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ITR Filing 2024 Highlights: CA bodies demand extension of income tax return filing deadline

Upstox
By Upstox News Desk

3 min read | Updated on July 29, 2024, 17:10 IST

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SUMMARY

ITR Filing 2024: July is an important month for taxpayers as the deadline for filing an income tax return (ITR) for the financial year 2023-24 (FY24) will lapse at the end of this month, i.e. July 31, 2024.

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The last date for taxpayers to file their income tax returns is July 31, 2024

ITR Filing 2024 Live Update at 4:58 pm: Is the ITR deadline extended to August 31?
The ITR (Income Tax Return) filing deadline has not been extended till August 31, the Income Tax 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 3:51 pm: IT dept clarifies acquisition cost of real estate bought before 2001 for LTCG calculations
The cost of acquisition of real estate properties purchased before 2001 will be the fair market value (FMV, not exceeding the stamp duty value) as of April 1, 2001, or the actual cost of the land or building for the purpose of calculation of long-term capital gains (LTCG) tax, the IT department has said. Read more.
ITR Filing 2024 Live Update at 2:35 pm: Income Tax Act review attempts to make 'bulky' laws 'simpler': CBDT Chairman
CBDT Chairman Ravi Agarwal said that the Income Tax (I-T) Act would be comprehensively reviewed 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 1:20 pm: New vs old income tax regimes | Which one offers more benefits & savings?
The decision between the old and new tax regimes after the Budget depends largely on the individual's financial situation, income level, and investments. To learn about key differences between the two tax regimes and examine which might benefit you, click here.
ITR Filing 2024 Live Update at 12:16 pm: More than 5 crore ITRs filed so far this fiscal

The income tax department on Saturday said more than 5 crore I-T returns have been filed on the e-filing portal, an 8% increase over last year.

It further said that Infosys has been instructed to ensure uninterrupted services and the company has assured uninterrupted services during the e-filing peak period.

"More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department till 26th of July 2024. This is 8 per cent more than the ITRs filed in the preceding year," the Department posted on X.

Over 28 lakh ITRs were filed on July 26 itself. In the 2023-24 fiscal, over 8.61 crore ITRs were filed.

ITR Filing 2024 Live Update at 11:07 am: CA bodies demand extension of income tax returns filing deadline

ITR filing deadline for assessment year 2024-25 should be extended till August 31, 2024, two chartered accountant (CA) bodies demanded in a letter addressed to Union Finance Minister Nirmala Sitharaman.

The 30-day extension is needed due to "technical glitches" on the e-filing portal – incometax.gov.in/iec/foportal/ – and the increased amount of time needed to report complex transactions, the letter stated. Read more.
Also Read: Step-by-step guide to calculate tax on your annual income

ITR Filing 2024: July is an important month for taxpayers as the deadline for filing an income tax return (ITR) for the financial year 2023-24 (FY24) will lapse at the end of this month, i.e. July 31, 2024.

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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