The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited.
As the last date for filing income tax returns (ITR) draws near, the I-T Department has warned ITR filers not to make bogus claims for r expenses, under-report their earnings or exaggerate deductions, which would invite legal repercussions and results in delays in issuing refunds.
“Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer),” the Income Tax Department said in a recent public communique, urging taxpayers to file their returns correctly to get timely refunds.
The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited. Over five crore ITRs have been filed as of July 26, as per the I-T Department and its administrative body Central Board of Direct Taxes (CBDT).
I-T cautioned taxpayers not to claim “incorrect” Tax Deducted at Source (TDS) amounts, “under-report” their income or “exaggerate” deductions or submit claims for “bogus” expenses in their ITR filings.
The department informed the taxpayers that their claims should be “correct and accurate” and filing a false or bogus claim is a punishable offence.
The communication stated that in case due refunds are delayed, taxpayers should check their e-filing account to see if the I-T department has sent them any message in this context and if yes, then it should be responded through the “pending action and worklist section” tab.
Taxpayers can claim a variety of deductions and exemptions to lower their tax liability under the old ITR filing regime while those opting for the new regime will get a lower tax rate but cannot avail these benefits.
Meanwhile, CBDT Chairman Ravi Agrawal informed that over 6 percent of ITR filings this time were under the new regime which is being promoted by the government to make the direct tax system better and simpler.
(With PTI inputs)