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A Comprehensive Guide of ITR Filing Last Date for FY 2023-24 (AY 2024-25) in India

Filing Income Tax Returns (ITR) is an essential obligation for individuals and businesses in India. It allows the government to assess the income and tax liabilities of taxpayers. It is crucial to meet the deadlines for ITR filing to avoid penalties and legal complications. This comprehensive guide aims to provide you with all the necessary information regarding the last date for ITR filing for the financial year 2023-24 (Assessment Year 2024-25) in India.

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

Financial Year (FY):- The Financial Year is a 12-month period used for accounting and budgeting purposes. In India, the Financial Year begins on April 1st and ends on March 31st of the following year.

For example, FY 2022-23 starts on April 1, 2022, and ends on March 31, 2023.

Assessment Year (AY):- The Assessment Year is the year that immediately follows the Financial Year. It is the year in which taxpayers assess the income they earned during the Financial Year and file their income tax returns.

Using the example above, FY 2022-23 corresponds to Assessment Year 2023-24. During AY 2023-24, individuals and businesses assess and declare their income for FY 2022-23.

In summary, the Financial Year is the period in which income is earned, and the Assessment Year is when the income earned during the Financial Year is evaluated for tax purposes. The income tax returns for a particular Financial Year are filed in the subsequent Assessment Year.

Income Tax Filing Due Dates For FY 2023-24 (AY 2024-25)

Under the Income Tax Act, 1961, individuals and businesses must meet their tax responsibilities. Look at the latest deadlines for filing Income Tax Returns (ITR) below:

Due Date

Nature of Compliance

31 July 2024

ITR filing for Individual/HUF/AOP/BOI

31 October 2024

Businesses (Tax audit report)

30 November 2024

Transfer Pricing Report (specific domestic transactions or undertaken international transactions)

31 December 2024

Revised Return

31 December 2024

Revised return or belated return filing

Important Due Dates For Paying Advance Tax InstalmentsForFY 2023-24

Due Date

Advance Tax Payment Percentage

On or before 15th June

15% of advance tax

On or before 15th September

45% of advance tax (-) advance tax already paid

On or before 15th December

75% of advance tax (-) advance tax already paid

On or before 15th March

100% of advance tax (-) advance tax already paid

What is The Due Date To File TDS Returns?

After paying TDS, the one who deducted it must submit a TDS return. Here's when it needs to be done:

Quarter

Period

Last Date of Filing

1st Quarter

1st April to 30th June

31st July 2023 | 30th Sep. Only for 26Q and 27Q

2nd Quarter

1st July to 30th September

31st October 2023

3rd Quarter

1st October to 31st December

31st Jan 2024

4th Quarter

1st January to 31st March

31st May 2024

Time Limit to File the ITR-U

You can file your return within 24 months from the end of the assessment year. For instance, in the current financial year 2023-24, you can update returns for AY 2021-22 and AY 2020-21.

Assessment Year

Last Date of Updated ITR FilingLast Date of Updated ITR Filing

AY (2020-21)

31 March 2023

AY(2021-22)

31 March 2024

AY(2022-23)

31 March 2025

AY(2023-24)

31 March 2026

AY(2024-25)

31 March 2027

What is the meaning of “due date” as per Income Tax?

After the conclusion of each financial year, certain specified people are required to file an Income Tax Returns with the Income Tax Department.

To ensure that returns are filed on time, the tax department has established a deadline by which a person can file a return without having to pay late fees. This last date is known as the “Income Tax Return Due Date”.

The deadline for filing an Income Tax Return varies based on the type of the taxpayer; for example - Individual, HUF, firm, LLP, company, trust, and AOP/BOI; and whether or not an audit is required.

Taxpayers who file their return beyond the due date will be subject to interest under Section 234A and a penalty under Section 234F.

Consequences of Missed Income Tax Return Deadline

Failing to meet the specified deadlines for ITR filing can have various consequences. Some of the key implications of late filing include:

  1. Penalty: If you miss the deadline for ITR filing, you may be liable to pay a penalty under section234F of the Income Tax Act. The penalty amount can range from INR 1,000 to INR 10,000, depending on the delay.
  2. Interest:Section 234A of the Income Tax Act pertains to the calculation of interest on delayed tax payment. If an individual or entity fails to pay the full amount of income tax on time, they will be liable to pay interest under this section. The interest is levied on the amount of tax payable and is calculated from the due date of filing the return to the actual date of payment. The current rate of interest under Section 234A is 1% per month or part of the month.
  3. Loss Adjustment:If you miss filing your income tax return (ITR) before the deadline, you will not be allowed to carry forward any losses incurred from sources like the stock market, mutual funds, properties, or businesses. This means that you will not be able to offset these losses against your income in the subsequent year, and your tax liability may be higher in the future years as a result.
  4. Increased Scrutiny: Late filers may attract increased scrutiny from the Income Tax Department, leading to additional inquiries and potential audits. Timely filing helps avoid unnecessary scrutiny and associated complications.
  5. Belated Return:It's crucial to note that a belated return offers you the opportunity to fulfill your tax obligations even after the official deadline has passed. The late fee is a penalty imposed for the delay in filing your return, and the interest charges accrue on the outstanding tax amount.

While the belated return option provides a means to regularize your tax filings, it's important to consider the implications. Unlike filing within the original deadline, the inability to carry forward losses for future adjustments can affect your ability to offset losses against future income, potentially impacting your overall tax liability.

Important Points to Remember for ITR Filing FY 2023-24 (AY 2024-25)

  1. Accuracy of Information: Ensure that all the information provided in your ITR is accurate and matches the records. Any discrepancies may lead to complications and potential penalties.
  2. Gather Necessary Documents: Collect all the relevant documents, including Form 16, TDS certificates, bank statements, and investment proofs, to accurately report your income and claim deductions.
  3. Seek Professional Assistance: If you find the ITR filing process complex or are unsure about any aspects, consider seeking assistance from a qualified tax professional or chartered accountant.
  4. E-verification: After filing your ITR, make sure to e-verify it within the specified time frame. Failure to do so may render your return invalid.

What Are The Benefits Of Filing ITR Before The Due Date?

Filing your income tax returns (ITRs) on time not only shows your responsibility as a citizen but also comes with various advantages. Here are some of these benefits:

  • Timely ITR filing improves your chances of getting loans like car loans and home loans.
  • Quick ITR filing ensures you receive your tax refunds promptly.
  • ITRs serve as proof of your address and income, crucial when applying for loans or visas.
  • Consulates and embassies often require copies of your income tax returns for the last two years during visa applications.
  • Section 234A mandates interest payment at 1% per month for unpaid taxes, starting from the tax.
  • Due date until the payment date. Filing your tax return on time helps you avoid extra interest charges. Delaying tax payment and return filing increases your overall tax bill.

Why Choose Us for ITR Filing FY 2023-24 (AY 2024-25) in India

Ready to file your ITR for FY 2023-24 (AY 2024-25) in India hassle-free? Choose us for expert assistance and maximize your tax benefits while minimizing liabilities. Don't let tax filing stress you out – trust our experienced team for seamless and efficient service. Contact us +91 820 940 8748today for ITR Filing, GST Registrationand more!

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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.

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.

A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1 crore in the financial year.

In the Online ITR Form under 'General Information' Tab, Choose the 'Return Filing Section' as 'Revised return under Page 3 section 139(5)' and 'Return filing type' as 'Revised'.

Last Date for ITR filing without Audit

For individuals and businesses not required to undergo an audit, the last date for ITR filing is July 31, 2024. This deadline applies to most taxpayers, including salaried individuals, pensioners, and those with income from house property. It is important to gather all the necessary documents and information to accurately file your ITR before this date.

 

Last Date for ITR filing with Audit

For individuals and businesses required to undergo a tax audit, the last date for ITR filing is September 30, 2024. Tax audits are mandatory for certain entities, including companies, partnerships, and individuals meeting specific criteria. It is crucial to engage a qualified chartered accountant to conduct the audit and ensure compliance with the relevant regulations.

If you miss the deadlines for ITR filing, you still have the option to file a belated return. The last date for belated ITR filing for FY 2023-24 (AY 2024-25)  is December 31, 2024. However, it is important to note that filing a belated return may result in penalties and loss of certain benefits. It is advisable to file your ITR within the original due date to avoid such consequences.

To claim an income tax refund after the due date, file a belated return. Download the ITR form, fill it accurately, and calculate your tax liability and refund. Submit the filled form through the income tax e-filing portal. Be aware of potential penalties and interest for filing late.

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.

The due date for filing returns for companies varies depending on the financial year. Typically, it is September 30th of the assessment year for companies whose accounts need to be audited and July 31st for others.

Yes, you can still file your Income Tax Return for FY 2021-22 (AY 2022-23) if you haven't done so yet. You have an option to file updated income tax return or also known as ITR-U.

However, it's important to file it at the earliest to avoid penalties and stay compliant with tax regulations.

Read Out- https://www.thetaxheaven.com/blog/itr-filing-last-date

The ITR-U form, also known as the "Unreported Income" form, is used by taxpayers in India to report their income when they have total income exceeding Rs. 50 lakhs and have not disclosed it in the regular ITR forms. It requires detailed disclosure of assets and liabilities, foreign income, and income from agriculture, among other things.

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