income tax return filing Last Date FY 2023-24 (AY 2024-25)

Jul 03
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When is the Last Date to income tax return filing

Income Tax Return Filing Deadline for for the financial year 2023-24 (assessment year 2024-25) (assessment year 2024-25) is July 31, 2024. Filing after this date will incur interest charges under Section 234A and penalties under Section 234F. If you miss the July deadline, you can still file by December 31, 2024, but there will be financial consequences.

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Income Tax Returns (ITR) Filing Start Date for Fiscal Year 2023-24 (AY 2024-25)

The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024-25) has begun on April 1, 2024, and the deadline to file ITR for FY 2023-24 is detailed below.

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
(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)

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Consequences of Missing the ITR Form Deadline

Interest -

If you file your return late, you will dodge a 1 interest per month( or part thereof) on the overdue duty quantum under Section 234A.

Late Fee for ITR Filing after Last Date

Late figure Late form attracts a penalty ofRs. 5,000 under Section 234F, which is reduced toRs. 1,000 if your total income is lower thanRs. 5 lakh.

Loss Adjustment

Failing to meet the deadline means losing the occasion to carry forward losses from stocks, collective finances, parcels, or businesses to neutralize unborn income. This can lead to an increased duty liability in the coming times.

What if the ITR filing is missed?

Belated Return

If you miss the ITR filing deadline, you can submit a belated return. However, you will still be required to pay the late fee and interest penalties, and you will be unable to carry on any losses to future adjustments. The deadline for filing a belated return is December 31st of the assessment year (unless extended by the government). As a result, for this year, you may file your belated return by December 31, 2024 at the latest.

Updated return.

Even if you miss the December 31st deadline for unavoidable reasons, you can still file the revised (ITR U) return, subject to the conditions provided therein.

What are the terms Financial Year (FY) and Assessment Year (AY)?

The return you will file in the future year will be for the income received in fiscal year 2023-24, which runs from April 1 to March 31, 2024. The assessment year is the review year for fiscal year 2023-2024, during which you file your returns and declare all incomes, exemptions, deductions, losses, and other items already made or incurred for tax assessment. The assessment year for revenue earned during the fiscal year (in this case, FY 2023-24) would be the following year, from April 1st to March 31st, 2025. As a result, the assessment period would be the academic year 2024-25.

Important due dates for paying advance tax installments for fiscal year 2023-24.

When it comes to income tax, some tax formalities must be completed by the set deadlines, such as filing income tax returns, paying advance tax on time, and so on.
The due dates for paying 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