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ITR filing Last Date FY 2023-24 (AY 2024-25) - Income Tax Return Due Date

Updated on: 21 May, 2024 02:52 PM

Income tax is a significant source of revenue for governments worldwide. It is classified as a direct tax because individuals and entities that earn a taxable income are obligated to pay their taxes directly to the government.

The Income Tax Return filing last date for FY 2023-24 (AY 2024-25) is 31st July 2024. Also, the ITR last date for a late return for the same FY is 31st December 2024.

Since the IT return filing last date for FY 2023-24 (AY 2024-25) is 31st July 2024. therefore, it is important to complete ITR filing on time to comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions.

Section 234A and Section 234F of the Income Tax Act pertains to penalty provisions related to the late filing of income tax returns. It is worth noting that the central government has the authority to extend the income tax ITR filing due dates.

What is Income Tax Return (ITR)?

An Income Tax Return (ITR) is a form or document that individuals, businesses, and other entities use to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a declaration of their taxable income and the taxes they owe or are eligible to receive as a refund.

The Income Tax Return serves as a means for taxpayers to provide comprehensive information about their financial transactions, sources of income, and expenses to the tax authorities. It helps determine the taxpayer's tax liability and enables the government to assess and collect taxes effectively.


When is the Last Date to File ITR?

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). It starts on 1st April and ends on 31st March of the next calendar year. The ITD has started income tax e filing for taxpayers.

The income tax ITR filing due date for FY 2023-24 is 31st July 2024. However, this date can be extended, if the Income Tax Department finds it necessary.

Missing out on the Income Tax Return filing 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. File ITR with Expert CAs Now!


Why is it Important to File Income Tax Returns on Time?

Filing income tax returns on time is a legal obligation imposed by the government. It is essential for individuals and entities to 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 -

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.

To help you get your loans approved quickly. An Income Tax Return (ITR) gives a thorough overview of your overall income, investments, and tax obligations. When you apply for a loan, financial institutions review your ITR to assess your eligibility.

Some investments entail Tax Deducted at Source (TDS), meaning the provider deducts applicable taxes from your income before disbursing it to you. However, if your total income falls within the tax-exempt bracket, you must request a refund for the TDS amount paid.


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

The last date to file ITR for Firms and HUFs for FY 2023-24 is 31st July 2024.

ITR filing last date 2024 and Audit report filing for different categories of taxpayers- FY 2023-24 (AY 2024-25)

Taxpayer Category ITR filing last date-FY 2023-24 Due date to file audit report for FY 2023-24
Businesses (Audit cases including Private Limited Companies, OPC, LLPs, and firms) 31st October 2024 30th September 2024
Business (Non-Audit cases including Private Limited Companies, OPC, LLPs, and firms) 31st July 2024
Association of Persons (AOP) 31st July 2024
Body of Individuals (BOI) 31st July 2024
Individual 31st July 2024
Trusts, colleges, political parties (Audit Cases) 31st October 2024 30th September 2024
Trusts, colleges, political parties (Non-Audit Cases) 31st July 2024
Report to be filed u/s 92E 31st October 2024
Furnishing of Income Tax Return in case of Transfer Pricing 30th November 2024
Revised Return 31st December 2024
Belated/Late Return 31st December 2024

What is the Due Date for Making Payment of Advance Tax Installments?

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

Installment Due Date For all assessee (except assessee referred in next column) Assessee declaring income under presumptive schemes under 44AD / 44ADA
1st Till 15th June of FY 15% of the amount of advance tax Nil
2nd Till 15th September of FY 45% of the amount of advance tax Nil
3rd Till 15th December of FY 75% of the amount of advance tax Nil
4th Till 15th March of FY 100% of the amount of advance tax 100%

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


What is the 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:-

For the Month Due Date
Due Date for TDS payment in case of Govt. Assessee
April 2023 to February 2024 Last date of the month in which TDS/TCS is deducted or collected
March 2024 7th April 2024
Due Date for TDS payment in case of Non-Govt. Assessee
April 2024to February 2025 7th of next month
March 2025 30th April 2025

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.

The due date for Quarterly payment of TDS as permitted under Section 192, 194A, 194D, or 194H are
For the quarter Due Date
For the quarter ending 30th June 7th July
For the quarter ending 30th September 7th October
For the quarter ending 31st December 7th January
For the quarter ending 31st March 30th April

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.


What is the Due Date for Filing a TDS Return?

The due date for submission of quarterly TDS Returns for FY- 2023-24 in Form 24Q, Form 26Q, Form 27Q & Form 27EQ by Government or Non-Government deductors are:

Quarter Period Due Date
1 01 January 2023 2024 to 31 March 2023 2024 31st May 2023 2024
2 01 July 2024 to 30 September 2024 31st October 2024
3 01 October 2024 to 31 December 2024 31st January 2025

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)

Form No. Due date Periodicity
Form 16 (TDS on salary) 31st May 2024 (for FY 2023-24) Annual
Form 16A (TDS on income other than salary) Within 15 days from the due date of furnishing TDS return Quarterly
Form 16B (TDS on sale of property u/s 194IA) Within 15 days from the due date of furnishing challan in Form No. 26QB Each transaction
Form 16C (TDS on Rent) Within 15 days from the due date of furnishing challan in Form No. 26QC Each transaction
Form 27D (TCS) Within 15 days from the due date of furnishing TCS return. Quarterly

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)


What is the Interest and Penalty for Delay in Filing Returns?

Particulars Amount of penalty and Interest Section of the Act
Delay in filing Income Tax Return For FY 2023-24(AY 2024-25)
Penalty- when the total income of the person exceeds INR 5 Lakhs: Rs. 5,000
- any other case: Rs. 1,000
Interest- 1% per month or part month on the unpaid tax amount under Section 234A if you file your return after the due date.
234F
Late filing of TDS return Fee: INR 200 per day from the due date of filing till the date of filing such return. Such penalty shall not exceed the TDS amount.
Penalty: Minimum INR 10,000 and maximum INR 1,00,000 No penalty if the return is filed within one year from the due date
234E
271H

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

As we are ready to discuss the due dates for the financial year 2023-24, it’s essential to establish a solid understanding of the concepts of financial and assessment years.

Financial Year (FY):

  • The period during which you earn income.
  • In most countries, including India, the financial year follows a standard calendar and runs from April 1st to March 31st of the next year.
  • For example, the financial year 2023-24 refers to the income earned between April 1, 2023, and March 31, 2024.

Assessment Year (AY):

  • The year following the financial year in which the income earned in the previous FY is assessed by the tax authorities.
  • This is also the year when you need to file your income tax return and pay any taxes owed.
  • So, the assessment year for the financial year 2023-24 would be 2024-25. During this assessment year, you would file your tax return for the income you earned in the financial year 2023-24.

Here's a table to summarize the key differences:

Feature Financial Year (FY) Assessment Year (AY)
Period Income earning period Tax assessment period
Duration April 1st to March 31st of the next year Follows the financial year (usually April 1st to March 31st)
Example FY 2023-24 AY 2024-25 (for income earned in FY 2023-24)

If you want to avoid any types of penalties or charges, you can take help from experts who will not only help you file your ITR on time but also ensure it is accurate. file your ITR with Tax2Win!


What Happens if the Deadline for Filing ITR is Missed?

Missing the deadline for filing your ITR isn't ideal, but it's not the end of the story either. The consequences depend on whether you file a belated return and when you do. Here's a breakdown:

Consequences of Missing the Deadline:

  • Late Filing Penalty: 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.
  • Delay in Refunds: If you're due a refund, you won't receive it until you file your return.
  • Filing a Belated Return:

You can file a belated return up to December 31st of the relevant assessment year (e.g., for the financial year 2023-24, the deadline is December 31st, 2024). However, you'll still face the late filing penalty mentioned above.

Additional Consequences for Not Filing at All:

If you never file your ITR, the consequences can be much more severe:

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.

Difficulty Claiming Tax Benefits: You may not be able to claim certain tax benefits, such as losses from investments if you don't file your ITR.

If you ever need any assistance e filing your income tax return, our team of tax experts can help maximize your tax savings and accurately file your ITR. Don’t wait for the last date to file ITR; Book eCA Today!


FAQs on ITR filing Deadline

Q- What is the ITR filing last date for FY 2023-24 (AY 2024-25)?

The due date for tax filing of FY 2023-24 (AY 2024-25) is 31st July 2024.


Q- Can I file a Revised Income Tax Return?

Yes, the revision of the Income Tax Return till the last date is allowed. The last date to file a revised ITR is December 31 of the relevant assessment year. Thus, the last date to file a revised ITR for FY 2023-24 (AY 2024-25) is December 31, 2024.


Q- What is the due date for Income tax return filing for companies for AY 2024-25?

The ITR filing last date 2024 for domestic companies is 31st October 2024 for FY 2023-24.


Q- What will happen if a salaried person files Income Tax Return after the due date?

Filing after the due date will attract late fees u/s 234F of the Income Tax Act. Also, 234 A is applicable.


Q- Can we file an Income Tax Return after the due date?

You can file a late return up to 31st December of the relevant assessment year after payment of late fees and interest as applicable.


Q- Can I opt for the new regime after the due date?

Returns under the new tax regime can be filed up to the due date of ITR only.


CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.