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Due date for Income Tax Returns

Table of Contents
 
  1. Important ITR Filing Deadlines for AY 2024-25
  2. Penalties for Late Filing Under Section 234F
  3. Benefits of Timely ITR Filing
  4. Consequences of Missing the ITR Filing Deadline
  5. Options if You Missed Filing ITR for Previous Years
  6. Conclusion

Taxpayers in India must file their income tax returns (ITR) by July 31st each year, unless an extension is granted. The government gives taxpayers four months, from April 1 to July 31, to submit their ITR. They must compile their income details in that time. Filing an ITR is a straightforward process that only takes a few minutes. However, failing to file by the deadline can lead to penalties. This article will explore the penalties for late filing and the steps to take if you miss the deadline.

Important ITR Filing Deadlines for AY 2024-25

For the Assessment Year 2024-25, the due date for filing an ITR under Section 139(1) is July 31st, 2024, unless extended by the government. It’s crucial to meet this deadline to avoid legal consequences. Starting from the financial year 2017-18, penalties for late filing were introduced.

Sr. No. Particulars Due Date
1 ITR filing deadline for individuals and entities not subject to tax audit. 31st July 2024
2 ITR filing deadline for taxpayers requiring a tax audit (excluding transfer pricing cases). 31st Oct 2024
3 ITR filing deadline for taxpayers involved in transfer pricing. 30th Nov 2024
4 Deadline for submitting revised or belated returns for FY 2023-24. 31st Dec 2024

Penalties for Late Filing Under Section 234F

Since FY 2017-18, late filing fees under Section 234F apply to ITRs filed after the deadline. For FY 2023-24, if you miss the July 31st, 2024 deadline, you can still file a belated return by December 31st, 2024, but a penalty will be imposed.

Late Filing Penalties:

  • ₹5,000: For ITRs filed after July 31st, 2024, but before December 31st, 2024 for taxpayers with a total income above ₹5 lakh.
  • ₹1,000: For ITRs filed after July 31st, 2024, but before December 31st, 2024 for taxpayers with a total income below ₹5 lakh.

Benefits of Timely ITR Filing

Filing your ITR on time is not just a legal requirement; it also comes with several benefits:

Easy Loan Approvals

Timely ITR filing simplifies the process of obtaining loans, such as vehicle loans, home loans, or personal loans. Banks and financial institutions often require proof of ITR filing as part of the loan approval process.

Claiming Tax Refunds

If you have overpaid your taxes, filing your ITR promptly allows you to claim a tax refund more quickly. Delayed filing can result in delayed refunds.

Income and Address Proof

Your ITR proves your income and address. It's often required for loan and visa applications.

Expedited Visa Processing

Embassies and consulates often require tax returns for the past few years to process visa applications. Timely filing ensures a smoother and faster visa process.

Carry Forward of Losses

Filing your ITR on time allows you to carry forward losses to subsequent years. This can reduce your future tax by offsetting gains against losses.

Avoiding Penalties and Prosecution

By filing your ITR on time, you avoid penalties and the risk of prosecution by the Income Tax Department. Late filing can lead to significant fines and, in some cases, legal action.

Consequences of Missing the ITR Filing Deadline

Risk of Prosecution

The Income Tax Department prosecutes individuals who intentionally neglect ITR filing. The punishment can range from three months to two years of imprisonment, depending on the severity of the case. If the tax due is substantial, the imprisonment term can extend up to seven years.

Penalties for Underreporting Income

If you underreport your income, the Income Tax Officer may impose a penalty of up to 50% of the tax due. This penalty is in addition to the late filing fee.

Inability to Set Off Losses

If you fail to file your ITR on time, you cannot carry forward losses (other than house property losses) to future years. This means you cannot offset these losses against future gains, which could increase your tax liability.

Interest on Late Filing

In addition to penalties, interest under Section 234A is 1% per month on the tax due. The interest accrues from the day after the due date (i.e., August 1st, 2024, for FY 2023-24) until the tax is paid in full. The longer you delay, the more interest you accrue.

Delayed Refunds

Filing your ITR late can delay any refunds you are entitled to. To receive your refund promptly, you must file your ITR before the deadline.

Options if You Missed Filing ITR for Previous Years

Filing a Condonation Request Under Section 119(2)(b)

If you missed filing your ITR for previous years, you can apply for a condonation of delay under Section 119(2)(b). Submit an application to your officer. Explain the reason for the delay. Upon approval, you can proceed with filing your ITR.

Filing an Updated Return Under Section 139(8A)

Section 139(8A) allows taxpayers to update their ITR within two years of the end of the relevant assessment year. However, this option is only available if it results in additional tax liability. If the updated return results in a refund or no additional tax, you cannot file under this section.

Penalties for Filing Updated Returns:

  • Within 12 months of the end of the assessment year: 25% of the additional tax, plus interest and late filing fees.
  • Within 24 months of the end of the assessment year: 50% of the additional tax, plus interest and late filing fees.

Paper Filing for Special Cases

In some cases, the government may allow paper returns. This applies to taxpayers over 80 and areas with poor e-filing facilities. This is usually done via special notifications and SOPs from the government.

Conclusion

Filing your income tax return on time is crucial. It avoids penalties, interest, and legal trouble. It also ensures you can use tax benefits, like carrying forward losses and getting refunds. If you missed the deadline, it’s important to understand the options available to you and act quickly to mitigate any penalties.

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Frequently Asked Questions

Different types of audits are being conducted under different laws such as company audit /statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called ‘Tax Audit’.

As the name suggests, tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.

To pay income tax after the due date, you need to follow these steps:

1. Calculate your outstanding tax liability, including any interest or penalties.

2. Visit the income tax department's website or a designated bank.

3. Use the Challan 280 form to make the payment online or offline.

4. Fill in the required details, including PAN, assessment year, and tax amount.

5. Choose the correct type of payment - advance tax, self-assessment tax, or regular tax.

6. Complete the payment process by selecting the preferred payment mode.

 

Keep the payment receipt for future reference and verification.

You can only claim an income tax refund by filing your ITR. If you miss the deadline, you can still file a late return until December 31 of that year. However, there's a penalty of Rs.5,000 for late filing. If your income is below Rs.5 lakh, the penalty drops to Rs.1,000.
Section 139(4) permits late tax returns. However, a penalty of up to Rs.5,000 applies for delays. 
Typically, individuals and non-audit cases must file taxes by July 31. Audit cases have until October 31. You can easily e-file your tax return with The Tax Heaven in under 3 minutes.
Taxpayers can revise their original return using Section 139(5). They should follow the same procedure as for the original return. However, they must file under Section 139(5). Additionally, they need to complete e-verification when revising the return.
Taxpayers can revise their return after the due date using Section 139(5). They can file late returns until December 31 of the assessment year. After that, no returns are allowed. However, if a return is missed due to an extreme situation, taxpayers can ask their Assessing Officer for permission to file it under Section 119.
If you miss the income tax deadline, you can still file late. But, there's a penalty of up to Rs.5,000. If your income is below Rs.5 lakh, the fee drops to Rs.1,000.
For FY 2023-24, trusts without an audit need to file by July 31, 2024. Those with an audit must file by October 31, 2024. If a trust needs to submit Form No. 3CEB under section 92E, the deadline is November 30, 2024.
Domestic companies must file their returns for FY 2023-24 by 31st October 2024. However, if a company engages in international transactions or specific domestic ones, it must file Form No. 3CEB under section 92E. For these companies, the deadline is pushed to 30th November 2024.
Individuals must file ITR by 31st July. For audited accounts, the deadline is 31st October.
Businesses with over 1 crore in revenue and professionals earning more than Rs 50 lakh need a tax audit. Don't wait for extensions. It's not wise. The Tax Heaven makes filing easy. Do it in under 3 minutes.
You can file a revised return by December 31 of the assessment year if you find an omission or error. Additionally, you can file it within two years after the assessment year ends.
Yes, if the return is late, the refund may be delayed.
No penalty or interest is due for late income tax returns if income is below the taxable limit.
A penalty of up to Rs. 5,000 applies for incomes over Rs. 5,00,000. For incomes below that, it can be up to Rs. 1,000. Additionally, there's a 1% monthly interest on unpaid taxes.
The earliest date to file an Income Tax Return is April 1 of the Assessment Year. For example, to file for AY 2024-25, the date is April 1, 2024.
You can file your Income Tax Return (ITR) after the deadline, but before December 31st. This late ITR is called a Belated Return. It comes with a fee and interest. Besides the penalty and interest, you can't carry forward most losses, except for losses from property. Also, you can't choose the new tax system with a Belated Return.
Yes, you can file a return after July 31. However, you'll face a penalty of up to Rs. 5,000.
Yes, you can file your income tax return after December 31 using ‘ITR-U’. However, a penalty of up to Rs. 5,000 will apply. Additionally, you'll face extra tax. This extra tax is 25% or 50% of the due tax and interest. The rate depends on when you file ITR-U. If it's within 12 months, the rate is 25%. If it's within 24 months, the rate jumps to 50%.
author

The Tax Heaven

Mr.Vishwas Agarwal✍📊, a seasoned Chartered Accountant 📈💼 and the co-founder & CEO of THE TAX HEAVEN, brings 10 years of expertise in financial management and taxation. Specializing in ITR filing 📑🗃, GST returns 📈💼, and income tax advisory. He offers astute financial guidance and compliance solutions to individuals and businesses alike. Their passion for simplifying complex financial concepts into actionable insights empowers readers with valuable knowledge for informed decision-making. Through insightful blog content, he aims to demystify financial complexities, offering practical advice and tips to navigate the intricate world of finance and taxation.

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