Filed ITR? Consequences of missing the deadline!

The Income Tax Department has confirmed that the last date to submit Income Tax Returns (ITR) for the financial year 2023–24 is July 31. The central government clarified that the deadline would not be extended. The Income Tax Department reported that five crores of Tax returns were filed as of July 26, which notably increased from the previous year.

E-verification is mandatory for the ITR submission. Therefore, it is advised that the e-verification be completed within 30 days of filing the ITR. After filing the ITR, the status can be checked at the incometax.gov.in. Despite this, many taxpayers and certified Chartered Accountants faced issues with the portal. The report says that there were issues with generating OTPs' and the refund claim process.

Consequences of missing ITR deadline:

Individuals lose benefits under the old tax regime.

Automatic conversion to the new tax-paying system increases the burden.

₹5,000 for late filing (Rs 1,000 for income under ₹5 lakh)

Overdue accounts are subject to a monthly interest charge of one per cent

Losses cannot be carried forward to make up future income.

Helpline numbers: 18001030025, 18004190025.

Also read: IBPS PO 2024 Registrations Open Today: Apply now!