Introduction
Filing Income Tax Returns (ITR) is a crucial responsibility for individuals, businesses, and entities. Timely submission ensures compliance and avoids unnecessary penalties. Here’s a comprehensive guide to understanding ITR filing deadlines and their implications.
What is the ITR Filing Date?
The last date to file Income Tax Returns (ITR) for the Financial Year (FY) 2023-24 (Assessment Year 2024-25) without incurring late fees is 31st July 2024. If you miss this deadline, you can still file a belated return by 31st December 2024. Filing after this date incurs additional penalties and interest.
For federal tax returns, adhering to the due date is crucial to avoid interest and penalties under Sections 234A and 234F. The deadline for salaried individuals is usually July 31st, whereas businesses subject to audit have until September 30th of the assessment year.
Income Tax Returns (ITR) Filing Start Date for FY 2023-24
The Income Tax Returns e-filing for FY 2023-24 (Assessment Year 2024-25) is expected to begin in the first week of June 2024. The official announcement will provide the exact start date.
ITR Due Dates for FY 2023-24 (Assessment Year 2024-25)
Here are the important due dates for filing your ITR:
| Category | IT Returns Filing Last Date |
| ITR Filing for Individual/HUF/AOP/BOI | 31st July 2024 |
| Businesses (that require audit) | 31st October 2024 |
| Businesses (that require requiring transfer pricing reports) | 30th November 2024 |
| Revised Return | 31 December 2024 |
| Belated/Late Return | 31 December 2024 |
| Updated return | 31 March 2027 (2 years from the end of the relevant Assessment Year) |
You may also want to know Financial Year and Assessment Year
Due Dates for Paying Advance Tax Instalments for FY 2023-24
To avoid penalties, make sure to pay your advance tax by these deadlines:
| Due Date | Nature of Compliance | Tax Liability |
| 15th June 2024 | First instalment | 15% of tax liability |
| 15th September 2024 | Second instalment | 45% of tax liability |
| 15th December 2024 | Third Instalment | 75% of tax liability |
| 15th March 2025 | Fourth instalment | 100% of tax liability |
| 15th March 2025 | Presumptive scheme | 100% of tax liability |
Financial Year (FY) and Assessment Year (AY) for Filing ITR
For income earned between 1st April 2023 and 31st March 2024, the financial year is 2023-24 and the assessment year is 2024-25.
Consequences of Missing the Income Tax Return Due Date
Failing to file your ITR on time can lead to:
- Penalties: A penalty of ₹1,000 to ₹5,000 may be imposed for late filing.
- Loss Carry Forward: Belated filings may affect the ability to carry forward certain losses for future set-offs.
- Tax Regime: Opting for the new tax regime may not be possible if filing is done after the due date.
- Interest: Interest under Section 234A at 1% per month (or part thereof) on the unpaid tax amount will apply.
You may also want to know Tax Collected at Source (TCS)
Conclusion
Filing your Income Tax Return on time is essential to avoid penalties and ensure smooth tax compliance. Be aware of the specific deadlines for individuals, businesses, and advance tax payments. Keeping track of these dates will help you manage your tax obligations efficiently and avoid unnecessary financial repercussions.
Frequently Asked Questions
What is the last date to file ITR for FY 2023-24?
The last date to file ITR without incurring late fees is 31st July 2024.
What happens if I miss the ITR filing deadline?
If you miss the deadline, you can file a belated return by 31st December 2024, but you may face penalties and interest charges.
When does advance tax need to be paid for FY 2023-24?
Advance tax payments are due on 15th June 2024, 15th September 2024, 15th December 2024, and 15th March 2025.
What are the penalties for late ITR filing?
Penalties range from ₹1,000 to ₹5,000, and additional interest charges under Section 234A may apply.
Can I still opt for the new tax regime if I file late?
No, opting for the new tax regime may not be possible if the ITR is filed after the due date.
Open Free Demat Account
Related Terms
- 80EE and 80EEA
- Advance Tax Payment
- Advantages and Disadvantages of GST
- Agricultural Income
- Alternative Minimum Tax
- Banglarbhumi
- CGST
- Children Education Allowance (CEA)
- Company Registration Online
- Conveyance Allowance
- Corporate Tax
- Cost Accounting
- Dearness Allowance
- Depreciation Under Income Tax Act
- Difference Between GST and VAT
- Direct and Indirect Tax
- Dividend Distribution Tax (DDT)
- E-filing Income Tax
- E-Invoicing Under GST
- E-Way Bill Portal
- Education Cess
- Excise Duty
- Financial Year and Assessment Year
- Form 10E
- Form 10F
- Form 12B
- Form 15CA and 15CB
- Form 15H
- Form 16
- Form 16 and Form 16A
- Form 16B
- Form 16C
- Form 24Q
- Form 26AS
- Form 26Q
- Form 26QB
- Form 26QC
- Form 27Q
- Form 61A
- Goods and Services Tax (GST)
- Government GST Portal
- Gratuity Rules
- Gross Salary
- GST Amnesty Scheme
- GST Calendar 2024
- GST Composition Scheme
- GST Filing
- GST HSN Code
- GST Invoice
- GST on Bikes
- GST on Cars
- GST on Cement
- GST on Electronics
- GST on Food and Restaurants
- GST on Freight Charges
- GST on Gold
- GST on Mobile Phones and Accessories
- GST on Real Estate
- GST on Transport
- GST Rates
- GST Registration
- GST Return Late Fees and Interest
- GST Seva Kendra
- GST State Code List and Jurisdiction
- GSTIN
- GSTN – Goods and Service Tax Network
- GSTR 1
- GSTR 2
- GSTR 2A
- GSTR 2B
- GSTR 3B
- GSTR 4
- GSTR 9A
- GSTR 9C
- House Rent Allowance (HRA)
- How to Generate E-Way Bill?
- IGST
- Income Certificate Online
- Income Tax
- Income Tax Act
- Income Tax for NRIs
- Income Tax for Senior Citizens
- Income Tax Helpline Number
- Income Tax Login
- Income Tax Online Payment
- Income Tax Refund
- Income Tax Return
- Income Tax Slab
- Input Tax Credit Under GST
- Leave Encashment Tax
- Leave Travel Allowance (LTA)
- Medical Allowance
- MoA Format
- MSME Contribution
- MSME Registration in India
- MSME Schemes in India
- Payment of Gratuity Act, 1972
- Professional Tax
- Property Tax
- Repo Rate
- Residential Status Under Income Tax Act
- Reverse Charge Under GST
- Rules of Accounting
- Section 10
- Section 10(10D)
- Section 115 BAC
- Section 115BAB
- Section 12A
- Section 143(1)
- Section 148
- Section 154
- Section 16
- Section 17(5)
- Section 185
- Section 186
- Section 192A
- Section 193
- Section 194
- Section 194A
- Section 194B
- Section 194C
- Section 194D
- Section 194H
- Section 194I
- Section 194IA
- Section 194IB
- Section 194IC
- Section 194J
- Section 194K
- Section 194N
- Section 194Q
- Section 195
- Section 206AA
- Section 234F
- Section 24
- Section 40A(2)
- Section 40A(3) & Section 40A(3A)
- Section 43B
- Section 44AB
- Section 44AD
- Section 44ADA
- Section 80C
- Section 80CCC
- Section 80CCD (1) and 80CCD (2)
- Section 80CCD(1B)
- Section 80CCG
- Section 80D
- Section 80DD
- Section 80DDB
- Section 80E
- Section 80EE
- Section 80EEA
- Section 80EEB
- Section 80G and 80GGA
- Section 80GG
- Section 80TTA
- Section 80TTB
- Section 80U
- Section 87A
- Section 89A
- Section 94A
- Self Assessment Tax
- SGST
- Special Allowance
- Standard Deduction on Salary
- Tax Collected at Source (TCS)
- Tax in India
- Tax on Gifts in India
- Taxability of Perquisites
- TDS – Tax Deducted at Source
- TDS on Fixed Deposit (FD)
- TDS on Salary
- TDS Payment Due Date
- TDS Rates in India
- TDS Refund Status
- TDS Return
- TDS Traces
- TIN and TAN
- Top MSME Benefits
- Types of GST
- Value Added Tax (VAT)
- VAT and CENVAT
- VAT Registration
- VAT Return e-Filing
- What is a Debit Note, Credit Note and Revised Invoice?
- What is E-Way Bill?
- What is Form 16A?
- What is MSME
- What is TAN?
- What is the 50/30/20 Rule of Budgeting?
- Which ITR Should You File – Types of ITR Forms
Explore our feature-rich web trading platform
Get the link to download the App
