Income tax return last date 2024
Income Tax Filing Extensions for Assessment Year 2024-25: Key Updates for 2024
Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. Income tax is used to fund public services, pay government obligations, and provide goods for citizens.
Income tax is a critical mechanism for governments to fund public services, fulfill obligations, and provide goods to citizens. As we progress through the fiscal year, the Central Board of Direct Taxes (CBDT) has announced several important updates and extensions regarding income tax return filings and audit reports for the Assessment Year (AY) 2024-25. Here’s a detailed overview of the latest due dates and key information for taxpayers:
Income tax filing Last Date 2024
For the Financial Year 2023-24 (Assessment Year 2024-25), the last date to file your Income Tax Return (ITR) for non-audit taxpayers was July 31, 2024. If you missed this deadline, you can still submit a belated return up until December 31, 2024.
Income Tax Return Filing Process
The process of filing your ITR can be broken down into several steps:
1. Gather Necessary Documents: Collect your Form 16, bank statements, and investment proofs.
2. Select the Right ITR Form: Depending on your income type, choose the appropriate form.
3. Register on the E-Filing Portal: Create an account on the [Income Tax e-Filing website]
4. Complete the Form: Enter your income details, deductions, and tax information accurately.
5. Submit and Verify: After reviewing your entries, submit the form and complete the e-verification process.
Why Timely ITR Filing Matters: Avoid These Consequences!
1. Interest Penalties:
If you miss the ITR filing deadline, you’ll incur interest charges at 1% per month (or part of a month) on the unpaid tax amount, as per Section 234A. This can quickly add up, so don’t let delays cost you more!
2. Late Filing Fees:
Filing late? Section 234F stipulates a fee of Rs. 5,000. However, if your total income is less than Rs. 5 lakh, this fee is reduced to Rs. 1,000. Avoid this unnecessary expense by meeting the deadline!
3. Loss Carry Forward:
Have losses from investments or business activities? Typically, you can carry these losses forward to offset against future income, reducing your tax liability. Miss the deadline, though, and you lose this valuable opportunity.
What to Do If You Miss the ITR Deadline?
Belated Return Option:
If you’ve missed the ITR deadline, you can file a belated return. However, expect to pay late fees and interest, and you won’t be able to carry forward losses. The last date for belated returns is December 31st of the assessment year. For this year, make sure to file by December 31, 2024.
Updated Return Option:
In cases of unavoidable delays beyond December 31st, you might still file an updated return (ITR U) under certain conditions. [Click here for more details on updated returns.}
Key Concepts: Financial Year (FY) vs. Assessment Year (AY)
- Financial Year (FY): The year in which you earn income. For example, FY 2023-24 covers April 1, 2023, to March 31, 2024.
- Assessment Year (AY): The year following the financial year in which you file your return. For FY 2023-24, the AY is 2024-25, spanning April 1, 2024, to March 31, 2025.
Understanding these terms and meeting your deadlines can save you money and hassle. Stay proactive with your ITR filings to keep your finances in good shape!
Extended Deadlines for Income Tax Filings
1. Income Tax Return (ITR) Filing
- Original Due Date: 31st July 2024
- Extended Date: 31st December 2024
- Details: The deadline for submitting the Income Tax Return for the Assessment Year 2024-25 has been extended from the original date of 31st July 2024 to 31st December 2024.
2. Audit Report Submission
- -Original Due Date:30th September 2024
- -Extended Date 15th January 2025
- -Details:The due date for filing the Audit Report under any relevant provision of the Act for the Previous Year 2023-24 has been extended to 15th January 2025.
3. Accountant’s Report for International and Specified Transactions
- Original Due Date: 31st October 2024
- Extended Date:31st January 2025
- Details:The deadline for furnishing the Accountant’s Report related to international or specified domestic transactions under section 92E for the Previous Year 2023-24 has been extended to 31st January 2025.
4. Extended Income Tax Return Filing for Late Submissions
Original Due Date: 31st October 2024
Extended Date: 15th February 2025
Details: For those who miss the initial deadline, the extended deadline for filing the Return of Income has been pushed to 15th February 2025.
5. Final Deadline for Income Tax Returns
Original Due Date: 30th November 2024
Extended Date: 28th February 2025
Details: The final extended deadline for filing the Return of Income is now 28th February 2025.
6. Belated and Revised Returns
Original Due Date:31st December 2024
Extended Date: 31st March 2025
Details:The deadline for filing belated and revised Returns of Income has been extended to 31st March 2025.
Key Clarifications
Tax Payment and Penalties: The extensions do not alter the provisions related to penalties under Explanation 1 to section 234A of the Act if the tax due exceeds one lakh rupees. Taxpayers are advised to pay the tax due within the original due dates to avoid additional penalties.
Advance Tax Considerations: For individual residents, the tax paid under section 140A within the original due dates will be deemed as advance tax.
These extensions are designed to accommodate taxpayers and ease the filing process. Ensure compliance with these revised deadlines to avoid any issues with your income tax submissions.
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