Income Tax Return Deadline 2024: Will the July 31st Deadline Be Extended?

The clock is ticking for taxpayers as the deadline to file income tax returns for the financial year 2023-24 looms just two days away on July 31, 2024. Despite the fast-approaching date, there's a growing call for an extension. Tax practitioners and associations are urging the Central Board of Direct Taxes (CBDT) to extend the deadline to August 31. The All-India Federation of Tax Practitioners (AIFTP) has highlighted several challenges faced by taxpayers this year, including natural disasters like floods and landslides in various states, persistent technical issues with the Income Tax portal, and time-consuming processes for paying self-assessment tax. So Will There Be an Extension? We'll come to that in a bit.

What are the challenges faced by taxpayers?
Accessing essential forms like Form 26AS, AIS, and TIS has been problematic, with issues such as OTP verification failures and repeated submission attempts due to validation glitches further complicating the filing process for many taxpayers. Despite these hurdles, over five crore ITRs had been filed by July 26, 2024, surpassing the number filed by the same period last year. The Income Tax Department has been proactive in addressing these issues, working closely with service providers Infosys, IBM, and Hitachi to ensure the e-filing portal functions properly under the high volumes of traffic.

So Will There Be an Extension?
The question on many taxpayers' minds is whether the deadline will be extended. Historical data suggests that the government has consistently upheld the July 31 deadline for the past three years, except for exceptional cases like the pandemic-related lockdowns. Finance Minister Nirmala Sitharaman emphasized the importance of timely filing, noting the government's upgrades to the e-filing portal to support up to 5 lakh concurrent users.

According to many tax experts, an extension cannot be completely ruled out, it remains unlikely given the government's past stance. The Income Tax Department has also addressed a false social media announcement claiming an extension to August 31, reiterating that the deadline remains July 31, with no extension granted. The government also clarified that tax clearance certificates for those going abroad will be mandatory only for those accused of financial irregularities or who have substantial tax arrears.

Advice for Taxpayers
The Income Tax Department urges taxpayers to file accurately for timely refunds and warns against incorrect TDS claims, under-reporting income, and exaggerating deductions. With the deadline approaching, ensure all documents are in order and address technical issues promptly. Preparing for the current deadline is essential to avoid complications, even if an extension is possible.

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[midhilajputhiyakunnel]

Kerala has been experiencing severe landslides and rain disasters over the past few days. More than 125 people have died in Wayanad district due to a massive landslide today. Given the severity of the situation, the number of deaths may increase in the upcoming hours. An extension of the ITR filing date for FY 2023-24 is urgently required.

[mhkhandekar]

sorry to say...we the tax payer wants to pay tax and from our tax amount our country gets funds...cant they give some more days...time hi maang rahe hai maam..kuch din toh dedo plz..hum machine nahi hai raat din krke kaaam kre....