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  5. ITR Filing 2024 Highlights: Is the ITR deadline extended to August 31? Income Tax dept clarifies

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ITR Filing 2024 Highlights: Is the ITR deadline extended to August 31? Income Tax dept clarifies

Upstox
By Upstox News Desk

2 min read | Updated on July 26, 2024, 16:28 IST

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SUMMARY

ITR Filing 2024: July is crucial for taxpayers as the deadline for filing an income tax return (ITR) for the financial year 2023-24 will lapse at the end of this month, July 31, 2024.

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Income Tax Return 2024

ITR Filing 2024 Live Update at 4:28 pm: Income Tax Act review attempts to make laws 'simpler' for taxpayers: CBDT Chairman
CBDT Chairman Ravi Agarwal said that the Income Tax Act would be reviewed comprehensively to simplify the "bulky" law and make it "simpler" to understand and comfortable for taxpayers, in addition to aligning new technology processes with it. Read more.
ITR Filing 2024 Live Update at 3:13 pm: 66% taxpayers opted for new regime in current season, says CBDT chairman
About 66% of taxpayers out of the over 4 crore filers have opted for the new regime for income tax return (ITR) filing during the current season till now, CBDT Chairman Ravi Agrawal said. Read more.
ITR Filing 2024 Live Update at 1:35 pm: New vs old income tax regimes | Which one offers more benefits and savings?
The decision between the old and new tax regimes after the Union Budget 2024 depends largely on the taxpayer's financial situation, investments, and income level. To explore the key differences between the two tax regimes and analyse which might be more beneficial for you, click here.
ITR Filing 2024 Live Update at 12:15 pm: Is the ITR deadline extended to August 31?
The ITR filing deadline has not been extended till August 31, the I-T department clarified. "This is fake news news...Taxpayers are advised to follow updates from the official website of Income Tax India," it said. Read more.
ITR Filing 2024 Live Update at 11:18 am: What happens if you miss the July 31 deadline?
A late fee of up to ₹5,000 will be imposed if you file the income tax return (ITR) after July 31, 2024 deadline. Also, you may not be allowed to carry forward your losses to the next year. Read more.

ITR Filing 2024: July is crucial for taxpayers as the deadline for filing an income tax return (ITR) for the financial year 2023-24 will lapse at the end of this month, July 31, 2024.

Also Read: Step-by-step guide to calculate tax on your annual income

What is ITR?

An ITR is a declaration form that taxpayers submit to the Income Tax Department, mentioning all the income, expenses, and other required information for a specific fiscal year.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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