Over 7cr ITRs Filed till 31st July, deadline may not be extended further

Over seven crore income tax returns filed till yesterday, overtaking last year’s record of just under 6.8 crore filings by the July 31 deadline. 31st July was the last date for filing income tax returns for taxpayers, who do not have to get their accounts audited, which includes most individuals.

Although several tax practitioners complained of the IT portal slowing down, the numbers do not support their claims as 50 lakh returns had been filed till 7pm on Wednesday. 

The numbers also indicate that the Central Board of Direct Taxes will not extend the deadline for filing returns, something that several individuals were hoping for.

Last year, around 8.5 crore returns had been filed. Individual taxpayers not needing account auditing had a deadline of July 31, 2024, to file ITRs for FY 2023-24. Missing this incurs penalties up to Rs 5,000 under Section 234F. Penalties apply even for zero tax payable.