Income Tax ITR Filing Due Date
Income Tax ITR Filing Due Date
Filing Income Tax Returns (ITR) is a fundamental responsibility for every taxpayer in India. It ensures compliance with the country’s tax laws and involves reporting all sources of income, deductions, and tax liabilities to the Income Tax Department.
The Due Date to file your Income Tax Return (ITR) for the Financial Year 2023-24 (Assessment Year 2024-25) without incurring a late fee is July 31, 2024. Filing after this date will attract interest under Section 234A and a penalty under Section 234F. If you miss the initial deadline, you can still file a belated return by December 31, 2024.
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Get Started!When is the Deadline to File Income Tax Returns (ITR)?
As mentioned, Taxpayers must file their Income Tax Returns (ITR) annually, detailing their income and financial information for a specific financial year (FY). For Assessment Year (AY) 2024-25, the ITR filing begins on 1 April 2024, and the deadline to file is 31 July 2024.
Failing to file your Income Tax Return on time can result in penalties and notices from the Income Tax Department. Fill your ITR accurately and within the prescribed deadlines to avoid these consequences.
Financial Year (FY) and Assessment Year (AY) in Income Tax
The Financial Year (FY) and Assessment Year (AY) are essential terms in income tax filing and assessment:
- Financial Year (FY): Also known as the fiscal year, it is the period during which income is earned. For example, FY 2023-24 spans from 1st April 2023 to 31st March 2024. During this period, individuals and entities earn income that will be assessed for tax purposes.
- Assessment Year (AY): This is the year immediately following the financial year in which the income is earned. It is the year taxpayers file their income tax returns, declaring their income, deductions, exemptions, losses, etc., incurred or made during the previous financial year (FY). For instance, for income earned during FY 2023-24, the assessment year would be AY 2024-25, from 1st April 2024 to 31st March 2025.
ITR Filing Start Date for FY 2023-24 (AY 2024-25)
Income Tax Return (ITR) e-filing for any financial year typically starts on April 1st of the assessment year.
For the Financial Year 2023-24 (Assessment Year 2024-25) commenced on 1st April 2024. Below, we discuss the last date to file ITR for FY 2023-24.
Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25)
| Taxpayer Category | ITR Filing Last Date – FY 2023-24 | Due Date to File Audit Report for FY 2023-24 |
| Businesses (Audit cases including Pvt Ltd, OPC, LLPs, and firms) | 31st October 2024 | 30th September 2024 |
| Businesses (Non-Audit cases including Pvt Ltd, OPC, LLPs, and firms) | 31st July 2024 | – |
| Association of Persons (AOP) | 31st July 2024 | – |
| Body of Individuals (BOI) | 31st July 2024 | – |
| Individual | 31st July 2024 | – |
| Trusts, colleges, political parties (Audit Cases) | 31st October 2024 | 30th September 2024 |
| Trusts, colleges, political parties (Non-Audit Cases) | 31st July 2024 | – |
| Report to be filed u/s 92E | 31st October 2024 | – |
| Furnishing of Income Tax Return in case of Transfer Pricing | 30th November 2024 | – |
| Revised Return | 31st December 2024 | – |
| Overdue/Late Return | 31st December 2024 | – |
Why You Should File Your Income Tax Return (ITR) Before July 31?
The government mandates that income tax returns be filed on time. This obligation requires individuals and entities to accurately report their income, claim deductions and exemptions, and pay taxes within the specified deadlines. Timely filing of ITR facilitates efficient tax assessment and collection, ensuring the smooth operation of public services and welfare initiatives.
Here are the compelling reasons to file your ITR on time:
- Avoid Penalties and Interest Charges: Timely filing prevents penalties under various sections of the Income Tax Act. Late filing can attract penalties up to Rs. 5,000 for income above Rs. 5 lakh and Rs. 1,000 for income up to Rs. 1 lakh.
- Accurate Tax Reporting: Early filing allows sufficient time to gather necessary documents, ensuring your tax return is precise and complete, minimizing errors or omissions.
- Claiming Refunds: Prompt filing lets you claim refunds promptly if you’ve overpaid taxes. Early submission expedites the processing of refunds by the Income Tax Department.
- Loss Adjustment: Timely filing permits carrying forward losses incurred during the year to offset future profits, thereby reducing tax liabilities in subsequent years.
- Verification Within 30 Days: After filing, verification of ITR within 30 days is mandatory. Early submission allows ample time to verify and rectify any errors promptly.
- Maintaining Good Credit Score: Banks and financial institutions often require ITR to prove economic stability for loan or credit card applications. Timely filing demonstrates financial discipline, enhancing your creditworthiness.
- Avoiding Last-Minute Rush: Early filing eliminates the stress and risks associated with last-minute submissions, ensuring compliance with tax laws without haste.
- Effective Financial Planning: Early filing facilitates better financial planning for the next fiscal year based on accurate tax obligations and potential refunds.
Also, read our article on 10 Benefits of Filing Income Tax Return (ITR)
Consequences of Missing the ITR Filing Deadline
If you fail to submit your Income Tax Return (ITR) by the deadline, several consequences may apply:
- Interest: You will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.
- Late Fee: Late filing attracts a penalty under Section 234F, with a fee of Rs. 5,000, reduced to Rs. 1,000 if your total income is below Rs. 5 lakh.
- Loss Adjustment: If you have incurred losses from investments or businesses, filing your ITR on time allows you to carry forward these losses to offset against future income tax liabilities. This benefit is forfeited if you miss the filing deadline.
Click here to learn more on Penalty for Late Filing Income Tax Returns.
What should you do if you miss the ITR deadline?
If you miss the ITR deadline, you have options to rectify the situation:
- File a Belated Return: Under Section 139(4) of the Income Tax Act, you can file a belated return for FY 2023-24 (AY 2024-25) until December 31, 2024. However, this late filing incurs penalties and interest charges, and you cannot carry forward losses except for those related to house property.
- ITR-U (Updated Return): Introduced under the Finance Act 2022, ITR-U allows taxpayers to update their income tax returns within two years from the end of the relevant assessment year. This option is beneficial for correcting omissions or errors in original or overdue returns.
It’s important to note that filing an updated return may incur additional taxes: 25% of the tax and interest due within the first year and 50% if filed in the second year after the original deadline.
Start your ITR filing today to avoid last-minute hassles and ensure compliance with tax regulations.
Important Due Dates for Paying Advance Tax Instalments for FY 2023-24
Income tax compliance involves several essential deadlines, including filing tax returns and timely payment of advance tax instalments. For the financial year 2023-24, taxpayers must adhere to specific due dates for advance tax payments:
|
Due Date |
Nature of Compliance |
Tax to be Paid |
| 15th June 2023 | First Instalment | 15% of tax liability |
| 15th September 2023 | Second Instalment | 45% of tax liability |
| 15th December 2023 | Third Instalment | 75% of tax liability |
| 15th March 2024 | Fourth Instalment | 100% of tax liability |
| 15th March 2024 | Presumptive Scheme | 100% of tax liability |
Conclusion
In conclusion, adhering to the stipulated ITR filing due dates is crucial for every taxpayer in India to maintain compliance and avoid penalties. The fiscal discipline of timely ITR filing ensures accurate financial reporting and tax payments and supports the nation’s infrastructure and public services. By filing your tax returns by the deadline of July 31, 2024, you can avoid interest charges, late fees, and the complications of filing belated returns.
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