Old tax regime ITR filers must file income tax return by July 31 deadline or lose deductions, exemptions for FY 2023-24 (AY 2024-25)

economictimes.indiatimes.com:

old tax regime must file it on or before the deadline of July 31. This is because the option to file ITR under the old tax regime will not be available from August 1, 2024, for FY 2023-24 (AY 2024-25) for those taxpayers for whom the deadline is July 31. This will lead to the loss of the option to claim deductions and exemptions under the old tax regime as well as higher tax outgo in the new tax regime — presuming that the old tax regime was favourable for them to start with. Further penalty of Rs 5,000 as well as penal interest under Section 234A will be applicable due to belated ITR filing.

ET Guide to ITR

Made a mistake in your filed ITR? Check the revised ITR filing last date

How to file ITR after July 31 deadline?

What is the penalty for filing ITR after the July 31 deadline

The last date to file income tax return for FY 2023-24 (AY 2024-25) is July 31, 2024, for individual taxpayers who are not required to get their accounts audited.

File ITR now to opt for old tax regime

As per the current income tax laws, the new tax regime is the default tax regime. An individual taxpayer has an option to switch to the old tax regime provided the ITR is filed on or before the July 31 deadline.

Abhishek Soni, CEO, Tax2Win.in – an ITR filing website, says, “Individual taxpayers planning to file ITR under old tax regime must ensure that ITR is filed (even if not verified) on or before July 31. If the ITR is filed after the deadline, then a belated ITR can be filed only under the new tax regime. Consequently, a belated ITR filer