Will Taxpayers Get a 30-Day Extension for ITR Filing Amid Technical Glitches? Everything You Need To Know

With July 31, 2024, a few days away, the deadline for filing income tax returns for the fiscal year 2023–2024 is drawing near. As of July 26, 2024, the Income Tax Department reports that over 5 crore ITRs had been filed, representing an increase of more than 8.5 per cent from the previous year. Still, a lot of taxpayers are having technical problems

Appeal to FM for extension of date

Amid this, the All Gujarat Federation of Tax Consultants (AGFTC) and the Income Tax Bar Association, Ahmedabad (ITBA) jointly sent a letter stating that the 30-day extension is necessary due to "technical glitches" on the e-filing portal of income tax and the increased time needed to report complex transactions.

According to two chartered accountant (CA) bodies, the current July 31 deadline for filing income tax returns (ITR) for assessment year 2024–25 should be extended to August 31, 2024. This was stated in a letter sent to Finance Minister Nirmala Sitharaman.

The letter stated that although the Central Processing Centre (CPC) of the I-T Department is processing ITRs promptly, the discrepancies in reporting between AIS/TIS and 26AS are being communicated as errors or are subject to notices for rectification. It was mentioned that filing returns and preparing them takes time in this context.

Concerns voiced on social media

The Income Tax Department recently announced in a social media post on X that 'The Income Tax Department has achieved the milestone of 5 crore income tax returns have been filed for the financial year 2024-2025.'

A lot of taxpayers have been voicing their concern in the comments of above mentioned post.

Facing many technical glitches in filing the ITR, many taxpayers have expressed their dissatisfaction with the official handling of the income tax department on social media X, formerly Twitter. The department has offered solutions in response to numerous posts from taxpayers.

Income tax department publishes 13 crucial FAQs on the most recent STCG and LTCG regulations as part of the new capital gains tax regime. In a recent report, the chairman of the CBDT stated.

Steps to file your income tax

Step 1: Login

Click login after visiting the official 'Income Tax' e-filing website.

In the User ID field, enter your PAN.

Enter your password and click continue.

Step 2: Select 'Filing Income Tax Return.'

Select the 'e-File' tab.

'File Income Tax Return' under 'Income Tax Returns'

Step 3: Choose the Applicable Income Tax 'Assessment Year.'

If you are filing for FY 2023–2024, choose 'Assessment Year' as 'AY 2024–25'. Similarly, if you are filing for FY 2022–2023, use the mode of filing as 'Online' and select AY 2023–24.

Make sure you file as an original return or a revised return.

Step 4: Choose your Status

Choose the appropriate filing status for you, such as individual, HUF, or others.

To file for individuals , choose 'Individual' and continue.

Step 5: Choose ITR type

The taxpayer has to first find out which ITR form they need to fill in order to file returns. ITRs 1 through 4 are applicable for individuals and HUFs, out of the seven ITR forms that are available.

ITR 2, for instance, can be used by individuals and HUFs with capital gains but no income from a business or profession.

Step 6: Reason for filling ITR

You will be asked to indicate why you are filing your returns in the next step. Decide which of the following best fits your situation

i) There is more taxable income than the basic exemption cap.

ii) fulfills certain requirements and is needed in order to file ITR

iii) Other

Step 7: Verify the Pre-filled Data

Make sure you reveal all pertinent information regarding income, exemptions, and deductions as you move step-by-step. The majority of your data will be pre-filled using information from your bank, employer, and other sources.

Make sure the information is accurate by carefully reviewing it. Verify the information, sign the summary of your returns, and pay any outstanding taxes.