The government did not extend the deadline for filing ITR last year, just as it had not extended it the year before. Nevertheless, the government had previously extended the deadline for filing ITR two years ago due to the COVID-19 pandemic.
How to file ITR after July 31 deadline?
Here are a few reasons why taxpayers requested an extension of the ITR filing deadline.
According to a PTI news report, The All-India Federation of Tax Practitioners (AIFTP) has urged the CBDT to prolong the deadline for filing Income Tax returns for the assessment year 2024-25 by one month to August 31. Floods and landslides have severely impacted tax return filings in several states, according to AIFTP national president Narayan Jain and Direct Tax Representation Committee chairman S M Surana.What is the penalty for filing ITR after the deadline of July 31, 2024?The e-filing portal experienced multiple technical issues, causing challenges for many individuals attempting to file their taxes. Several tax associations had requested an extension for the ITR filing deadline in letters to the Income Tax Department.
Several organizations, including the All Gujarat Federation of Tax Consultants, Income Tax Bar Association, ICAI, and the Karnataka State Chartered Accountants Association, have raised concerns with the tax department. They have cited issues such as challenges with the e-filing portal, discrepancies in pre-filled data, limited options for submitting responses in AIS and TIS in the Income-tax portal, difficulties in verifying and submitting ITRs, and various other reasons.
Many individuals filing their ITRs also expressed frustrations on social media platforms about the problems they encountered. These issues encompassed the e-filing portal failing to open, extended loading times for different pages, and other difficulties.
Missed ITR deadline? What you should you do
If you’ve missed the deadline for filing ITR, there’s no need to worry. You can still file your ITR, but you must pay a late filing fee of up to Rs 5,000. An ITR filed after the deadline is referred to as a belated ITR and is filed under section 139(4) of the Income Tax Act, 1961.
An individual with no tax owed must pay a penalty before filing a late ITR. After paying the penalty, an individual can submit a belated ITR. A penalty of Rs 1,000 applies to small taxpayers with taxable income up to Rs 5 lakh.Filing a belated ITR has drawbacks beyond just incurring a penalty. When filing a late return, it’s important to note that losses cannot be carried forward, except for losses related to house property. Additionally, if any taxes are owed, the individual will be subject to penal interest under the relevant sections 234A, B, or C.
Late ITR filing penalty: Did you know?
In the 2017 Budget, the government introduced a maximum fee of Rs. 10,000 for individuals’ delayed filing of income tax returns. The new section, 234F, was inserted by the government in the Income Tax Act. Prior to this, section 271F allowed an assessing officer, at his sole discretion, to levy a penalty of Rs 5,000 only if an individual fails to file his/her return before the end of the relevant assessment year.
