Over 70 Million Filed ITR By Deadline; Extension Uncertain

Pune, 1st August, 2024: The last date for filing Income Tax Returns (ITR) for the year 2024 was July 31. The Income Tax Department announced via its social media handle X that by this date, over 70 million people had filed their returns. However, millions of taxpayers missed the deadline, leading to calls for an extension due to severe floods and technical issues on the e-portal. The government has yet to decide on extending the deadline to August 31.

By July 31, more than 70 million people had submitted their Income Tax Returns. On Wednesday, the Income Tax Department stated on X, “So far (by July 31), more than 70 million ITRs have been filed. Out of these, over 5 million ITRs were filed by 7 pm today.”

Taxpayers who missed the July 31 deadline must now pay a penalty. Those with an annual income of up to INR 500,000 face a fine of INR 1,000 for late filing, while those earning more than INR 500,000 will be fined INR 5,000. This penalty applies to everyone except those undergoing an income tax audit.

Certain individuals are exempt from these late penalties. These include people who are not legally required to file an ITR but choose to do so. For them, late filing does not incur any fines.

There is significant public pressure to extend the deadline. Many traders and individual taxpayers have appealed to the government, citing disruptions caused by floods in various regions and technical glitches on the Income Tax e-portal. They argue that these issues prevented millions from filing their returns on time. Consequently, they are requesting a one-month extension to August 31, 2024.

As of now, the government has not announced any decision regarding an extension. It remains to be seen whether any concessions will be made for the 2024 ITR filing deadline.