No Extension for ITR Filing Deadline: What Indian Taxpayers Need to Know
The Income Tax Department has confirmed that there will be no extension to the deadline for filing income tax returns (ITR) this year. Contrary to recent rumors and misleading reports circulating on social media, the final date for submitting ITR documents remains Wednesday, July 31. The department has issued a clear statement that no announcements regarding an extension have been made, urging taxpayers to disregard any false information.
Deadline Reminder and Consequences
The Income Tax Department stresses the importance of meeting the July 31 deadline. Failure to file by this date could lead to several financial repercussions and administrative issues, including:
- Loss of Benefits: Taxpayers who miss the deadline may lose benefits available under the old tax regime.
- Automatic Shift: There will be an automatic transition to the new tax regime, which may not be advantageous for everyone.
- Late Filing Fees: A penalty of ₹5,000 will be imposed for late filings, while those with an income below ₹5 lakh will incur a reduced fee of ₹1,000.
- Interest on Outstanding Tax: An interest rate of 1% per month will be charged on any unpaid tax.
- Inability to Carry Forward Losses: Taxpayers will forfeit the opportunity to carry forward losses to offset future income, potentially impacting their tax liabilities in subsequent years.
Documents Required for ITR Filing
To ensure a smooth and accurate filing process, taxpayers should gather and prepare the following documents before submitting their returns:
- Bank TDS Certificates: Essential for verifying tax deducted at source.
- Bank Account Statements: To provide a record of all financial transactions.
- Aadhaar and PAN: Both must be linked, as these documents are crucial for verification.
- Form-26AS: This statement details tax credits and must be reviewed for accuracy.
- Annual Information Statement (AIS): Offers comprehensive details about various financial transactions.
For salaried individuals, additional documents include:
- Salary Slips: For the past financial year to validate earnings.
- Form 16 (Part A and B): Issued by employers, summarizing the annual salary and tax deductions.
- Rent Receipts: If claiming house rent allowance (HRA).
- Other Relevant Documents: Any other documents pertinent to your specific financial situation.
Important Notes
Taxpayers are encouraged to file their returns well before the deadline to avoid last-minute issues. Proper preparation and timely submission will help mitigate any potential penalties and ensure compliance with tax regulations.
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