ITR Filing Deadline for FY 2024-25: Due Dates & Late Fee Penalties

What is the Last Date to File ITR for FY (2024-25)?

The due date depends on the taxpayer category. Salaried entities, for example, are normally expected to file their income tax returns by July 31st, while corporations subject to audit can file their returns by September 31st of the assessment year. Taxpayers who file their ITR after the due date, i.e., the belated return, must incur interest and a levy under Section 234A and 234F. The deadline to file a belated return is 31st December of the relevant assessment year.

Filing your ITR on time is crucial to complying with tax laws, avoiding penalties, claiming timely refunds, maintaining accurate financial records, and facilitating smooth financial transactions.

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When is the Last Date to File ITR 2024-25?

Last date to file Income Tax Return (ITR) for FY 2024-25 (2025-26) without late fees is 31st July 2025.

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). ITR filing start date for AY 2025-26 will be notified by the Income Tax Department soon after the utility forms are released, and the last date is 31st July 2025.

Missing out on the Income Tax Return filing last date can lead to penalties and notices from the Income Tax Department. To avoid these notices, make sure you file your ITR accurately and within the specified deadlines.

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Why You Must File Your ITR Before July 31?

Filing income tax returns on time is not just a legal obligation imposed by the government. Individuals and entities must 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 -

• Avoid Penalties and Interest Charges: 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.
• Accurate Tax Reporting: Early filing gives you ample time to gather all necessary documents and information. This helps ensure your tax return is accurate, reducing the likelihood of errors or omissions.
• Claiming Refunds: Timely filing is essential for claiming refunds. If you've paid more tax than you owe, filing early ensures you receive your refund promptly from the Income Tax Department.
• Loss Adjustment: Timely filing allows you to carry forward losses incurred during the year. These losses can be adjusted against future profits, reducing your tax liability in subsequent years.
• Verification within 30 Days: After filing, you must verify your ITR within 30 days under tax laws. Filing early provides sufficient time to verify your return and rectify any errors if needed.
• Maintaining a Good Credit Score: Banks and financial institutions often require ITR as proof of financial stability when you apply for loans or credit cards. Filing your ITR on time showcases financial discipline, potentially improving your chances of securing credit on favorable terms.
• Avoiding Last-Minute Rush: Filing early helps you avoid the rush closer to the deadline, reducing stress and minimizing the risk of making hasty errors.
• Effective Financial Planning: Early filing allows you to plan your finances more effectively for the upcoming year, based on your tax obligations and refunds.

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Income Tax Return Filing Due Dates for FY 2024-25 (AY 2025-26)

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ITR Filing Due Date for Non-Audit Taxpayers

The common due date for filing the Income Tax Return by Assessee, whose Books of Account are not required to be audited, is 31st July of the relevant assessment year.

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ITR Filing Due Date for Audit Taxpayers

• Original Deadline: 31st October 2025

Due Dates for Tax Audit Report (Forms 3CA-3CD/3CB-3CD)

• The deadline for filing the Tax Audit Report is one month prior to the due date for furnishing the Income Tax Return under Section 139(1). Therefore, the due date for filing the audit report is 30th September of the relevant financial year.

Income Tax Return Due Date for Assessees under Section 92E

• ITR Filing Deadline: 31st December 2025
• Report from Accountant Deadline (under Section 92E):
  • At least one month before the due date for filing the return under Section 139(1). i.e., 30th November 2025.

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Due Date for Payment of Advance Tax Installments

The due dates for the payment of advance tax are as follows -

Note: You have to pay advance tax only if your total tax liability is Rs. 10,000 or more in a financial year.
Any tax payment made on or before 31st March of the same FY shall also be treated as advance tax.

Need help paying advance tax installments? Connect with our tax experts

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Due Date for Making TDS Payments

The due date for making monthly TDS payments can be better understood in terms of Government and non-government assessees as follows:-

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.

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.

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Due Date for Filing a TDS Return

The due date for submission of quarterly TDS Returns for FY- 2024-25 in Form 24Q, Form 26Q, Form 27Q & Form 27EQ by Government or Non-Government deductors are:

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)

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)

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TCS Return Due Date for FY 2024-25

Note: Quarterly TDS/TCS Certificate: After uploading a quarterly TDS return you can generate a TDS/TCS certificate within 15 days of uploading your return.

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Penalties & Interest for Late Filing Returns

Avoid paying hefty penalties and risk of income tax notices; file your income tax return timely.

File your ITR with Tax2Win!

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Consequences of Missed Income Tax Return Due Date

If you miss the ITR filing last date, you'll have to pay a late filing penalty. The amount depends on your income:

• Up to Rs. 5,000: For incomes exceeding Rs. 5 lakh.
• Rs. 1,000: For incomes below Rs. 5 lakh.
• No penalty: No penalty if your income is below the taxable limit.
• Interest on Tax Owed: If you owe any tax, you'll also have to pay interest on it from the due date until you pay it. This interest is calculated at one percent per month or part of a month on the unpaid tax amount from the due date until the date of filing.
• Delay in Refunds: If you're due a refund, you won't receive it until you file your return.
  • Ineligibility to Carry Forward Losses: Missing the deadline results in the inability to carry forward losses under most heads of income, except for house property. This is particularly disadvantageous for businesses and investors, as it can lead to a significant financial setback.
  • Reduced Time for Rectifications and Revisions: Late filing reduces the available time for correcting errors or revising the return. Typically, the deadline for revising an ITR is until the end of the assessment year. Filing late compresses this timeline, limiting the opportunity to rectify mistakes effectively.
• Prosecution: The income tax department can initiate prosecution proceedings against you. This could lead to imprisonment for up to seven years and a fine.
• Difficulty Processing Loans: Some banks and financial institutions may not process loan applications from people who haven't filed their ITRs.
• Selection of Old Tax Regime: It is important to note that taxpayers must file their income tax returns by the due date, which is July 31st. If they fail to file by this deadline, they will not be able to choose the old regime, as the new regime will automatically become the default for late filings.

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

From an income tax perspective, the financial year (FY) is the year in which you earn your income. The assessment year (AY) is the year following the financial year when you evaluate the previous year’s income and pay taxes on it.

For example, if your financial year is from April 1, 2023, to March 31, 2024, it is known as FY 2023-24. The assessment year for the income earned during this period would start after the financial year ends, from April 1, 2024, to March 31, 2025. Therefore, the assessment year would be AY 2024-25.

The last date to file and update your ITR for FY 2021-22(AY 2022-23) is 31st March 2025. Missing this deadline means legal consequences. If you have missed filing ITR for FY 2021-22, you can file it by FY 2025-26, i.e., upto 4 years. File updated return.

New Income Tax Bill Update:The proposed Income Tax Bill 2025 introduces a key terminology change. It replaces "Assessment Year" and "Previous Year" with "Tax Year" and "Financial Year." This shift aims to make tax laws easier to understand.

ITR filing for FY 2024-25 is about to begin, and this is your chance to file your ITR accurately and avoid income tax notices and penalties. Therefore, it is advisable to seek help from experts. From tax planning to tax filing and notice resolution, Tax2win’s experts can help you with everything related to taxes. Book an online CA now!

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