No Extension for ITR Filing: What to Do If You Missed the July 31 Deadline

The deadline to file your income tax return (ITR) for the fiscal year 2023-24 (assessment year 2024-25) was July 31, 2023. Despite calls for an extension, the tax department did not extend this deadline. Over 7 crore ITRs were filed by July 31, with more than 50 lakh filed on that day alone.

Here’s what you need to know if you missed the deadline:

1. Why No Extension?
   • Despite many requests for more time due to technical issues, floods, and landslides, the government decided not to extend the deadline. Similar decisions were made in previous years, except during the COVID-19 pandemic when extensions were granted.
     
2. Filing After the Deadline:
   • You can still file your ITR after July 31, but it will be considered a belated ITR.
   • A late filing fee of up to Rs 5,000 applies. For small taxpayers with income up to Rs 5 lakh, the fee is Rs 1,000.
   • Filing late means you cannot carry forward certain losses (except house property losses), and you may owe penal interest.
     
3. Issues Faced by Taxpayers:
   • Many taxpayers faced problems with the e-filing portal, such as slow loading times and difficulty submitting returns.
   • Various tax associations raised these issues with the tax department, requesting an extension.
     
4. Penalty Details:
   • The government introduced a penalty for late filing in the 2017 Budget. The fee can go up to Rs 10,000 under section 234F of the Income Tax Act. Previously, a penalty of Rs 5,000 could be levied at the discretion of an assessing officer.

Remember, it’s important to file your ITR even if you missed the deadline to avoid additional penalties and interest.