crucial for tax savings and compliance. Your tax obligations depend on your income sources and your tax residency status. It's important to note that while you may be taxed on income generated in India, you might also face taxation in the country where you are a tax resident. Here's all you need to know

ITR filing for 2023-24 can seem daunting, particularly if you're unfamiliar with the specific terminology involved. This guide breaks down 13 crucial tax terms to help you navigate the process with ease and accuracy. Knowing these terms will ensure a smoother and more precise tax return filing experience. Here are 13 essential ITR Filing terms explained

When reviewing your Annual Information Statement (AIS), you might encounter discrepancies such as cashbacks on credit cards being reported as income or joint holders of mutual funds and real estate sales being mistakenly subjected to the same income. These errors can lead to 'ghost income' appearing in your tax statement. It is essential to correct these inaccuracies promptly to avoid complications during your ITR filing. Here's how to manage and rectify these errors effectively before it’s too late.

Even if your employer has deducted taxes from your salary through TDS (Tax Deducted at Source), you might still owe additional taxes. This can happen if your total tax liability exceeds the amount that has been withheld. It is essential to calculate your total income and tax liability to ensure that all due taxes are paid before filing your ITR. Here's how to check

When filing your income tax return (ITR) for 2024, it is crucial to report all types of earnings, including those under the category of 'income from other sources'. This includes interest income from bank deposits, dividends, family pension, gifts, and other similar earnings. Failing to disclose these can lead to significant legal troubles and penalties. To ensure compliance and avoid any issues with the Income Tax Department, make sure all such incomes are accurately reported in your tax return. To know more, read this article

As the deadline for filing Income Tax Returns (ITR) approaches, many taxpayers rush to complete their submissions. This last-minute scramble can lead to errors that might result in penalties or delays in processing. To ensure a smooth and accurate filing, it’s essential to be aware of common mistakes and how to avoid them. Here are 10 common mistakes you must avoid while filing returns at the last minute...

For social media influencers and gig workers filing their income tax returns in 2024, it’s crucial to choose between forms ITR-3 or ITR-4 (Sugam) appropriately. These taxpayers must declare all sources of income, thoroughly verify details in Form 26AS and the Annual Information Statement (AIS), and maintain accurate records for any deductions they claim. Read here to know more

An employer must deduct Tax Deducted at Source (TDS) from an employee’s salary and deposit it with the Income Tax Department by the 7th of the following month. Failure to do so not only results in penalties for the employer but can also cause complications for the employee. Here's what you need to do if your employer does not deposit the deducted TDS:

ITR-1 (Sahaj) is for individuals with income up to Rs 50 lakh from salary, one house property, and other sources like interest. ITR-2 is for individuals and HUFs not having income from profits and gains of business or profession.

The Income Tax Department has issued a warning regarding misinformation circulating around income tax filing deadline. A news clipping, now circulating on social media, falsely claims that the deadline for e-filing Income Tax Returns (ITR) has been extended to August 31, 2024. The department has clarified that this information is incorrect, and the actual deadline to file ITR for the financial year 2023-24 remains July 31, 2024. Taxpayers are advised to disregard the fake news and ensure they complete their filings by the official due date.

You can check the status of your ITR filing by logging into the Income Tax Department's e-filing portal (incometax.gov.in) and navigating to the 'My Account' section, where you can view the status of your filed returns.

Here's step-by-step guide on how to check ITR return status

Form 16 is a certificate issued by an employer that contains details of the salary paid to an employee and the tax deducted at source (TDS) on it. It is useful for ITR filing as it provides necessary information about your income and tax deductions.

Timely filing of ITR helps avoid penalties, allows you to carry forward losses to future years, aids in faster processing of refunds, and serves as proof of income which can be useful for loan approvals and visa applications.

Form 26AS is a consolidated tax statement that contains details of tax deducted at source (TDS), tax collected at source (TCS), and advance tax paid during the financial year. It is crucial for verifying the tax details while filing your ITR. Read more here

Yes, if you find any mistakes or discrepancies in your filed ITR, you can revise it. The revised return must be filed within the same assessment year or before the completion of the assessment, whichever is earlier.

You must e-verify your ITR to complete the filing process. You can e-verify through various methods such as Aadhaar OTP, net banking, EVC generated through a bank account, or by sending a physical ITR-V form to the Centralized Processing Centre (CPC) in Bengaluru.

Filing your Income Tax Return (ITR) requires a comprehensive set of documents to ensure accurate reporting of your income and deductions. Here are the essential documents you will need:

Form 16: This certificate, issued by your employer, provides details of your salary paid and the tax deducted at source (TDS). It is crucial for salaried individuals as it summarizes the income earned and taxes paid during the financial year.

Salary Slips: These are important for verifying your monthly earnings, bonuses, and any other benefits received during the financial year.

Bank Statements: Ensure you have bank statements for all your accounts. These help track interest income, dividend income, and other credits to your account.

TDS Certificates: Besides Form 16, other TDS certificates such as Form 16A (for TDS on income other than salary) and Form 16B (for TDS on sale of property) are necessary to account for taxes deducted by other entities.

Investment Proofs: Collect documents related to your investments that qualify for deductions under various sections of the Income Tax Act, such as: Section 80C (investments in PPF, NSC, ELSS, LIC premiums, tuition fees, etc.); Section 80D (health insurance premiums); Section 80E (interest on education loans); Section 80G (donations to charitable institutions)

Interest Certificates: These are issued by banks for fixed deposits, savings accounts, and recurring deposits. They detail the interest earned and TDS deducted on these accounts.

Capital Gains Statements: If you have income from the sale of property, mutual funds, or stocks, you will need capital gains statements to report this income accurately.

Home Loan Statements: For individuals claiming deductions on home loan interest under Section 24(b) and principal repayment under Section 80C, it’s important to have the home loan statement from your lender.

Form 26AS: This is a consolidated tax statement that contains details of TDS, TCS, and advance tax paid. It is available on the Income Tax Department's e-filing portal and is essential for cross-verifying the tax deducted on your income.

Proof of Other Income: Gather documents for any other sources of income, such as rental income, freelance earnings, or income from part-time work. This ensures all income sources are reported.

Aadhaar Card: Linking your Aadhaar number with your PAN is mandatory for filing ITR, so keep your Aadhaar card handy.

PAN Card: Your Permanent Account Number (PAN) is required for logging into the e-filing portal and for all tax-related activities.

You can file your ITR online through the Income Tax Department's e-filing portal (eportal.incometax.gov.in). Follow the step-by-step instructions provided in this article to complete the ITR filing process.

How to File Income Tax Return: Step-by-step Guide

Under Section 234F of the Income-tax Act, 1961, failing to file your ITR by July 31, 2024, will result in penalties. Taxpayers with a total income below Rs 5 lakh will incur a late fee of up to Rs 1,000, while those with income above Rs 5 lakh will face a penalty of Rs 5,000. To avoid these charges, make sure to file your ITR before the deadline and stay compliant with tax regulations.

There have been misleading advisories circulating on social media, claiming that the ITR filing deadline has been extended. The Income Tax Department has not made any official announcement regarding an extension, so it is important to adhere to the current deadline of July 31, 2024. Do not rely on unverified information and ensure your return is filed on time.

Many taxpayers and Chartered Accountants (CAs) have reported difficulties in using the income tax e-filing portal (incometax.gov.in). Due to these challenges, the All-India Federation of Tax Practitioners (AIFTP) and the Institute of Chartered Accountants of India (ICAI) have urged the Central Board of Direct Taxes (CBDT) to extend the filing deadline to August 31, 2024. However, no official extension has been announced as of now.

As of now, more than 5.7 crore taxpayers have already filed their returns for the assessment year 2024-25. If you are among those who have not yet completed this process, it is imperative to do so before the deadline. The Income Tax Department has been consistently reminding taxpayers to file their returns promptly to avoid penalties.

For salaried individuals and other taxpayers who do not need their accounts audited, the final date to file an Income Tax Return (ITR) for the financial year 2023-24 is July 31, 2024. Missing this deadline can lead to significant penalties and potential action by the Income Tax Department. Ensure you file your returns on time to stay compliant and avoid unnecessary fees.