ITR Filing FY 2023-24: Check Last Date, Penalty for Missing Deadline, Details Here

New Delhi: As the date for the filing of Income Tax Return (ITR) nears, taxpayers have started facing glitches in the filing process. The deadline to file the ITR is July 31. It is a crucial duty for the taxpayers to file ITR. Taxpayers can face consequences if ITR is not filed within the specific time frame. 

Penalties for late filing

According to the Income Tax act, if your net taxable income is up to Rs 5 lakh, the maximum penalty for a belated tax return is Rs 1,000. For incomes exceeding Rs 5 lakh, the penalty is Rs 5,000. No penalty is levied if an individual’s total income falls below the basic exemption limit 

Customers facing Technical Glitches

In a repeat of the past many years , this time also taxpayers are struggling with the e-filing portal. Customers are complaining on social media regarding the issues they are facing on the portal. 

Earlier, the Institute of Chartered Accountants of India (ICAI) wrote to the Income Tax Department about concerns with Form 26AS/TIS/AIS and the e-filing process.

"As you are aware, Section 139(1) of the Act provides for the statutory timeline July 31, 2024 for filing of returns of income of individuals, HUFs, firms who are not subject to tax audit. Many taxpayers are facing difficulty in relation to Form 26AS/AIS/TIS due to glitches in the income-tax e-filing portal,” said Piyush S Chhajed, Chairman of the Direct Taxes Committee at ICAI.

The deadline for filing ITRs is July 31. If you miss this date, you can still submit a late return, known as a 'Belated Return'.