The Income Tax Return filing last date for FY 2023-24 (AY 2024-25) is 31st July 2024. Also, the ITR last date for a late return for the same FY is 31st December 2024.
Since the IT return filing last date for FY 2023-24 (AY 2024-25) is 31st July 2024. therefore, it is important to complete ITR filing on time to comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions.
Section 234A and Section 234F of the Income Tax Act pertains to penalty provisions related to the late filing of income tax returns. It is worth noting that the central government has the authority to extend the income tax ITR filing due dates.
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, i.e. for the income earned between 1 April 2023 and 31 March 2024. The assessment year is the review year for FY 2023-2024, where you file your returns and declare your returns by declaring all the incomes, exemptions, deductions, losses etc., already made or incurred during the year for tax assessment. For the income earned during the FY (here FY 2023-24), the assessment year would be the immediately next year, i.e. 1st April 2024 to 31st March 2025. Hence, the assessment year would be AY 2024-25.
What is Income Tax Return (ITR)?
An Income Tax Return (ITR) is a form or document that individuals, businesses, and other entities use to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a declaration of their taxable income and the taxes they owe or are eligible to receive as a refund.
The Income Tax Return serves as a means for taxpayers to provide comprehensive information about their financial transactions, sources of income, and expenses to the tax authorities. It helps determine the taxpayer’s tax liability and enables the government to assess and collect taxes effectively.
When is the Last Date to File ITR?
Taxpayers are typically required to file their ITR annually, providing details of their income and relevant financial information for a specific period, such as a financial year (FY). It starts on 1st April and ends on 31st March of the next calendar year. The ITD has started income tax e filing for taxpayers.
The income tax ITR filing due date for FY 2023-24 is 31st July 2024. However, this date can be extended, if the Income Tax Department finds it necessary.
Why is it Important to File Income Tax Returns on Time?
Filing income tax returns on time is a legal obligation imposed by the government. It is essential for individuals and entities to fulfill their tax obligations by accurately reporting their income, claiming deductions and exemptions, and paying the appropriate amount of tax within the prescribed timelines. Timely filing of income tax returns enables the government to assess and collect taxes efficiently, ensuring the smooth functioning of public services and welfare initiatives.
Here are the reasons why you should file your ITR on time –
To avoid any fines and penalties under different sections of the Income Tax Act. Late filing of ITR can attract penalties upto Rs.5000 on income above Rs.5 lakh and Rs.1,000 on income upto Rs.1,00,000.
Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25)
Category of Taxpayer | Due Date for Tax Filing – FY 2023-24 |
Individual / HUF/ AOP/ BOI | 31st July 2024 |
Businesses (Requiring Audit) | 31st October 2024 |
Businesses 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) |
What is the Due Date for Making Payment of Advance Tax Installments?
| Installment | Due Date | For all assessee (except assessee referred in next column) | Assessee declaring income under presumptive schemes under 44AD / 44ADA |
|---|---|---|---|
| 1st | Till 15th June of FY | 15% of the amount of advance tax | Nil |
| 2nd | Till 15th September of FY | 45% of the amount of advance tax | Nil |
| 3rd | Till 15th December of FY | 75% of the amount of advance tax | Nil |
| 4th | Till 15th March of FY | 100% of the amount of advance tax | 100% |
What is the Due Date for Making TDS Payments?
| For the Month | Due Date |
|---|---|
| Due Date for TDS payment in case of Govt. Assessee | |
| April 2023 to February 2024 | Last date of the month in which TDS/TCS is deducted or collected |
| March 2024 | 7th April 2024 |
| Due Date for TDS payment in case of Non-Govt. Assessee | |
| April 2024to February 2025 | 7th of next month |
| March 2025 | 30th April 2025 |
Note:
Tax deducted by a Government assessee without challan (i.e., treasury Challan) should be deposited on the same day of deduction. However, in the case of deduction under section 192(1A), it must be deposited on or before seven days from the end of the month in which such deduction is made, where tax is paid and accompanied by an income-tax challan.
– Tax deducted on the acquisition of immovable property u/s 194IA must be deposited within 30 days from the end of the month in which payment of consideration is made.
| The due date for Quarterly payment of TDS as permitted under Section 192, 194A, 194D, or 194H are | |
|---|---|
| For the quarter | Due Date |
| For the quarter ending 30th June | 7th July |
| For the quarter ending 30th September | 7th October |
| For the quarter ending 31st December | 7th January |
| For the quarter ending 31st March | 30th April |
Note*:
Under section 192(1A), the payment has to be made within seven days (7 days) of the last day of the month in which the deduction is made or income tax is due.
What is the Due Date for Filing a TDS Return?
| Quarter | Period | Due Date |
|---|---|---|
| 1 | 01 January 2023 2024 to 31 March 2023 2024 | 31st May 2023 2024 |
| 2 | 01 July 2024 to 30 September 2024 | 31st October 2024 |
| 3 | 01 October 2024 to 31 December 2024 | 31st January 2025 |
Note:
Form 24Q is a quarterly statement for the Return of TDS details on Salary Payments.
Form 26Q is a quarterly statement for Return of TDS details on Other than Salary Payments (Domestic).
Form 27Q is also a quarterly statement for Return of TDS details on Other than Salary Payments (NRI/Foreign)(additional income like interest, dividends).
Form 27EQ is for TCS Return.
Due Dates to issue TDS certificates (Form 16)
| Form No. | Due date | Periodicity |
|---|---|---|
| Form 16 (TDS on salary) | 31st May 2024 (for FY 2023-24) | Annual |
| Form 16A (TDS on income other than salary) | Within 15 days from the due date of furnishing TDS return | Quarterly |
| Form 16B (TDS on sale of property u/s 194IA) | Within 15 days from the due date of furnishing challan in Form No. 26QB | Each transaction |
| Form 16C (TDS on Rent) | Within 15 days from the due date of furnishing challan in Form No. 26QC | Each transaction |
| Form 27D (TCS) | Within 15 days from the due date of furnishing TCS return. | Quarterly |
Note:
Form 16A & Form 27D are issued within 15 days from the due date of furnishing the TDS / TCS return.
Form 16A is for TDS deducted on income other than salary.
Form 27D is for the Tax Collection Certificate(TCS)
What Happens if You Miss 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 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 shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.
- Loss Adjustment: In case 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 the subsequent year. 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.
- Belated Return: If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still 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 31st December of the assessment year (unless extended by the government). Therefore, for this year, you may submit the belated return by 31 December 2024 at the latest.
What are the Financial Year (FY) and Assessment Year (AY)?
Financial Year (FY):
- The period during which you earn income.
- In most countries, including India, the financial year follows a standard calendar and runs from April 1st to March 31st of the next year.
- For example, the financial year 2023-24 refers to the income earned between April 1, 2023, and March 31, 2024.
Assessment Year (AY):
- The year following the financial year in which the income earned in the previous FY is assessed by the tax authorities.
- This is also the year when you need to file your income tax return and pay any taxes owed.
- So, the assessment year for the financial year 2023-24 would be 2024-25. During this assessment year, you would file your tax return for the income you earned in the financial year 2023-24.
Here’s a table to summarize the key differences:
| Feature | Financial Year (FY) | Assessment Year (AY) |
|---|---|---|
| Period | Income earning period | Tax assessment period |
| Duration | April 1st to March 31st of the next year | Follows the financial year (usually April 1st to March 31st) |
| Example | FY 2023-24 | AY 2024-25 (for income earned in FY 2023-24) |
FAQs
Can I file a Revised Income Tax Return?
Yes, the revision of the Income Tax Return till the last date is allowed. The last date to file a revised ITR is December 31 of the relevant assessment year. Thus, the last date to file a revised ITR for FY 2023-24 (AY 2024-25) is December 31, 2024.
What will happen if a salaried person files Income Tax Return after the due date?
Filing after the due date will attract late fees u/s 234F of the Income Tax Act. Also, 234 A is applicable.
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