Yesterday, July 31, 2024, was the last day to file your income tax returns (ITR) for the financial year (FY) 2023-24 and Assessment year (AY) 2024-25. Taxpayers have reported technical issues with the e-filing portal. Around 6 crore income tax returns were filed for 2023-24, with 70% of these under the new tax regime. 

You will face penalties for late filing, so it was important to file on time. There’s no official extension announcement, and the deadline remains unchanged. The Income Tax Department recommends using specific web browsers for better results. 

Some tax professionals are requesting an extension due to glitches on the tax filing portal to August 31, 2024.

The key points from the provided information are:

– The filing deadline for FY24 (AY25) income tax returns was July 31, 2024, with no official extension announced.

– Penalties for late filing were outlined, where taxpayers with income below Rs 5 lakh faced a late fee of up to Rs 1,000, and those with income exceeding Rs 5 lakh could be penalised up to Rs 5,000.

– Taxpayers expressed frustration over technical issues with the e-filing portal, and the Income Tax Department recommended using specific web browsers for better results.

– The need for accurate filing to avoid delays in refund processing was emphasised, with a warning against making exaggerated or false claims.

– It was highlighted that after the deadline, taxpayers cannot claim exemptions and deductions against investments in tax-saving instruments.

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