Income Tax Returns Filing Due Date
Taxpayers use Income Tax Returns (ITR) to provide reports to the IRS about their earnings and tax payments.
It is essential for individuals, businesses, and even various different entities to file their Income Tax Returns within the stipulated timelines. Filing on time saves the unnecessary penalty that may incur on failure or delayed payment of taxes.
What is the ITR Filing Date
|
Last date to file Income Tax Return (ITR) for Financial Year 2023-24 (Assessment Year 2024-25) without late fees is 31st July 2024. However, if you fail to file within the due date, you can still file a belated return before December 31, 2024. |
The due date for filing federal tax returns is the IT returns filing last date without incurring a late charge or extra charge. Taxpayers who file their returns after the due date must incur interest and a levy under sections 234A and 234F.
It is important for all taxpayers to keep in mind the deadline for filing their income tax returns. The due date depends on the taxpayer. Salaried entities, for example, are normally expected to file their income tax returns by July 31st, while corporations subject to audit can file their returns by September 31st of the assessment year.
Income Tax Returns (ITR) Filing Start Date 2023-24
Income Tax Return e-filing for FY 2023-24 (AY 2024-25) will start soon. It is likely that ITR filing may start in the first week of June. The ITR Filing 2024 start date will be announced officially soon.
ITR Due Dates for FY 2023-24 (AY 2024-25)
The below-mentioned table lists down the ITR last dates 2024-
|
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) |
Due Dates for Paying Advance Tax Instalments for FY 2023-24
Here are the details about the IT filing last date for the payment of advance tax-
|
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 filing the returns for the income you earned between 1 April 2023 and 31 March 2024, the following will be the financial and assessment years-
|
Financial Year |
2023-24 |
|
Assessment Year |
2024-25 |
Related Articles
- Tax in India
- Income Tax Act
- Income Tax Online Payment
- Income Tax Return
- TDS - Tax Deducted at Source
- Income Tax Slab
Consequences of Missed Income Tax Return Due Date
If someone misses the last date to file ITR for FY 2023-24, the following are some applicable penalties and charges-
- A penalty ranging between Rs 1,000 to Rs 5,000 will be imposed.
- In a condition of belated filing, carrying forwarding certain losses for set-off in the future will not be possible for the taxpayers.
- If someone files a belated ITR, he/she will not be able to opt for the new tax regime.
- If tax return filing is done after the due date, interest will be applicable under Section 234A at 1% per month or part month on the unpaid amount of tax.
Also Read, Penalties for Not Filing Income Tax Returns within the Due Date