ITR Filing 2024 Highlights: Income tax return filing last date today, no extension announced yet

The government should offer more concessions to the middle class in Income Tax as an exemption limit of up to ₹3 lakh is not enough, NCP leader Praful Patel said in the Rajya Sabha.

Participating in a debate on the Union Budget 2024-25, Patel said, "₹3 lakh is a very small amount. If someone earns ₹40,000 in a city like Delhi, it is a burden for him to pay even 5% tax."

One would need to download AIS and keep copies of Form 16, house rent receipts, investment payments, and premium receipts. However, ITRs are annexure-less forms, and taxpayers are not required to attach documents (like proof of investment and TDS certificates) along with the return (whether filed manually or electronically). However, individuals must keep these documents when they need to be produced before tax authorities for assessment, inquiry, etc.

One would need to download AIS and keep copies of Form 16, house rent receipt, investment payment, premium receipts. However, ITRs are annexure-less forms, taxpayers are not required to attach any document (like proof of investment and TDS certificates) along with the return (whether filed manually or electronically). However, individuals need to keep these documents for situations where they need to be produced before tax authorities such as assessment, inquiry, etc.

Yes, it is mandatory to define the nature of employment while filing of return from the following:

• Central government employee
• State government employee
• Employee of public sector enterprise (whether central or state government)
• Pensioners (CG/SG/PSU/OTHER)
• Employee of private sector company
• Not applicable (in case of family pension income)

ITR-1 can be filed by a Resident Individual whose:

• Total income does not exceed ₹50 lakh during in a financial year.
• Income is from salary, one house property, family pension income, agricultural income (up to ₹5000), and other sources.
• Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).

The fact check unit of Press Information Bureau, the government's communication handle, has refuted claims that the income tax return (ITR) filing deadline has been extended. "The due date for filing ITR is 31 July 2024," it said.

About 6 crore income tax returns have been filed, of which 70% were filed under the new tax regime which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday.

"About 6 crore filed for last year and 70% is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden," Malhotra said.

For the 2022-23 fiscal, 8.61 crore ITRs were filed.

Two chartered accountant (CA) bodies have urged government to extended FY24 ITR filing deadline till August 31, 2024.

ITR Filing 2024: The deadline for filing the FY24 income tax return (ITR) ends today, July 31, and there has been no announcement of an extension yet. Taxpayers are advised to pay their taxes as soon as possible.