Income Tax Return Filing Due Date AY 2023-24: Last Minute Updates and Tips

Today, July 31, marks the due date for Income Tax Return (ITR) filing for taxpayers whose accounts don’t require auditing. The Income Tax Department’s data reveals that over 6.13 crore ITRs have been filed till July 30, indicating a surge in early filings compared to the previous year.

As there is no indication of an extension beyond the deadline, it’s crucial for eligible taxpayers to file their ITR today to avoid penalties. Here are the latest updates on the ITR filing due date and some last-minute tips to facilitate a smooth filing process.

Latest Updates on ITR Filing Due Date – July 31, AY 2023-24:

1. ITR Forms and Benefits: Today is the last day to file ITR without incurring any fines for taxpayers whose accounts don’t require auditing. Ensure timely filing to avail the benefits of on-time ITR submission.
2. Massive ITR Logins: On July 30, more than 1.3 crore taxpayers logged into the ITR e-filing portal, indicating a significant surge in last-minute filings. By 6.30 pm on the same day, 26.76 lakh ITRs had already been filed.
3. No Extension Expected: Reports suggest that the government is not considering extending the ITR filing due date beyond July 31. Hence, it’s essential to file your returns today to avoid consequences.

Last-Minute Tips for ITR Filing:

1. Gather Relevant Documents: Ensure you have all the necessary documents, such as Form-16, salary slips, interest certificates, and investment proofs, ready before starting the filing process.
2. Choose the Correct ITR Form: Select the appropriate ITR form based on your income sources and nature of income. Filing the correct form is essential for accurate and error-free submissions.
3. Double-Check Information: Verify all details provided in the ITR form before submitting to avoid any errors or discrepancies that may lead to complications later.
4. Claim Deductions and Exemptions: Make sure to claim eligible deductions and exemptions to reduce your taxable income and lower the tax liability.
5. Utilize Online Filing: Opt for e-filing through the Income Tax Department’s official website (http://www.incometax.gov.in) for a convenient and secure filing experience.

As the deadline for ITR filing for AY 2023-24 approaches, taxpayers must act promptly to file their returns without any delay. With no extension expected, timely submission is crucial to avoid penalties and enjoy the benefits of on-time filing. By adhering to the last-minute tips and utilizing the online filing facility, taxpayers can ensure a smooth and hassle-free ITR filing process. Stay tuned for further updates and news related to ITR filing.