The Income Tax Department on Monday cautioned against a news clipping of Sandesh news being circulated on social media claiming ‘extension in deadline’ for the ITR filing 2024. The I-T department informed that no such extension has been granted and suggested that tax payers follow updates from the official website or portal of Income Tax department of India.
The I-T department took to microblogging site X (formerly Twitter) to share the cautionary note. “It has come to our knowledge that a clipping of @sandeshnews is circulating on social media regarding extension of date of e-filing of ITR. This is FAKE news. Taxpayers are advised to follow updates from the official website/portal of @IncomeTaxIndia” the tweet read.
It has come to our knowledge that a clipping of @sandeshnews is circulating on social media regarding extension of date of e-filing of ITR. This is FAKE news.
Taxpayers are advised to follow updates from the official website/portal of @IncomeTaxIndia#FactCheck pic.twitter.com/Hs5jk0kF3J
— Income Tax India (@IncomeTaxIndia) July 22, 2024
The last date for Income Tax Return Filing 2024 is 31 July. It is imperative for tax payers to meet the deadlines in order to avoid penalties and ensure compliance.
ITR filing 2024: Why filing your ITR on time matters?
Timely filing helps you avoid late fees, allows you to carry forward losses, and can speed up the processing of refunds.
ITR filing after 31st July is allowed but subject to penalties and interest.
ITR filing 2024: What happens if you miss the ITR Filing deadline?
-If one fails to file ITR by the 31 July, they will have to pay interest @1% under section 234A.
– Further, a late fee of ₹1,000 is applicable on income below ₹5 lakhs and ₹5,000 on income above ₹5 lakhs.
– Any losses incurred from sources like mutual funds, properties, and stock markets can be carried forward and offset against the taxpayer’s income.
-If the taxpayer fails to file their Income Tax Return by the 31 July deadline, they will not be able to claim the above mentioned benefit
– If one missed filing ITR by 31 July, they can still file a belated return till 31 December. However, this comes with a late fee in the form of interest and penalty.