Hello readers,
Searching for the last date of ITR filing?
If yes, then you’re at the right place!
The deadline to file your Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without incurring a late fee is 31st July 2024.
Taxpayers who file their returns after the due date will be required to pay interest under Section 234A and a penalty under Section 234F.
When is the Last Date to File ITR?
The ITR filing deadline for Financial Year 2023-24 (Assessment Year 2024-25) is July 31, 2024. However, if you miss this deadline, you can still file a belated return before December 31, 2024.
Contact us to file your income tax return
Income Tax Returns (ITR) Filing Start Date for FY 2023-24 (AY 2024-25)
The e-filing of Income Tax Returns (ITR) for FY 2023-24 (AY 2024-25) began on April 1, 2024. The last date to file your ITR for FY 2023-24 is detailed below.
Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25)
| Category of Taxpayer | Due Date for Tax Filing – FY 2023-24 | Unless extended |
| Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) | 31st July 2024 | |
| Businesses (Requiring Audit) | 31st October 2024 | |
| Businesses requiring transfer pricing reports (in case of international/specified domestic transactions) | 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) |
Consequences of Missing the ITR Filing Deadline
Interest
If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part of a month on the unpaid tax amount as per Section 234A.
Late Fee
In case of late filing, Section 234F imposes a late fee of Rs.5,000, which is reduced to Rs.1,000 if your total income is below Rs.5 lakh.
Loss Adjustment
If you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in subsequent years. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.
What if ITR filing is Missed?
Belated Return
If you miss the ITR filing due date, you can still file a return after the due date, known as a belated return. However, you will have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is December 31 of the assessment year (unless extended by the government). Therefore, for this year, you can submit the belated return by December 31, 2024, at the latest.
Updated Return
If you miss the December 31 deadline due to unavoidable reasons, you can still file an updated (ITR U) return, subject to the specified conditions. Call us to know more.
What are Financial Year (FY) and Assessment Year (AY)?
The return you will file in the upcoming year is for the income you earned in FY 2023-24, which covers the period from April 1, 2023, to March 31, 2024. The assessment year is the review year for FY 2023-24, where you file your returns and declare all your incomes, exemptions, deductions, and losses incurred during the year for tax assessment. For the income earned during FY 2023-24, the assessment year is the immediately following year, from April 1, 2024, to March 31, 2025. Therefore, the assessment year would be AY 2024-25.
Important Due Dates for Paying Advance Tax Instalments for FY 2023-24
When discussing income tax, there are specific formalities that must be adhered to within designated due dates, such as filing income tax returns and paying advance tax on time.
The due dates for the payment of advance tax are:
| Due date | Nature of compliance | Tax to be paid |
|---|---|---|
| 15th June 2023 | First installment | 15% of tax liability |
| 15th September 2023 | Second installment | 45% of tax liability |
| 15th December 2023 | Third Installment | 75% of tax liability |
| 15th March 2024 | Fourth installment | 100% of tax liability |
| 15th March 2024 | Presumptive scheme | 100% of tax liability |
FAQs
How to Pay Income Tax After the Due Date
If you have missed the due date for paying taxes and filing your return, you can still do so after the deadline. However, you will incur a late filing penalty and interest charges when filing your ITR. A penalty of Rs.5,000 is imposed for delayed filing. If your total income is less than Rs.5 lakh, the penalty is reduced to Rs.1,000.
What is the Due Date for Filing an Income Tax Return?
Typically, the due date for filing an income tax return is July 31 for individuals and non-audit cases, and October 31 for audit cases of the relevant assessment year. You can easily e-file your income tax return with Jethani & Associates in just 10 minutes.
How can you revise income tax returns after the deadline?
If you need to correct your original tax return after the due date, you can do so by filing a revised return under Section 139(5). You have until December 31st of the assessment year to submit a belated return. Once this date has passed, no further returns can be filed. However, if you missed the deadline due to exceptional circumstances, you may request permission from your Assessing Officer (A.O.) to submit the late returns by applying under Section 119.
When is the deadline for filing tax returns for Trusts?
For the fiscal year 2023-24, trusts that do not need their accounts audited must file their tax returns by July 31, 2024. If the trust’s accounts require an audit, the deadline is October 31, 2024. If the trust must submit a report using Form No. 3CEB under section 92E, the filing deadline is November 30, 2024.
When is the last date to file an ITR?
For individuals, the deadline to file an Income Tax Return (ITR) is July 31 of the relevant assessment year. For taxpayers whose accounts need to be audited, the last date to file is October 31.
Who is required to obtain an income tax audit report?
A tax audit is mandatory for businesses with an annual turnover exceeding ₹1 crore and for professionals with receipts above ₹50 lakh. The deadline is approaching, so it’s best not to delay. You can file your income tax return quickly and easily with us—complete the process in under 3 minutes.
Contact us to file your income tax return.
