Income Tax Returns Filing Due Date

Q: What is the last date to file ITR for FY 2023-24?

The last date to file ITR without incurring late fees is 31st July 2024.

Q: What happens if I miss the ITR filing deadline?

If you miss the deadline, you can file a belated return by 31st December 2024, but you may face penalties and interest charges.

Q: When does advance tax need to be paid for FY 2023-24?

Advance tax payments are due on 15th June 2024, 15th September 2024, 15th December 2024, and 15th March 2025.

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Introduction

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.

What is the ITR Filing Date?

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.

Income Tax Returns (ITR) Filing Start Date for FY 2023-24

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.

ITR Due Dates for FY 2023-24 (Assessment Year 2024-25)

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

Due Dates for Paying Advance Tax Instalments for FY 2023-24

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

Financial Year (FY) and Assessment Year (AY) for Filing ITR

For income earned between 1st April 2023 and 31st March 2024, the financial year is 2023-24 and the assessment year is 2024-25.

Consequences of Missing the Income Tax Return Due Date

Failing to file your ITR on time can lead to:

Penalties: A penalty of ₹1,000 to ₹5,000 may be imposed for late filing.
Loss Carry Forward: Belated filings may affect the ability to carry forward certain losses for future set-offs.
Tax Regime: Opting for the new tax regime may not be possible if filing is done after the due date.
Interest: Interest under Section 234A at 1% per month (or part thereof) on the unpaid tax amount will apply.

You may also want to know Tax Collected at Source (TCS)

Conclusion

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.