Last Call For ITR Filing: What You Need To Know Before July 31, 2024 Deadline

As the clock is ticking faster for taxpayers with the last date for filing the Income Tax Returns (ITR) for the financial year 2023-24 (Assessment Year 2024-25) is today (July 31, 2024). In case if you miss this this headline, there are other alternatives but with certain limitations.

ITR Filing Deadline: What You Need to Know

If you haven’t yet filed the ITR for FY23 (Assessment Year 2024), today, is the last date to file it.

In case if you miss this deadline, you can still file a delayed return by December 31, 2024 but has penalties. The penalties for delayed ITR filing range from Rs 1,000 to Rs 10,000.

Moreover, delayed filing can also result in the loss of tax deduction and increased tax liability. So, it is better to file you ITR before the deadline to avoid these consequences.

As of now, there is no official extension of the deadline but All-India Federation of Tax Practitioners (AIFTP) has requested an extension from the Central Board of Direct Taxes (CBDT) until August 31, 2024.

Essential Documents for Filing Your ITR

Aadhaar Card

Form 16 from your current and any previous employers

PAN Card (Ensure it is linked with Aadhaar)

Investment Proofs including bank deposits, PPF deposits, etc.

Home Loan Interest Certificate

Insurance Premium Payment Receipts

These documents will help you accurately complete your ITR and claim all eligible deductions.

"Over 6.5 crore ITRs have been filed till 30 July 2024, marking an increase of over 7.5 per cent more compared to the same period last year. The number of ITRs filed per day has exceeded over 45 lakhs on 30 July and is expected to rise exponentially on 31st July which is the due date for many taxpayers. The 6.5 crore milestone, which has been reached on 30 July this year, was achieved on 31 July last year," according to official website of Income Tax