Income Tax Return Last Date and Due Date for AY 2024-25 (FY 2023-24): Filing ITR is must for earning individuals as well as businesses and professionals. It is especially beneficial for those involved in property transactions or visa applications. Even if one’s income falls below the threshold, fulfilling this duty demonstrates responsible citizenship and averts penalties.

Timely submission of ITR before the due date prevents penalties under Section 234F, saving taxpayers from potential fines of up to Rs 5,000. Moreover, ITR filing enables taxpayers to claim eligible tax deductions and refunds.

Under the income tax law, tax deductions are allowed on various types of investments and expenses. Such deductions helps in reducing taxable income and liabilities.

Submitting your taxes on time also speeds up the Income Tax Refund processing for overpaid taxes, ensures receipt of entitled refunds, allows carryforward of eligible losses for future tax years, and simplifies financial transactions like opening bank accounts, securing loans, applying for credit cards, and obtaining travel visas.

Also Read: Tax Regime Change during ITR: How Switch from New Tax Regime to Old

ITR Filing Due Date 2024

The due date to file ITR for income earned in FY 2023-24 (AY 2024-25) is July 31, 2024. Eligible taxpayers can file their returns before the due date without any late fee. However, for a belated return or missed filing, the last date is December 31, 2024.

According to the Income Tax Act , 1961, a certain amount of tax must be paid by individuals and establishments. Find the due dates of ITR filing for various taxpayers below:

When does ITR filing usually starts

Income Tax Return (ITR) filing typically begins in the month of April of the assessment year corresponding to the financial year. For example, for FY 2023-24 (AY 2024-25), the ITR filing process will start in April 2024.

However, for salaried taxpayers, ITR filing usually starts around 15th July, the time by when they receive Form 16 from employers. Taxpayers have until July 31, 2024, to file their returns. However, on missing the due date, they can file a belated return by December 31, 2024.

The ITR for FY 2023-24 covers income earned between April 1, 2023, and March 31, 2024, with the assessment year being AY 2024-25.

Difference between ITR filing due date and last date

While many individuals perceive the due date and the last date for Income Tax Return (ITR) filing as synonymous, a distinction exists between the two.

The due date for Income Tax Return (ITR) filing is the deadline to submit ITR without penalties. The last date allows for belated returns with late fees.

Filing after the due date incurs penalties unless a belated return is submitted before the last date with required fees. However, beyond the last date, no ITR can be filed unless authorized by a tax notice. Hence, it is imperative to file one’s ITR before the due date.

For Assessment Year (AY) 2023-24, the due date for non-audit cases is July 31, 2023, unless extended by the Government, while for audit cases, it is October 31, 2023. The last date to file ITR for AY 2023-24 is December 31, 2023.

Why you should file ITR before due date

Filing Income Tax Return (ITR) before the due date is essential to avoid additional charges and complications. If the deadline is missed, here’s what happens:

1. Interest Charges: The individual incurs interest at a rate of 1% per month or part month on the unpaid tax amount, as per Section 234A.

2. Late Filing Fee: Late filing results in a fee of Rs. 5,000 under Section 234F. However, if the total income is below Rs. 5 lakh, this fee reduces to Rs. 1,000.

3. Loss Adjustment: Failure to file before the deadline means the individual cannot carry forward any incurred losses from sources like the stock market, mutual funds, or properties to offset against income in the future. This option is only available if the return is filed on time.

4. Belated Return: If you miss the filing due date, you can still submit a return called a belated return. However, even with a belated return, you will still be liable for late fees and interest charges. Furthermore, any losses incurred cannot be carried forward for future adjustments. The government typically sets the deadline for filing a belated return as December 31st of the assessment year, unless they extend it. Ensure you submit the belated return by December 31, 2024, at the latest for this year.

In conclusion, it is vital for individuals and businesses to promptly file their Income Tax Returns (ITR) to meet fiscal obligations and demonstrate responsible citizenship. Timely submission prevents penalties, enables tax deductions, expedites refunds, and simplifies financial transactions. Understanding the difference between due dates and final deadlines is crucial for compliance. Hence, taxpayers should file their ITR well before the due date to fulfill their fiscal responsibilities efficiently.

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