Income Tax Filing Deadline Extended To August 31, Over 7 Crore Returns Filed By July 31

The initial last date to file Income Tax Returns (ITR) was fixed to be July 31 by the Income Tax Department. However, now, the deadline has been pushed to August 31. On July 31, the Income Tax Department of the Government of India shared that more than seven crore ITRs have been filed so far. Out of these, above 50 lakh ITRs were filed in the evening. The department took to social media to make this announcement.

The Income Tax Department wrote on the micro-blogging site, X (previously known as Twitter). The tweet read, “More than 7 crore ITRs have been filed so far – 31st July – out of which over 50 lakh ITRs have been filed today till 7 pm! To assist taxpayers with ITR filing, tax payment and other related services, our helpdesk is functioning on a 24×7 basis, and we are providing support through calls, live chats, WebEx sessions and Twitter/X. We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven’t filed (their) ITR for AY 2024-25, to file their ITR.”

The total number of ITRs filed for Assessment Year 2023-24 (FY 2022-23) till July 31, 2023 was more than 6.77 crore. And more than 64.33 lakh ITRs were filed on July 31, 2023.

India currently offers two types of personal income tax regimes- the old and the new. The old regime has higher tax rates, it allows various exemptions and deductions. Meanwhile, the new tax regime offers lower tax rates but has quite a few deductions. The aim of introducing a new tax regime is to ensure a simplified tax system and reduce the burden on taxpayers.

If you have yet to file your ITR for 2023-24, then you might face a penalty for belated ITR filing. While you can still file your ITR after the deadline, you may get a penalty of up to Rs 5,000. Make sure to always file your ITR before the deadline to avoid penalties and interest charges that can accumulate over time.