Taxpayers who missed the July 31 deadline to file their income tax returns for the financial year 2023-24 under the old tax regime are seeking an extension now. 

According to the current regulations set by the government, once the deadline for filing returns has passed, taxpayers are required to file their returns under the new tax regime. The doors for filing returns under the old tax regime are now closed after the deadline. This has caused significant inconvenience, especially for salaried employees who missed the deadline.

The income tax portal faced technical issues during the last 15 days before the deadline, further complicating matters for taxpayers. In light of these challenges, many taxpayers are demanding an extension until December 31, 2024, to file their returns under the old tax regime.

Under the new tax regime, taxpayers no longer receive deductions for various expenses such as those under Section 80C and house rent allowances. As a result, the tax burden on salaried individuals has increased considerably. Previously, under the old system, deductions were available, which helped reduce the taxable income. However, under the new system, such deductions are not available, and taxpayers are also required to pay interest and penalties.

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Six crore ITRs filed in 2023-24, 70% under new tax regime