ITR Filing Deadline Extended to August 31?
ITR Filing Deadline Extended to August 31? Beware of Fake News: Income Tax Department Clarifies ITR Deadline Not Extended
As the deadline for filing Income Tax Returns (ITR) approaches, there has been a surge in misinformation circulating on social media and various platforms. The Income Tax Department has issued a clear warning to taxpayers to disregard any news claiming that the ITR deadline has been extended to August 31, emphasizing that such information is false.
ITR FIling Last Date - The Real Deadline
The Income Tax Department has firmly stated that the deadline for filing ITR for the assessment year 2024-25 remains July 31, 2024. Taxpayers are urged to complete their filings by this date to avoid penalties and interest charges. The department has not announced any extensions beyond this date.
Penalties for Late Filing ITR
It's crucial for taxpayers to be aware of the consequences of missing the official deadline. Filing after July 31 can result in several penalties:
- Late Filing Fees under Section 234F:
- ₹5,000 if the return is filed after the due date but before December 31.
- ₹10,000 if filed after December 31.
- For taxpayers with a total income of up to ₹5 lakh, the penalty is reduced to ₹1,000.
- Interest under Section 234A: Interest at the rate of 1% per month (or part of the month) on any unpaid tax amount from the due date until the filing date.
Stay Alert and Verify Information
The Income Tax Department advises taxpayers to stay vigilant and only rely on information from official sources. They recommend:
- Checking the official Income Tax e-Filing portal for any updates.
- Following verified social media handles of the Income Tax Department.
- Ignoring unverified sources and rumors circulating online.
How to File Your ITR
To ensure timely compliance, here are some steps to help you file your ITR correctly:
1. Gather Required Documents:
- Form 16 from your employer.
- Interest certificates from banks and other financial institutions.
- Details of investments made during the financial year.
- Proof of deductions claimed under Section 80C, 80D, etc.
2. Choose the Correct ITR Form:
- Ensure you select the correct ITR form based on your income sources.
3. Use the Income Tax e-Filing Portal:
- Log in with your PAN, password, and captcha.
- Follow the instructions to file your return.
4. Verify Your ITR:
- After filing, don't forget to verify your ITR. You can do this electronically using methods like Aadhaar OTP, Net Banking, or sending a signed physical copy of ITR-V to the CPC.
Final Reminders
File Early: Avoid the last-minute rush to ensure you meet the deadline without any issues.
Seek Professional Help: If you find the process complex, consider seeking assistance from a tax professional or using reliable tax filing software.
Stay Informed: Regularly check the Income Tax Department's official channels for any updates or announcements.
By staying informed and cautious about the sources of your information, you can avoid falling victim to fake news and ensure that your tax filing process is smooth and timely. Remember, the official deadline is July 31, 2024 – don't wait until it's too late!
