ITR Filing Countdown: As September 15 approaches, millions of Indian taxpayers are busy making final preparations for income tax return (ITR) filing. The number of returns has been slower this time compared to last year, but still more than six crore returns have already been submitted. However, technical problems and lack of time remain a cause of concern for many taxpayers.
ITR Filing Countdown: I-T Helpdesk is helping 24/7
This time the IT department has kept the helpdesk open 24 hours a day for the convenience of taxpayers. This facility is helping in return filing, tax payment and other related services. Despite this, many tax experts and professionals are still demanding an extension of the deadline, so that all taxpayers can fulfill their responsibility without any hassle.
The deadline has already been extended once
The original deadline for income tax returns this year was July 31, which was later extended to September 15. This change was mainly due to the new ITR forms and amendments in the capital gains tax rules announced in the interim budget. Still, about six crore returns have been filed so far this year, compared to 7.6 crore till July 31 last year. Many taxpayers are still filing at the last minute due to the shortage of time.
Growing demand from tax professionals and associations
The Karnataka State Chartered Accountants Association (KSCAA), Central India Regional Council of ICAI and the Advocates Tax Bar Association (ATBA) have sent formal requests to the Central Board of Direct Taxes (CBDT) to extend the deadline. These letters mention problems such as glitches in the portal, delays in utilities, festive season and floods in various areas. Tax professionals have also warned on social media that errors and non-compliance may arise if the deadline is not extended further.
Who should file by September 15
This deadline is mandatory for individuals whose accounts are not subject to audit. This includes salaried employees, pensioners and non-resident Indians (NRIs).
Deadlines for other categories
As far as audit cases are concerned, the audit report has to be submitted by September 30 and ITR by October 31. In transfer pricing cases, the last date is November 30.
ITR Filing Countdown: Consequences of late filing
If a taxpayer does not file his ITR by September 15, he may have to pay a maximum penalty of Rs 5,000 under section 234F. However, for those whose annual income is less than Rs 5 lakh, this fee is limited to a maximum of Rs 1,000.
In the last mile, it is important for taxpayers to remember that filing on time not only avoids penalties but also gives peace of mind.
Disclaimer: This article has been prepared for general information purposes only. Before taking any tax-related decision, please seek guidance from a qualified professional or tax advisor.
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