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- By Aditya Pratap Singh
- Wed, 31 Jul 2024 11:46 AM (IST)
- Source:JND
ITR filing last date extension: The deadline to submit the Income Tax Return (ITR) for the financial year 2023-24 or assessment year 2024-25 for salaried and audited taxpayers is today i.e. July 31, 2024. If a taxpayer has not yet submitted his ITR, he needs to complete it by the end of the day. Remember missing the July 31 deadline will attract late fees and interest.
Taxpayers demand extension
Taxpayers and tax professionals have been demanding an extension of the deadline for submitting Income Tax Returns. However, the Income Tax Department has not yet made any official announcement regarding the same. To avoid penalties, the department is advising taxpayers to submit their tax returns by July 31, 2024.
Earlier, Revenue Secretary Sanjay Malhotra informed that over 60 million income tax returns (ITRs) have been filed for the fiscal year 2023-24 until July 30. Of these ITRs, 70% have been filed under the new tax regime.
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Methods to e-verify ITR
- By OTP sending on Aadhaar registered mobile number
- EVC generated by your pre-validated bank account
- EVC generated through your pre-validated demat account
- EVC through ATM
- Net Banking, or Digital Signature Certificate (DSC)
Who can file an ITR after July 31, 2024?
- Businesses involved in international transactions generally require extensive analysis and documentation for transfer pricing. They have been given an extended deadline of November 30, 2024, to file their ITRs.
- Detailed reporting and compliance procedures may be required for businesses engaged in specific domestic transactions. As a result, these taxpayers may also qualify for an extension of the filing deadline.
Late Fee Criteria
The last date for filing income tax returns for the financial year 2023-24 for persons without additional fees, is July 31, 2024. If you file the ITR after the due date of July 31, 2024, but before December 31, 2024, you will have to pay... late fee. Section 234F requires you to pay a late fee of up to Rs 5,000 if your gross income exceeds Rs 5 lakh. The maximum late fee is limited to Rs 1,000 for taxpayers with a gross income of up to Rs 5 lakh.
