ITR filing: Income tax filing deadline today; penalty, how to switch regimes and check refund status, other details

ITR filing deadline: The deadline for filing of income tax returns, July 31, is unlikely to be extended. Taxpayers would need to file ITR for the Assessment Year 2024-25 or the financial year 2023-24 by the end of the day today. 

While many have urged the finance ministry as well as Finance Minister Nirmala Sitharaman to extend the deadline for filing of income tax returns, it is not looking likely. 

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Central Board of Direct Taxes Chairman Ravi Agarwal said that an extension was unlikely. “As many as 4.7 crore income tax returns have been filed by July 25 this year, which is about 8-9 per cent higher than what was filed in the same period last year. We received 28 lakh returns on July 25. All this indicates people are filing, it is an upward curve so we will stick to the deadline,” he told Business Today.

Late ITR filing penalty

If taxpayers furnish return of income after the prescribed due date then a penalty of up to Rs 5,000 will be levied on late filing. But if the taxpayer’s income does not exceed Rs 5 lakh then they will have to pay Rs 1,000. 

However, the deadline for submitting belated income tax returns is fixed at December 31 of each year. 

Who can file ITR after the July 31 deadline?

Individuals and entities whose accounts necessitate an audit can submit their ITR by October 31. This extension allows the entities to complete their audit process before filing the ITR. The 90-day period is given by the Income Tax Department to get their accounts audited by a certified chartered accountant.

Businesses that engage in international transactions are required to file by November 30 so as a thorough analysis and documentation related to transfer pricing can be furnished. Domestic companies that are required to furnish comprehensive reporting also get an extended deadline.

How to switch between old and new income tax regime?

Individuals earning income from a business or profession have a one-time chance to switch between tax regimes. Self-employed taxpayers who opt for the new tax regime can revert to the old regime only once in their lifetime. 

To change tax regimes, taxpayers must submit Form 10-IE along with their Income Tax Return (ITR). If Form 10-IE is not submitted by the initial ITR filing deadline, they cannot revert to the old regime for that tax year. 

Form 10-IE must be filed before submitting the ITR. Upon filing Form 10-IE, a 15-digit acknowledgment number will be issued, which is required when filing the ITR under the new tax regime.

How to check your ITR refund status?

Here’s how to check your ITR refund status: 

Step 1: Go to I-T departments official e-filing website

Step 2: Log in to your account using your user ID, feed in password and captcha code

If you don’t have an account, you can register using your PAN

Step 3: Go to ‘Income Tax Returns’ on ‘My Account’ from the dropdown menu

Step 4: Access ITR filing details for the relevant year. This will display the details of your filing

Step 5: Look for ‘refund status’ section within ITR filing details

If your status shows ‘refund processed’ then your refund has been processed by the I-T department. If it shows ‘refund issued’, the refund is on its way to your bank account. If you see ‘refund adjusted’ then it has been adjusted against outstanding tax liabilities. ‘Status not determined’ indicates that your refund status is still getting processed.