– The Income Tax Department may decide whether to extend the deadline for filing income tax returns for Assessment Year 2024-25.
– The current deadline for filing ITR for AY 2024-25 is July 31.
– Taxpayers are hoping for an extension due to glitches on the e-filing portal and reminders from the department.
– Taxpayers with audited accounts have an extended deadline until October 31.
– Failing to file ITR or pay taxes may lead to imprisonment and fines.
– Common mistakes to avoid when filing ITR include using the wrong form, not checking Form 26AS, and not reporting all income sources.
– Taxpayers should verify their ITR within 30 days to avoid penalties.
– Senior citizens aged 75 and above are exempt from filing ITR.
– Missing the deadline for ITR filing can result in penalties and interest charges.
– Taxpayers can expect tax refunds within 10 days of ITR processing.
– Filing ITR can help carry forward losses, claim refunds, obtain loans, and more.
– Form 15G and 15H can be submitted to banks to avoid TDS on interest income.
– Individuals with income from multiple sources can use ITR-3 form to file returns.
– The deadline for filing a belated return is December 31, and an updated return can be filed within 2 years.
– The ITR deadline of July 31 is unlikely to be extended this year.
– Data shows a higher number of filed ITRs compared to last year.
– Individuals with audited accounts have an extended deadline until October 31.
– Failure to file ITR by the deadline can result in penalties and interest charges.
– TN SSLC supplementary results for Class 10 will be released on July 30.