ITR: Taxpayers Raced Against Time Amid Portal Glitches in Gwalior

Gwalior: The last date for filing income tax returns for the financial year 2023-24 and assessment year 2024-25 was July 31. Despite the deadline, many taxpayers in the Gwalior region were seen rushing to file their returns, with over 80% of the 4.70 lakh taxpayers in the region having already filed their returns by July 31.

However, some taxpayers faced technical issues on the portal, which prevented them from filing their returns on time. As a result, chartered accountants and tax consultants had to keep their offices open till late at night to assist taxpayers in filing their returns.

No Benefits for Those Who Missed the Deadline

Taxpayers who missed the deadline will not be eligible for benefits such as Section 80C and Section 80D deductions under the old tax regime. They will now have to switch to the new tax regime and may have to pay more tax.

Interest and Penalty for Late Filers

Taxpayers who missed the deadline will also have to pay interest at a rate of 12% per annum under Section 234A. Additionally, they will have to pay advance tax and interest under Sections 234B and 234C.

Late Fee for Delayed Filers

According to CA Pankaj Sharma, taxpayers who failed to file their returns by July 31 can now file their returns with a late fee. Those with an income of up to Rs 5 lakh will have to pay a late fee of Rs 1,000, while those with an income above Rs 5 lakh will have to pay a late fee of Rs 5,000.

(By Narendra Kumar Kuiya, Gwalior)