The last date to file your Income Tax Return for the financial year 2023-24 (which is for the assessment year 2024-25) without a late fee was July 31, 2024. If you filed by then, you didn’t have to pay any extra fees.
If you miss the deadline and file your return late, you may be required to pay late fee and penal interest.
You will have to pay interest on the amount of tax you owe, according to Section 234A of the tax law. Additionally, you will also have to pay late fees under Section 234F.
So, it’s best to file your return before the last date of filing to avoid these extra costs!
If you have not filed your Income Tax Return (ITR) by July 31, 2024 for the financial year 2023-24, you still have a chance to file it later. You can submit what’s called a “belated return” anytime before December 31, 2024.
However, keep in mind that filing a belated return means you might have to pay extra fees or penalties. So, while you have more time, it’s always better to try to file on time to avoid those extra costs.
Here are the important due dates for filing Income Tax Return (ITR) for the financial year 2023-24 (which is for the assessment year 2024-25).
These due dates apply unless the government extends them:
| Categories of Taxpayers | Last Date of Filing Income Tax Return (FY 2023-24) |
| Individuals, Hindu Undivided Families (HUF), Association of Persons (AOP), or Body of Individuals (BOI) | If you do not need to get your accounts audited, you must file your tax return by July 31, 2024. |
| Businesses that Require an Audit | If your business needs to have its accounts audited, your deadline to file your return is October 31, 2024. |
| Businesses Needing Transfer Pricing Reports | If your business is involved in international transactions or specific domestic transactions that require transfer pricing reports, you have until November 30, 2024, to file your return. |
| Revised Return | If you need to make changes to a return you’ve already filed, you can do this until December 31, 2024. |
| Belated (Late) Return | If you missed the initial deadline, you can still file your return late until December 31, 2024. |
| Updated Return | If you want to make changes to your return after it has been filed, you have until March 31, 2027 (which is two years after the end of the assessment year) to do this. |
Here are the important due dates for filing Income Tax Return (ITR) for the financial year 2024-25 (which is for the assessment year 2025-26).
| Categories of Taxpayers | Last Date of Filing Income Tax Return (FY 2024-25) |
| Individuals, Hindu Undivided Families (HUF), Association of Persons (AOP), or Body of Individuals (BOI) | If your accounts do not require auditing under section 44AB, the deadline to file your tax return is July 31, 2025. |
| Businesses that Require an Audit | For businesses that must have their accounts audited under section 44AB, the filing deadline is October 31, 2025. |
| Businesses Needing Transfer Pricing Reports | If your business engages in international transactions or certain domestic transactions necessitating transfer pricing reports, you have until November 30, 2025, to file. |
| Revised Return | If you need to amend a return that has already been submitted, you can do so until December 31, 2025. |
| Belated (Late) Return | Should you miss the original deadline, you can still file a late return until December 31, 2025. |
| Updated Return | For modifications to a return after filing, you have until March 31, 2028 (two years after the assessment year) to make changes. |
What are the Important Due Dates for Paying Advance Tax Installments for FY 2024-25?
| Due Date | Compliance Type | Advance Tax to be Paid |
| June 15, 2024 | First Installment | 15% of total estimated tax owed |
| September 15, 2024 | Second Installment | 45% of total estimated tax owed |
| December 15, 2024 | Third Installment | 75% of total estimated tax owed |
| March 15, 2025 | Fourth Installment | 100% of total estimated tax owed |
| March 15, 2025 | If taxpayer opted to pay under presumptive scheme | 100% of total estimated tax owed. Taxpayers need not pay in above four installments. 100% of the total estimated tax can be paid on or before March 15, 2025. |
What are the TDS Payment Due Dates for FY 2024-25?
| Quarter Ending | Month of Deduction | Due Date for Depositing TDS | TDS Return Due Date |
| June 30, 2024 | April 2024 | May 7, 2024 | July 31, 2024 |
| May 2024 | June 7, 2024 | ||
| June 2024 | July 7, 2024 | ||
| September 30, 2024 | July 2024 | August 7, 2024 | October 31, 2024 |
| August 2024 | September 7, 2024 | ||
| September 2024 | October 7, 2024 | ||
| December 31, 2024 | October 2024 | November 7, 2024 | January 31, 2025 |
| November 2024 | December 7, 2024 | ||
| December 2024 | January 7, 2025 | ||
| March 31, 2025 | January 2025 | February 7, 2025 | |
| February 2025 | March 7, 2025 | May 31, 2025 | |
| March 2025 | April 7, 2025 (for govt. offices) | April 30, 2025 (for other deductors) |
What are the TCS Payment Due Dates for FY 2023-24?
| Quarter Ending | Due Date to File TCS Return (Form 27EQ) | Due Date for Generating Form 27D |
| June 30, 2024 | July 15, 2024 | July 30, 2024 |
| September 30, 2024 | October 15, 2024 | October 30, 2024 |
| December 31, 2024 | January 15, 2025 | January 30, 2025 |
| March 31, 2025 | May 15, 2025 | May 30, 2025 |
Frequently Asked Questions (FAQs)
What are the consequences of missing the ITR filing deadline?
Here are the consequences for not filing income tax return on or before the last date of filing.
If you owe taxes and haven’t filed your return by the deadline, you will face trouble. You will be charged 1% interest per month (or part of a month) under section 234A on the unpaid tax amount. This interest is calculated from your filing deadline until the date you actually file your return.
Late Filing Fees Under Section 234F
For example, the due date for filing returns for the financial year 2023-24 was July 31, 2024. If you missed this date, you can still file your return by December 31, 2024, but you will need to pay a penalty for filing late.
The maximum penalty is ₹5,000 if you file your return after July 31, 2024, but before December 31, 2024.
However, there is a break for small taxpayers. If your total income is less than ₹5 lakh, the most you will have to pay for late filing is ₹1,000.
Summary of Late Filing Fees Under Section 234F
| Return Filing Due Date | Total Income Below ₹5 Lakh | Total Income Above ₹5 Lakh |
| Up to July 31, 2024 | ₹0 | ₹0 |
| August 1, 2024 to December 31, 2024 | ₹1,000 | ₹5,000 |
Loss Adjustment
If you have lost money from places like the stock market, mutual funds, property, or your business, you can carry those losses forward.
This means you can use them to reduce your income in the next year. Doing this can help lower your tax bill in the future.
However, if you miss the deadline to file your tax return, you won’t be able to carry those losses forward.
What are Financial Year (FY) and Assessment Year (AY)?
The financial year (FY) is the year in which you earn your income. For example, FY 2023-24 is from April 1, 2023, to March 31, 2024.
The assessment year (AY) is the year after the financial year when you file your tax return. In this case, for the income you earned in FY 2023-24, the assessment year is from April 1, 2024, to March 31, 2025. So, the assessment year for FY 2023-24 is AY 2024-25.
How Can I Claim an Income Tax Refund After the Due Date?
To get an income tax refund, you need to file your Income Tax Return (ITR). If you miss the due date for filing your ITR, you can still file it late, known as a belated return, until December 31st of the assessment year. However, if you are late, you may have to pay a penalty. The penalty is ₹5,000 if your total income is above ₹5 lakh. If your total income is less than ₹5 lakh, the penalty is only ₹1,000.
How Can I Pay Income Tax After the Due Date?
If you haven’t paid your taxes or filed your return by the due date, you can still do so later. However, you will have to pay a late filing penalty and interest when you file your ITR. Just like with claiming a refund, the penalty is ₹5,000 for those with income above ₹5 lakh, and ₹1,000 for those with income below that amount.
What Section of the Income Tax Act Allows Late Filing?
Section 139(4) allows you to file a belated return after the due date. If you do this, you may have to pay a penalty of up to ₹5,000. It’s best to file as soon as possible to minimize penalties and ensure compliance with tax regulations.
What Is the Due Date for Filing an Income Tax Return?
The due date for individuals and non-audit cases to file their Income Tax Return (ITR) is usually July 31st. For audit cases, the deadline is extended to October 31st of the assessment year. It’s important to meet these deadlines to avoid penalties and ensure compliance with tax regulations.
How Can I Revise My Income Tax Returns Before the Due Date?
If you need to change something in your original return, you can file a revised return using Section 139(5). You will follow the same steps as filing your original return, but you need to submit the revised return under this section. Make sure to complete the e-verification process as well.
How Can I Revise My Income Tax Returns After the Due Date?
You can still revise your return after the due date using Section 139(5), but you must do this by December 31st of the assessment year. Once that date passes, you cannot file any returns. However, if you missed the deadline due to a serious reason, you can ask your Assessing Officer for permission to file past returns under Section 119.
What Happens If I Don’t File My Income Tax Return on Time?
If you don’t file your income tax return on time, here’s what happens:
- Belated Return: You still have the option to file a belated return after the deadline has passed. This means you can report your income and pay any taxes owed, even though it’s late.
- Penalty: When you file a belated return, you may incur a penalty. The penalty can be up to ₹5,000, depending on your income level and how late you file. If your total income is below ₹5 lakh, the penalty is reduced to ₹1,000. This provision is designed to ease the burden on taxpayers with lower incomes.
Overall, while there are consequences for filing late, you still have the opportunity to fulfill your tax obligations and minimize penalties by submitting a belated return.
What Is the Due Date for Trusts to File Their Returns?
For the financial year 2023-24, trusts that do not need an audit must file their returns by July 31, 2024. If an audit is required, the due date is October 31, 2024. If the trust has to submit a report in Form No. 3CEB under Section 92E, the due date is November 30, 2024.
What Is the Due Date for Companies to File Their Returns?
For domestic companies for the financial year 2023-24, the due date is October 31, 2024. If a company has international or specific domestic transactions and needs to file Form No. 3CEB under Section 92E, the due date is November 30, 2024.
What Is the Last Date to File an ITR?
The last date to file an Income Tax Return (ITR) for individuals is July 31 of the assessment year. For those whose accounts require an audit, the deadline is October 31. Meeting these deadlines is essential to avoid penalties and ensure compliance with tax rules.
What Is an Income Tax Audit?
An income tax audit is a check of a person’s or business’s financial records to ensure they follow the Income Tax Act, 1961. Only certain people and businesses need to have their accounts audited by a chartered accountant.
Who Needs to Get an Income Tax Audit Report?
Businesses with an annual income exceeding ₹1 crore and professionals earning more than ₹50 lakh are required to obtain an income tax audit report. This audit ensures that their financial statements comply with tax regulations. It’s important to meet this requirement to avoid penalties and maintain transparency in financial reporting.
What If I Miss the December 31st Deadline?
If you miss the December 31st deadline to file a revised return, you won’t be able to submit it anymore. However, you can still file an updated return within two years from the end of the assessment year. It’s important to take action within this time frame to correct any mistakes or changes in your tax return.
Will My Refund Be Delayed if I File Late?
Yes, if you file your tax return after the due date, any refund you are due may be delayed as well. Filing on time helps ensure that you receive your refund more quickly. It’s best to meet the deadlines to avoid unnecessary wait times.
Will There Be a Penalty if My Income Is Below the Taxable Limit?
No penalty or interest will be charged if you file your income tax return late and your income is below the taxable limit. This means you can still file without worrying about extra costs, even if you’re past the deadline. However, it’s still a good idea to file on time whenever possible.
Are Both Penalty and Interest Charged for Late Filing?
Yes, both a penalty and interest can be charged for late filing. If your taxable income exceeds ₹5 lakh, you could face a penalty of up to ₹5,000. For incomes below ₹5 lakh, the penalty may be up to ₹1,000. Additionally, if you owe any unpaid tax, interest will be charged at 1% per month.
What Is the Earliest Date to File an Income Tax Return?
You can begin filing your Income Tax Return (ITR) from April 1st of the assessment year. For instance, the earliest date to file for the assessment year 2024-25 is April 1, 2024. Starting early can help you avoid last-minute rushes and ensure you have all your documents in order.
Can I File My ITR After Missing the Due Date?
Yes, you can file your ITR after the due date, but you must do so before December 31st. This is called a belated return and comes with a late filing fee and interest. Also, if you file late, you may not be able to carry forward losses except for losses from house property. Additionally, you won’t be able to choose the new tax regime when filing a belated return.
Can I File My ITR After July 31st?
Yes, you can file a belated return after July 31st, but you’ll need to pay a penalty of up to ₹5,000. It’s best to file as soon as possible to minimize penalties and ensure compliance with tax regulations.
Can I File My Income Tax Return After December 31st?
Yes, you can file an ITR after December 31st using ITR-U, but you will have to pay a penalty of up to ₹5,000, plus additional tax of 25% or 50% of the tax and interest owed, depending on when you file within the next 12 or 24 months.
