Mitali
Suggestion to permanently change the deadline has been given by the taxpayers as they are facing difficulty in accessing Form 26AS and AIS.
Due to technical issues on the Income Tax Portal, there is an increasing demand to extend the ITR filing deadline from July 31, 2024, to August 31, 2024.
An extended deadline can help many taxpayers avoid late filing penalties, thereby reducing financial stress.
Various organizations like The All Gujarat Federation of Tax Consultants, Income Tax Bar Association, KSCAA, and ICAI and have expressed concerns about the issues with the functioning of the Income Tax Portal and updates in AIS/TIS and requested for extension.
The issues and concerns represent by ICAI in relation to Form 26AS/TIS/AIS and in e-filling the ITR forms are:
A deadline extension could potentially lead to higher compliance because taxpayers, those with poor internet access or residing in remote areas, would have more time to file their returns. And if the deadline is not extended, then taxpayers will be liable to pay late fees.
Under Section 234F,
- If the taxpayer fails to file their ITR within the due date then a late fee of Rs 5,000 will be applicable if income is above Rs 5 lakh..
- Rs 1,000 if annual income is below Rs 5 lakh.
- If the gross income is below the basic exemption limit, no penalty is charged.
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