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The deadline for filing income tax returns in India is approaching, with July 31st being the final day for individuals and entities to submit their ITR for the Assessment Year 2024-25 (Financial Year 2023-24). While there have been calls for an extension of the deadline, the Central Board of Direct Taxes (CBDT) chairman, Ravi Agarwal, has stated that an extension is unlikely. This decision comes despite the fact that over 4.7 crore ITRs have been filed by July 25th, representing an 8-9% increase compared to the same period last year.
Taxpayers who miss the July 31st deadline will face a penalty for late filing. The penalty can range up to Rs 5,000, but for individuals earning under Rs 5 lakh, the penalty is reduced to Rs 1,000. However, individuals and entities whose accounts require an audit can file their ITR by October 31st. This extension allows for the completion of the audit process before filing. Businesses engaging in international transactions are given until November 30th to submit their ITR, ensuring sufficient time for analysis and documentation related to transfer pricing. Domestic companies with comprehensive reporting requirements also benefit from this extended deadline.
Individuals who are self-employed and have chosen the new tax regime have a one-time opportunity to switch back to the old tax regime. To make this change, they must file Form 10-IE along with their ITR. If Form 10-IE is not submitted by the initial deadline, the option to revert to the old regime for that tax year is lost. Checking the refund status is also important. This can be done through the I-T department’s official e-filing website. After logging in using your user ID, password, and captcha code, navigate to 'Income Tax Returns' under 'My Account'. The filing details for the relevant year will display the refund status, indicating whether the refund has been processed, issued, adjusted, or still under processing.