ITR filing 2024 deadline: Who can file income tax return after July 31. Check details

Last date of ITR filing: The Income Tax Department has still not conveyed that whether it will extend the deadline for filing income tax returns for the Assessment Year 2024-25 or the financial year 2023-24. Taxpayers and many organisations have requested the Union Finance Minister and Income Tax Department to grant an extension to the ITR filing deadline, particularly in light of the significant technical issues experienced on the e-filing portal for an extended period. As of July 30, more than 5.70 crore taxpayers have already filed their ITRs, with approximately 2.42 crore ITRs having undergone processing.

It is important to note that the current deadline for filing ITR for AY 2024-25 is July 31 and most salaried and business professionals have less than two days to their file annual taxes to the government. Both the Income Tax Department and the Union Finance Ministry have been actively reminding taxpayers through emails and SMS to ensure timely filing of their ITR to avoid penalties and other consequences.

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Who all can file their ITR after July 31

However, individuals and entities whose accounts necessitate an audit are permitted to submit their Income Tax Return (ITR) until October 31, 2024. This extension is intended to allow ample time for the completion of the audit process before the filing of the ITR. The Income Tax Department provides these taxpayers with an additional 90-day period to have their accounts audited by a certified chartered accountant prior to filing their ITR.

Besides, businesses engaged in international transactions often require thorough analysis and documentation related to transfer pricing. To facilitate this process, a deadline extension until November 30 is granted for filing their Income Tax Returns (ITRs).

Similarly, companies involved in specified domestic transactions may also necessitate comprehensive reporting and adherence to compliance procedures. As a result, these taxpayers may be eligible for an extended deadline for filing their returns.

However, the criteria for qualifying for these deadline extensions can be intricate and hinge on specific sections of the Income Tax Act. It's important to note that in certain instances, late filing fees may still apply despite the extended deadlines. 

What if you miss the July 31 deadline

Despite missing the initial deadline of July 31, 2024, taxpayers still have the opportunity to fulfill their tax submission duty by providing the necessary documentation. It is crucial to acknowledge that filing a belated return may result in specific penalties or repercussions; hence, it is recommended to complete this procedure promptly to mitigate any potential complications. 

Please be informed that the deadline for submitting belated income tax returns is fixed at December 31 of each year. For those who have yet to file their taxes for the 2023-24 financial year (assessment year 2024-25), the deadline for submitting the delayed tax return is extended until December 31, 2024.