The clock is ticking for taxpayers as the deadline for filing income tax returns for the 2023-2024 financial year is just two days away on July 31, 2024. Despite the fast approaching date, there is a growing clamor for an extension. Tax consultants and associations are urging the Central Board of Direct Taxes (CBDT) to extend the deadline till August 31. The All-India Federation of Tax Practitioners (AIFTP) has highlighted several challenges faced by taxpayers this year, including natural disasters such as floods and landslides in several states, ongoing technical glitches with the income tax portal and time-consuming processes for paying self-filing tax. So will there be an extension? We'll get to that in a moment.

What challenges do taxpayers face?
Access to essential forms such as Form 26AS, AIS and TIS has been problematic, with issues such as OTP verification errors and repeated submission attempts due to validation issues further complicating the filing process for many taxpayers. Despite these hurdles, more than five crore ITRs had been filed as of July 26, 2024, more than the number filed in the same period last year. The Income Tax Department has been proactive in addressing these issues and has been working closely with service providers Infosys, IBM and Hitachi to ensure that the e-filing portal functions properly under the high traffic volumes.

So will there be an extension?
The question on many taxpayers' minds is whether the deadline will be extended. Historical data shows that the government has consistently enforced the July 31 deadline for the past three years, with the exception of exceptional cases such as the pandemic-related lockdowns. Finance Minister Nirmala Sitharaman emphasized the importance of timely filing and pointed out the government's upgrades to the e-filing portal to support up to 5 lakh concurrent users.

According to many tax experts, an extension cannot be completely ruled out; this remains unlikely given the government's past position. The Income Tax Department has also addressed a fake announcement on social media claiming an extension till August 31, reiterating that the deadline remains July 31, without any extension having been granted. The government has also clarified that tax declarations for those going abroad will only be mandatory for those accused of financial irregularities or who have significant tax arrears.

Advice for taxpayers
The Income Tax Department urges taxpayers to file accurate returns for timely refunds and warns against incorrect TDS claims, under-reporting of income and exaggeration of deductions. As the deadline approaches, make sure all documents are in order and resolve technical issues quickly. Preparing for the current deadline is essential to avoid complications, even if an extension is possible.

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