New Delhi: As the deadline for filing income tax returns for FY 2024-25 approaches on September 15, a significant 5.47 crore returns have already been submitted, with 3.66 crore verified. However, over two crore returns remain pending, raising concerns among taxpayers due to website slowdowns and accessibility issues affecting the filing process. Experts urge taxpayers to file promptly and manage any potential complications effectively.
Deadline Approaches Rapidly
The time is ticking for taxpayers across India as the deadline to file income tax returns (ITRs) draws near. Taxpayers have until September 15 to submit their returns, with 5.47 crore already filed as of September 11 according to the income tax department. Last year, India saw a total of 7.28 crore ITRs filed by July 31, raising alarm bells given that over two crore returns still need to be submitted in just a few days.
Website Challenges Causing Frustration
A significant issue contributing to this heavy backlog is the slow performance of the income tax department’s website. Tax professionals like Chirag Chauhan, a Mumbai-based chartered accountant and founder of CA Chauhan & Company, highlight the struggle to download crucial documents like the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). “Today, it took us longer than one hour to download AIS and TIS in some cases,” Chauhan said. He believes the government should consider extending the due date, noting that over two crore taxpayers have yet to fulfill their filing obligations.
Awareness is Key for Accurate Filing
Taxpayer awareness is crucial in this hectic period. Many individuals, particularly senior citizens, may unknowingly overlook capital gains reflected in their accounts due to third-party operations such as demat accounts. “In some cases, taxpayers are not aware of the capital gain because someone else could be operating a demat account on their behalf,” Chauhan explained. This critical information often becomes available only when taxpayers successfully download their AIS and TIS documents.
Expert Advice for Last-Minute Filers
As September 15 approaches, tax experts are encouraging taxpayers to file their returns as early as possible. CA Pratibha Goyal from PD Gupta & Company shares practical advice: “One should not wait for the last date to file your ITR. Still, if you have to do it at the last minute, please don’t panic. Chaos makes more mistakes.” She emphasizes the importance of verifying data against the AIS/26AS before filing and reaching out to tax professionals for assistance if needed.
The Importance of E-Verification
Once you’ve filed your ITR, e-verification is a crucial step that cannot be ignored. It validates the authenticity of your return and must be completed within 30 days of filing. Failure to e-verify will render the return invalid. “If someone files a return on the last date, they could miss the e-verification, but this must be avoided,” warns Chauhan, underscoring the necessity of completing all steps promptly.
| Year | Filed ITRs (in crore) | Verified ITRs (in crore) | Pendings (in crore) |
|---|---|---|---|
| FY 2023-24 | 5.47 | 3.66 | 2.00+ |
| FY 2022-23 (July 31) | 7.28 | N/A | N/A |
As the income tax filing season comes to a close, the Indian economy relies on efficient compliance from its taxpayers. The Indian government’s proactive measures to send mass reminders aim to alleviate the challenges posed by technological slowdowns. It is critical for taxpayers to heed the expert advice to file early, verify their information meticulously, and e-verify their returns on time, thus ensuring smooth navigation through this stressful period.
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Bankerpedia’s Insight 💡
The impending September 15 deadline for income tax returns poses significant implications for India’s banking and finance sector. With over 2 crore returns still outstanding, inefficiencies in the tax filing system can create stress for both taxpayers and financial institutions. It’s essential for taxpayers—especially seniors—to download the AIS and TIS to prevent discrepancies related to capital gains. As many rush to meet the deadline, it’s crucial to remain calm, choose the correct forms, and verify information before filing to ensure compliance and avoid invalidation. Additionally, timely e-verification within 30 days post-filing is critical.
What Does This Mean for Me? 🤔
- Salaried Person → File tax returns before September 15 to avoid issues.
- Business Owner → Tax deadline approaching; ensure timely filing and verification.
- Student → Deadline anxiety for tax filing and required e-verification.
- Self-employed → Urgent need to file tax returns before September 15.
- Homemaker → Tax filing deadline approaching; urgent action required now.
- Retiree / Senior Citizen → Potential confusion and missed deadlines for tax returns.
- Job Seeker → Tax filing deadline emphasizes urgency for job seekers’ finances.
- Farmer / Rural Citizen → Deadline pressure may lead to missed tax filing opportunities.
Research References 📚
- www.livemint.com
- RBI
- SEBI
- Ministry of Finance
- NABARD
- Department of Financial Services (DFS)
- IMF
- World Bank
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