Income tax: Why filing ITR at eleventh hour is a bad idea as clock ticks on deadline

Income Tax: The last date to file an income tax return for FY 2024-25 is September 15, which is just around the corner. According to the income tax department’s data as of September 11, as many as 5.47 crore income tax returns (ITRs) have already been filed, out of which 3.66 crore returns are verified.

Last year, 7.28 crore ITRs were filed until July 31, which means more than two crore returns are yet to be filed in the remaining four (including Friday) days, even if the number of ITRs is the same this time.

Slow website

Many tax experts have expressed their anguish at not being able to download the AIS (Annual Information Statement) and TIS (Taxpayer Information Summary), which is further adding to the anxiety of taxpayers.

“Today, it took us longer than one hour to download AIS and TIS in some cases. I believe the due date should be extended since more than 2 crore taxpayers have yet to file their tax returns,” says Chirag Chauhan, a Mumbai-based chartered accountant and founder of CA Chauhan & Company.

However, he cautions that taxpayers must ensure these documents are downloaded before they file their ITR. “In some cases, taxpayers (especially senior citizens) are not aware of the capital gain which their account reflects because someone else could be operating a demat account on their behalf. This is discovered only when you download the AIS and TIS,” he adds.

Meanwhile, the income tax (I-T) department sent mass messages to taxpayers reminding them of the last date.

Points to remember

Tax experts urge taxpayers to file their tax returns before the last date (September 15) and to avoid panicking even if they file on that date.

“One should not wait for the last date to file your ITR. Still, if you have to do it in the last minute, please don’t panic. Chaos makes more mistakes. Make sure that you choose the right form. Verify data from AIS/ 26-AS and pay tax if any. You can also take the help of a tax professional if required,” says CA Pratibha Goyal, partner, PD Gupta & Company.

Another important thing that taxpayers must remember is that they should e-verify the tax return after filing it. E-verification is the process of verifying the genuineness of your filed return. It is vital to e-verify the return within 30 days from the date of filing, failing which the ITR is deemed invalid.

“If someone files a return on the last date, they could miss the e-verification, but this must be avoided,” adds CA Chauhan. 

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