Income Tax Return (ITR) Filing Deadlines for FY 2023-24: Key Dates and Penalties

As the summer heat intensifies across India, so does the pressure on millions of taxpayers racing against time to file their Income Tax Returns (ITR) for the financial year 2023-24. With the deadline of July 31, 2024, looming large, this year’s filing season has been marked by a mix of anticipation, frustration, and calls for leniency.

A Tale of Two Deadlines

For most individual taxpayers and Hindu Undivided Families (HUFs), July 31 remains the red-letter day. However, the tax calendar extends further for businesses, with audit-requiring entities given until October 31, and those needing transfer pricing reports having until November 30 to file their returns.

Mahesh Sharma, a Chartered Accountant based in Mumbai, explains, “The staggered deadlines are designed to accommodate the varying complexities of different tax profiles. But for the average salaried individual, July 31 is the date to remember.”

Date Description
July 31, 2024 Deadline for individual taxpayers, HUFs, and similar entities
October 31, 2024 Deadline for businesses requiring audit
November 30, 2024 Deadline for businesses needing transfer pricing reports
December 31, 2024 Last date for filing belated returns
August 31, 2024* Proposed extended deadline (as requested by ICAI, not yet approved)

* The August 31, 2024 date is a proposed extension and has not been officially approved by the Income Tax Department as of this writing.

The Price of Procrastination

While the Income Tax Department allows belated returns until December 31, 2024, this leniency comes at a cost. Late filers may face penalties up to ₹5,000, depending on their income bracket, coupled with a 1% monthly interest on any unpaid taxes.

“It’s not just about the monetary penalty,” warns Priya Desai, a tax consultant from Delhi. “Late filing can also delay potential refunds and may trigger unwanted scrutiny from the tax department.”

Technical Troubles: The E-filing Ordeal

This year’s filing season has been particularly challenging due to persistent issues with the Income Tax Department’s e-filing portal. Taxpayers and professionals alike have reported a litany of problems, from glacial loading speeds to frustrating authentication failures.

Rajesh Kumar, an IT professional from Bangalore, shared his experience: “I’ve been trying to upload my documents for three days now. Each time, the system crashes or logs me out. It’s incredibly frustrating.”

Calls for Clemency

The technical glitches have sparked a growing chorus of voices calling for an extension of the filing deadline. The Institute of Chartered Accountants of India (ICAI) has formally requested the deadline be pushed to August 31, 2024.

“We understand the government’s need to adhere to schedules,” says CA Sharma, “but when the system itself is creating bottlenecks, it’s only fair to give taxpayers some breathing room.”

The Official Stance

Despite the mounting pressure, the Income Tax Department has maintained a stoic silence on the possibility of an extension. An unnamed official from the department stated, “We are monitoring the situation closely, but as of now, the July 31 deadline stands.”

Navigating the Home Stretch

As the clock ticks down, tax experts offer some advice for those yet to file:

  • Start early: Don’t wait for the last week to begin the process
  • Keep documents ready: Organize all necessary papers beforehand
  • Try off-peak hours: The portal may be more responsive late at night or early morning
  • Seek professional help: If in doubt, consult a tax professional

Whether the deadline sees an extension or not, one thing is clear: the annual tax filing ritual continues to be a nail-biting affair for millions of Indians. As July 31 approaches, the nation watches with bated breath, hoping for a smooth sailing through the turbulent waters of tax compliance.