ITR Filing Date 2024 Live Updates: Income tax return deadline to be extended beyond July 31? What we know so far

ITR Filing Date 2024 Live Updates: The income tax return deadline might be extended beyond July 31. Fresh updates from Income Tax Department on ITR deadline extension! What we know so far about the current status and when to expect refunds after e-verification and processing of income tax return.

ITR Filing 2024 Last Date Live Updates: The Income Tax Department may decide whether or not to extend the deadline for filing income tax returns for the Assessment Year 2024-25 or the financial year 2023-24. As of now, the last date to file ITR for AY 2024-25 is July 31. The Income Tax Department and the Union Finance Ministry have been sending reminders to taxpayers through emails and SMS to file their ITR on time to avoid penalties and other repercussions. Taxpayers are hoping that the Income Tax Department will extend the ITR filing deadline, especially given the severe glitches on the e-filing portal for several days, which prompted tax professionals to write to the government about the issue. As of July 30, over 5.70 crore taxpayers have filed their ITRs, and around 2.42 crore ITRs have been processed. Now, taxpayers are curious to know when their income tax refunds will be issued by the tax department.

Taxpayers should note that the July 31 deadline applies to those whose accounts do not require an audit. Individuals and entities whose accounts do require an audit can file their ITR until October 31, 2024. This extension aims to provide them time to complete their audit process before filing ITR. The Income Tax Department grants such taxpayers an additional 90 days to get their accounts audited by a certified chartered accountant before filing their ITR.

Date: 29/07/2024/ Source: Financial Express