Will the ITR Deadline Be Extended? What Taxpayers Need to Know Now
With the September 15 deadline for filing income tax returns (ITRs) just around the corner, pressure is mounting on the government to grant an extension. Senior BJP MPs Bhartruhari Mahtab and PP Chaudhary have officially urged Finance Minister Nirmala Sitharaman to push back the due date, citing widespread concerns from tax professionals.
This isn’t the first time the deadline has been moved—the government already extended it from July 31 to September 15. However, tax associations argue that this relief came too late, as key forms were released months behind schedule.
Why an Extension is Being Demanded
The primary reasons for the extension requests are:
- Delayed Forms: Several ITR forms (ITR-5, 6, and 7) were made available in August, leaving taxpayers with very little time to prepare.
- Persistent Glitches: Tax professionals report ongoing technical issues and data mismatches on the e-filing portal.
- Low Filing Rate: As of early September, only 4.89 crore ITRs had been filed, a significant drop from last year’s numbers, suggesting millions of taxpayers are still struggling to complete their returns.
Don’t Wait for an Extension
Despite the calls for more time, experts are advising taxpayers to file their returns immediately. Waiting until the last minute can lead to several problems:
- Higher Interest: Filing closer to the deadline increases the risk of higher interest charges on any self-assessment tax you owe.
- Technical Issues: Portal traffic is expected to surge, which could worsen technical glitches and prevent you from filing on time.
- Loss of Benefits: If you miss the September 15 deadline, you can file a belated return until December 31, but you will not be able to carry forward certain losses from the current financial year.
Remember, the goal is to file an accurate return, not just to meet a date. Filing early ensures peace of mind and helps you avoid unnecessary penalties.