You will find both “deadline” and “due date” commonly used in the context of income tax return filing.
Income tax deadlines and the term ‘due date’’ refers to the specific dates by which a particular task, obligation, or payment must be completed or submitted. In the context of income tax return (ITR), it’s the date by which taxpayers must file their ITR to avoid penalties, penal interest and late fees.
These income tax deadlines are established by the government and vary depending on the type of taxpayer and the requirements of the tax filing process.
Income tax return (ITR) filing is the process by which individuals, businesses, and other entities report their income, expenses, and tax liabilities to the tax authorities.
In India, this is done annually and involves submitting a form that details all sources of income, allowable deductions or exemptions and information on tax paid and deducted.
Filing an income tax return (ITR) is essential for determining the correct amount of tax owed, claiming refunds, and maintaining compliance with tax laws. It can also be necessary for various financial activities, such as applying for loans or visas.
For individual taxpayers, the deadline of filing income tax return (ITR) is usually 31st July of the assessment year.
If the taxpayer has business income and its accounts are required to be tax audited under section 44AB, the due date of filing income tax return is 31st October of the relevant assessment year. However, a tax audit report in form 3CA/3B-3CD has to be filed on or before 30th September of the relevant assessment year.
For the assessment year 2024-25 (for income earned in the financial year 2023-24), the due date of filing income tax return (ITR) for individual taxpayers was July 31, 2024, while for businesses requiring a tax audit, it is 31st October, 2024. However, the audit report has to be filed on or before 30th September 2024.
Always check for any specific extensions or changes that may occur in a given year.
For the financial year 2024-25 (assessment year 2025-26), the income tax return filing deadline for individual taxpayers is 31st July, 2025. For businesses requiring tax audit under section 44AB, the due date of filing ITR is 31st October 2025. Tax audit reporting filing due date is 30th September 2025.
However, if you miss filing within the due date, you can still file a belated return before on or before 31st December of the assessment year.
Here’s an overview of income tax filing deadlines in India:
| Category of Taxpayer | Due Date for Tax Filing – FY 2023-24*(unless extended) | Due Date for Tax Filing – FY 2024-25*(unless extended) |
| Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) | 31st July 2024 | 31st July 2025 |
| Businesses (Requiring tax audit under section 44AB) | 31st October 2024(Tax audit report filing due date was 30th September 2024, which is extended to 7th October 2024) | 31st October 2025(Tax audit report filing due date is 30th September 2025) |
| Businesses requiring transfer pricing reports (in case of international/specified domestic transactions) | 30th November 2024 | 30th November 2025 |
| Revised return | 31 December 2024 | 31 December 2025 |
| Belated/late return | 31 December 2024 | 31 December 2025 |
| Updated return | 31 March 2027 (2 years from the end of the relevant Assessment Year) | 31 March 2028 (2 years from the end of the relevant Assessment Year) |
Taxpayers filing their return after the due date will have to pay interest under Section 234A and a late fee penalty under Section 234F.
Frequently Asked Questions (FAQs)
What are Financial Year (FY) and Assessment Year (AY)?
In the context of income tax in India, the terms Financial Year (FY) and Assessment Year (AY) are important for understanding how income is reported and taxed.
The financial year is the year in which income is earned. It runs from April 1 to March 31 of the following year. For income earned between April 1, 2024, and March 31, 2025, the Financial Year is 2024-25.
The assessment year is the year following the financial year in which the income is assessed and taxed. During this year, taxpayers file their income tax returns for the income earned in the previous financial year.
For the financial year 2024-25, the corresponding assessment year is 2025-26.
Income earned in a financial year is assessed and taxed in the following assessment year. This system allows the tax authorities to evaluate and process tax returns after the income has been generated.
What are the consequences of missing the income tax return filing deadline?
Timely filing of your income tax return (ITR) is crucial to avoid financial penalties, interest charges, and potential legal consequences. It’s advisable to keep track of deadlines and file income tax returns promptly.
If you miss the income tax return (ITR) filing deadline in India, late Fees under section 234F of the Income Tax Act, up to Rs 5,000 may be levied for delayed filing of returns.
For individuals with an income of less than 5 lakh rupees, the penalty is capped at 1,000 rupees.
If you owe taxes and do not file income tax return (ITR) on time, you may incur interest charges at a rate of 1% per month or part month on the unpaid tax amount under Section 234A.
This interest is calculated for every month or part of a month the return is delayed.
Certain deductions or exemptions may not be claimed if the income tax return is filed late, leading to higher taxable income.
If you are eligible for a tax refund, missing the income tax return filing deadline may delay your refund processing.
In extreme cases of willful failure to file income tax returns, the taxpayer may face legal action, leading to prosecution.
Many financial institutions require proof of income tax filings when processing loan applications. Delayed filing may hinder your ability to secure loans or credit. Consistently missing income tax return filing deadlines can affect your credibility with the tax authorities and may lead to increased scrutiny in future assessments.
Late filing restricts the time available to revise or correct any mistakes in the submitted income tax return (ITR).
What to do if the income tax return filing due date is missed?
You can still file your income tax return (ITR) even after the due date by submitting a belated return. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government).
However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments.
Therefore, for this year (financial year 2023-24) , you may submit the belated return by 31 December 2024 at the latest.
Still, if you miss the 31st December deadline due to unavoidable reasons still you can file the updated (ITR U) income tax return subject to the conditions specified therein.
When a taxpayer is required to pay taxes in advance?
Advance tax is applicable to individuals and entities whose tax liability exceeds 10,000 rupees.
Taxpayers should estimate their total income and the corresponding tax liability for the financial year to determine the advance tax amount.
If advance tax is not paid as per the schedule, interest under Section 234B and Section 234C may be charged on the amount due.
How to claim an income tax refund after the due date?
An income tax refund can be claimed only when you file an Income tax return (ITR).
If you miss the income tax return (ITR) filing due date but still want to claim a refund in India, file a belated return under section 139(4) of the income tax act on or before 31st December of the assessment year.
When filing your belated return, clearly indicate the amount of refund you are claiming.
However, for missing the due date of filing income tax return (ITR), you will be liable for a penalty of Rs 5,000 for the delay. If the total income is less than Rs 5 lakh, then the fee payable is Rs 1,000.
How to revise income tax returns?
Revising an income tax return in India allows taxpayers to correct any errors or omissions in their previously filed returns.
If the taxpayer wants to revise the original income tax return filed, the same can be done using the revised return under Section 139(5).
The revised income tax return can be filed as per the standard procedure followed for original return filing. However, the taxpayer has to submit the ITR under Section 139(5).
You can file a belated return on or before 31st December of the assessment year. Taxpayers cannot file any return once this date is passed.
However, if the return was missed due to an extreme situation, you can lodge a request to your A.O. seeking permission to file past returns under Section 119.
What happens if the income tax return is not filed before the due date?
Failing to file your ITR before the due date can lead to financial penalties, interest charges, and various inconveniences.
If you fail to file an income tax return within the due date, a belated return can be filed.
Under Section 234F of the Income Tax Act, a late fee is applicable:
- Rs 5,000 if total income exceeds 5 lakh rupees.
- Rs 1,000 if total income is less than 5 lakh rupees.
- If annual income is below basic exemptions limit, late filing fee will be nil.
If there is any tax due, interest may be charged under Section 234A for the period of delay. This interest is calculated at 1% per month or part of the month on the unpaid tax amount.
What is the due date of return filing for Companies?
The due date for the return filing of domestic companies for FY 2023-24 is 31st October 2024.
However, if the company is having any international transaction or specified domestic transaction and is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2024.
It’s essential to file the income tax return by the due date to avoid penalties and interest. Companies must ensure they comply with all applicable requirements and maintain proper documentation for tax filing.
What is an income tax audit?
Tax audit in India refers to a systematic examination of an individual’s or entity’s financial records if section 44AB terms and conditions are applicable. Only certain types of assesses need to get their tax audit done by a chartered accountant in practice.
Typically, a tax audit under section 44AB is required for businesses with a turnover of more than 1 crore rupees and for professionals with gross receipts exceeding 50 lakh rupees. Refer Section 44AB to know more about tax audit requirements.
Will there be any penalty for filing the return if the income falls below the taxable limit?
No penalty or interest is levied for filing income tax return after the due date if the income is below the taxable limit.
Penalty up to a maximum of Rs 5,000 for taxable incomes exceeding Rs 5,00,000. For taxable Income below Rs 5,00,000, penalty may be applied up to Rs 1,000.
Further interest is charged at the rate of 1% per month on the unpaid amount of tax, if any.
Can I file Income Tax Return after 31st December?
Yes, you can file an income tax return after 31st December using ITR-U, which is known as an updated return.
However, you will be required to pay a penalty of up to Rs 5,000 and additional tax will be levied at 25% or 50% of the tax and interest due depending on whether the ITR-U is filed within 12 or 24 months from the end of the relevant assessment year.
