LatestIncome Tax 8 July 2026
ITR Filings Slow Down
The pace of income tax return filings has been slower than last year, with the deadline nearing, despite this taxpayers should not assume the due date will be extended, according to Cleartax CEO Archit Gupta, as an extension beyond 31 July is unlikely this year, taxpayers are advised to file their returns on time to avoid any last-minute rush and potential penalties
The income tax return filings have been moving at a slow pace as the deadline nears. *Key reasons* for this slow pace include:
- Lower awareness about the importance of filing tax returns
- Technical issues with the online filing system
Despite the slow pace, taxpayers are advised not to assume that the due date will be extended. *Consequences of late filing* include:
- Penalty fees
- Interest on outstanding tax amounts
- Potential loss of refunds
Taxpayers can avoid these consequences by filing their returns on time.
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