Filing Income Tax Returns (ITR) is a crucial responsibility for individuals, businesses, and entities. Timely submission ensures compliance and avoids unnecessary penalties. Here’s a comprehensive guide to understanding ITR filing deadlines and their implications.
The last date to file Income Tax Returns (ITR) for the Financial Year (FY) 2023-24 (Assessment Year 2024-25) without incurring late fees is 31st July 2024. If you miss this deadline, you can still file a belated return by 31st December 2024. Filing after this date incurs additional penalties and interest.
For federal tax returns, adhering to the due date is crucial to avoid interest and penalties under Sections 234A and 234F. The deadline for salaried individuals is usually July 31st, whereas businesses subject to audit have until September 30th of the assessment year.
The Income Tax Returns e-filing for FY 2023-24 (Assessment Year 2024-25) is expected to begin in the first week of June 2024. The official announcement will provide the exact start date.
Here are the important due dates for filing your ITR:
| Category | IT Returns Filing Last Date |
| ITR Filing for Individual/HUF/AOP/BOI | 31st July 2024 |
| Businesses (that require audit) | 31st October 2024 |
| Businesses (that require 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) |
You may also want to know Financial Year and Assessment Year
To avoid penalties, make sure to pay your advance tax by these deadlines:
| Due Date | Nature of Compliance | Tax Liability |
| 15th June 2024 | First instalment | 15% of tax liability |
| 15th September 2024 | Second instalment | 45% of tax liability |
| 15th December 2024 | Third Instalment | 75% of tax liability |
| 15th March 2025 | Fourth instalment | 100% of tax liability |
| 15th March 2025 | Presumptive scheme | 100% of tax liability |
For income earned between 1st April 2023 and 31st March 2024, the financial year is 2023-24 and the assessment year is 2024-25.
Failing to file your ITR on time can lead to:
You may also want to know Tax Collected at Source (TCS)
Filing your Income Tax Return on time is essential to avoid penalties and ensure smooth tax compliance. Be aware of the specific deadlines for individuals, businesses, and advance tax payments. Keeping track of these dates will help you manage your tax obligations efficiently and avoid unnecessary financial repercussions.
The last date to file ITR without incurring late fees is 31st July 2024.
If you miss the deadline, you can file a belated return by 31st December 2024, but you may face penalties and interest charges.
Advance tax payments are due on 15th June 2024, 15th September 2024, 15th December 2024, and 15th March 2025.
Penalties range from ₹1,000 to ₹5,000, and additional interest charges under Section 234A may apply.
No, opting for the new tax regime may not be possible if the ITR is filed after the due date.
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