Income Tax Return Filing Due Dates in India

Income Tax Return Filing Due Dates in India

What are Income Tax Returns (ITRs)?

Imagine a report detailing your income and tax payments for a specific financial year. That is exactly what Income Tax Returns (ITRs) are. Filing them requires individuals, businesses, and other entities to fulfil tax regulations. Timely filing ensures a smooth process and avoids unnecessary penalties.

When is the ITR Filing Due Date for FY 2023-24 (AY 2024-25)?

The deadline to file your ITR for the financial year 2023-24 (assessment year 2024-25) without incurring late fees is July 31st, 2024. Missing this deadline attracts interest and penalties under sections 234A and 234F of the Income Tax Act.

ITR Filing Due Dates for Different Taxpayers:

The due date for filing ITRs can vary depending on the taxpayer category:

•        Salaried Individuals, Hindu Undivided Families (HUFs), Association of Persons (AOPs), and Business with No Audit Requirement: July 31st, 2024
•        Businesses Requiring Audit: September 30th, 2024
•        Businesses Requiring Transfer Pricing Reports: November 30th, 2024

Revised and Belated ITR Filings:

•        Revised Return: If you need to correct your originally filed ITR, you can submit a revised return by December 31st, 2024.
•        Belated/Late Return: If you miss the regular deadline, you can still file a late return, but it must be done by December 31st, 2024. However, be prepared for possible penalties.

Understanding Financial Year (FY) and Assessment Year (AY):

•        The income earned between April 1, 2023, and March 31, 2024, falls under the financial year (FY) 2023-24.
•        The assessment year (AY) for this income is 2024-25 is when you file your ITR.

Consequences of Missing the ITR Filing Due Date:

•        Penalty: A penalty ranging from Rs. 1,000 to Rs. 5,000 may be charged.
•        Loss of Set-off Benefits: You might lose the ability to carry forward certain losses for future tax adjustments.
•        New Tax Regime Restriction: Filing a belated ITR might restrict you from opting for the new tax regime.
•        Interest on Late Payment: Interest will be levied on any unpaid tax amount under Section 234A at 1% per month or part month.

Important Points:

•        Timely ITR filing is important for tax compliance and avoids penalties.
•        The due date for ITR filing can vary depending on your taxpayer category.
•        Revised and belated ITR options are available but come with potential consequences.
•        Understand the distinction between the financial and assessment years for accurate filing.