The government has clarified that the deadline for filing income tax returns (ITR) for FY2023-24 remains July 31, 2024, despite claims on social media of an extension till August 31st. The confusion stemmed from a misinterpretation of an advisory from the Press Registrar General of India, which was meant for a specific set of annual returns and not for individual income tax returns. The government has also introduced a new tax regime to simplify the tax structure and reduce the tax burden for taxpayers.
ITR Filing Deadline: July 31st, 2024
Background
Every year, individuals and businesses in India are required to file income tax returns (ITRs) to declare their income and taxes payable. The deadline for filing ITRs has historically varied over the years, but in recent years it has been set at July 31st.
Recent Developments
In 2023, rumors circulated on social media alleging that the ITR filing deadline had been extended to August 31st. However, the government has since clarified that this is not the case. The deadline for filing ITRs for FY2023-24 remains July 31, 2024.
The confusion stemmed from a misinterpretation of an advisory from the Press Registrar General of India (PRGI). The advisory pertained to the deadline for filing annual returns under the Companies Act, 2013, which was indeed extended to August 31st. However, this extension did not apply to individual income tax returns.
Government Clarification
To dispel any confusion, the Central Board of Direct Taxes (CBDT) has reiterated that the ITR filing deadline remains July 31, 2024. The CBDT also emphasized that taxpayers should not rely on unverified information from social media or other unreliable sources.
New Tax Regime
In addition to clarifying the ITR filing deadline, the government has also introduced a new tax regime known as "Vivad se Vishwas Scheme." The scheme aims to provide relief to taxpayers who have pending tax disputes. Under the scheme, taxpayers can settle their disputes by paying a reduced amount of tax and interest.
FAQs
1. What is the ITR filing deadline for FY2023-24? Answer: July 31, 2024
2. Is there an extension for ITR filing? Answer: No, the deadline has not been extended.
3. Why were there rumors about an extension? Answer: Due to a misinterpretation of an advisory regarding annual returns under the Companies Act.
4. What is the new Vivad se Vishwas Scheme? Answer: A scheme to resolve pending tax disputes with reduced payments.
5. How can I verify official information about tax deadlines? Answer: Consult the official websites of the CBDT or the Income Tax Department.
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