The Income Tax Department has confirmed that July 31 remains the final deadline for filing income tax returns (ITR) for FY 2023-24. Despite recent speculation and reports, the department has stated there will be no extension this year and urges taxpayers to submit their returns on time to avoid penalties and last-minute complications.

As of July 26, the department reported that over five crore ITRs have been filed, marking a significant increase from the previous year.

In a recent X post, the department acknowledged the milestone, saying, "We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs)."

This announcement comes despite numerous taxpayers and chartered accountants reporting issues with the tax filing portal, including glitches in generating OTPs and difficulties in claiming rebates.

Chartered accountant associations have contacted the tax department, requesting an extension of the deadline in light of these challenges.

Don't Miss ITR Filing Deadline

Missing the July 31 ITR filing deadline can have serious consequences, including:

1. Loss of benefits under the old tax regime
2. Automatic shift to the new tax regime, potentially increasing tax liability
3. Late filing fee of 5,000 (Rs 1,000 for income below  5 lakh)
4. Interest on outstanding tax at 1 per cent per month
5. No carry forward of losses to offset against future income

Taxpayers are advised to prepare and file their returns on time to avoid penalties and fines.