ITR filing deadline on July 31: Extension uncertain; all you need to know

ITR filing deadline: The income tax department, in a post on X, urged taxpayers to file ITR at the earliest to avoid last-minute rush

With the income tax return deadline just a day away and no notification of an extension, it’s better for taxpayers to be safe than sorry. So far, the Income Tax Department has not announced any deadline extension.

Earlier, in a post on X, the IT department noted that as of July 26, 2024, over five crore ITRs had already been filed, marking an 8.5 per cent increase from the number of ITRs filed during the same period last year.

Technical errors

Several taxpayers have reported OTP verification failures and repeated submission attempts due to validation glitches. In view of this, the All-India Federation of Tax Practitioners (AIFTP) has urged the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income tax returns for the assessment year 2024-25 from July 31 to August 31.

The All Gujarat Federation of Tax Consultants and the Income Tax Bar Association has also requested a deadline extension. However, there has been no response so far. In a post on social media platform X, the tax department said, “We urge all those who haven't filed ITR for AY 2024-25 to file their ITR at the earliest to avoid a last-minute rush.”

What happens if you miss ITR deadline?

If you miss the deadline, you will have the option to file a belated ITR until December 31, 2024. However, a penalty will be charged if the taxpayer fails to file returns within the deadline. You will have to pay a penalty of Rs 1,000 if your total annual taxable income is below Rs 5,00,000. If your taxable income exceeds this threshold, you will have to pay a penalty of Rs 5,000.

Additionally, you will not be able to opt for the old tax regime for tax calculation purposes if you miss the July 31 deadline. From August 1, the new tax regime, which offers significantly fewer deductions and exemptions compared to the old regime, will be considered default for you.

If you miss the December 31 deadline as well, you can file an updated return with a penalty and interest on the tax due. When filing an updated return, the taxpayer needs to pay 25 per cent extra tax on top of the total tax payable, along with any interest owed.

How to check ITR refund status?

If you have already filed your income tax returns, here’s how to check the refund status on the Income Tax Department's portal - incometax.gov.in. Log in to the income tax e-filing portal incometax.gov.in using your ID and password.

• Go to the ‘e-File’ tab
• Select ‘Income Tax Returns’
• Click on ‘View Filed Returns’
• Check the refund status for the Assessment Year 2024-25