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ITR Filing Last Date for Financial Year (FY) 2023-24 (Assessment Year (AY) 2024-25)

ITR Filing Last Date: Filing an Income Tax Return (ITR) is a mandatory process for individuals and businesses falling under specified income brackets or carrying out particular types of transactions. It is the fundamental step in fulfilling one’s tax obligations to the government. Adhering to the due dates set by the Income Tax Department (ITD) helps you avoid penal consequences such as late fees, interest charges, and restrictions on carrying forward losses.

This blog provides detailed guidance on:

  1. The last date to file ITR for FY 2023-24 (AY 2024-25)
  2. Start date of the filing window
  3. Consequences of missing deadlines
  4. Understanding financial year (FY) and assessment year (AY)
  5. Advance Tax payment deadlines
  6. TDS payment deadlines

By the end of this write-up, you will have a comprehensive idea of the tax filing calendar and the significance of timely submissions. If you need professional support to handle the complexities of return filing, trustlinkindia offers services for filing GST, company registration, and more, helping you streamline your compliance tasks.

1. Introduction to Income Tax Return Filing

1.1 What is an Income Tax Return?

An Income Tax Return (ITR) is a form through which taxpayers report their income, deductions, and tax payable to the Income Tax Department. For individuals, an ITR includes various heads of income:

  • Salary
  • House property
  • Capital gains
  • Business or profession
  • Other sources (interest, dividends, etc.)

For companies, firms, and other entities, the form details business profits and other relevant financial information. The Income Tax Act of 1961 lays down the framework for what type of income should be reported, the deductions permissible, and the corresponding tax rates.

1.2 Who Should File an ITR?

Generally, anyone whose total gross income exceeds the basic exemption limit specified for that particular financial year is obligated to file a return. Other cases where ITR filing is mandatory can include:

  • Receiving income from foreign assets
  • Depositing above a specified threshold in bank accounts
  • Incurring significant expenditures (such as electricity bills crossing a specified amount)
  • Individuals claiming certain tax deductions and adjustments

Keeping track of the due dates set by the government each year is critical. Missing these deadlines can attract penalty, additional interest liability, and the inability to carry forward losses.

1.3 Relevance of Filing Within Due Dates

When you file within the stipulated timeline:

  • You stay compliant with legal requirements
  • You avoid penalties and interest charges
  • You can carry forward and set off losses in subsequent financial years
  • You streamline record-keeping, which proves beneficial during financial transactions such as loan applications or visa processes

For FY 2023-24 (AY 2024-25), there have been specified dates for different categories of taxpayers. Let’s examine all the relevant deadlines to ensure you stay on top of your tax calendar.

2. When is the Last Date to File ITR?

2.1 Standard Due Date for Non-Audit Taxpayers

For the financial year 2023-24 (which corresponds to AY 2024-25), the standard deadline for filing ITR (for non-audit cases) is 31 July 2024. This deadline usually applies to:

  • Salaried employees
  • Pensioners
  • Freelancers (not requiring an audit under Section 44AB)
  • Small businesses or professionals opting for presumptive taxation schemes (subject to conditions)

2.2 Belated Filing Deadline

Even if you miss the standard deadline (31 July 2024), you still have the opportunity to file a belated return. The belated return for FY 2023-24 can be filed on or before 31 December 2024.

However, filing a belated return comes with specific drawbacks:

  • Late filing fees
  • Interest on tax payable
  • Inability to carry forward certain losses

2.3 Extended Deadline for Resident Individuals

The government can occasionally extend deadlines under particular circumstances. For FY 2023-24 (AY 2024-25), the Central Board of Direct Taxes (CBDT) has provided an extension for resident individuals up to 15 January 2025. This indicates that the last date to file a belated return or revise the return for resident individuals may stand at 15 January 2025, subject to official notices.

It is important to verify the official notifications from the Income Tax Department or the CBDT for any last-minute changes. Extensions are generally granted to relieve burdens arising from unexpected conditions such as natural disasters, system updates, or other exceptional events.

3. Income Tax Returns (ITR) Filing Start Date for FY 2023-24 (AY 2024-25)

The e-filing window for ITR usually opens at the beginning of the assessment year. For FY 2023-24 (AY 2024-25), the e-filing facility commenced from 1 April 2024. You can start preparing and submitting your tax returns from this date onward.

Though the facility opens on 1 April, taxpayers typically finalize their returns closer to July because Form 16 from employers and other financial statements become available by June or early July. Despite this, it is a good practice to gather all relevant documents early, such as:

  • Form 16 (for salaried individuals)
  • Bank interest certificates
  • Proof of investments (for deductions under Chapter VI-A like Section 80C, 80D)
  • Capital gains statements from brokers (in case of stock market or mutual fund transactions)
  • Rental receipts and other documents relevant to determining income

Being prepared allows you to file on time without encountering last-minute glitches or missing out on important deduction claims.

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

Different categories of taxpayers have different due dates. Typically, taxpayers requiring an audit have a later deadline compared to individuals and businesses not requiring an audit. Below is a simplified table for WordPress editor to provide clarity on the important dates related to ITR filing:

Category of TaxpayerITR Filing Due Date (FY 2023-24)
Individuals (Salaried/Freelancers), HUF, Small Businesses (Non-Audit Cases)31 July 2024
Businesses Requiring Audit (Company, LLP, etc.)30 September 2024
Businesses Requiring Transfer Pricing Report30 November 2024
Belated Return (All Categories)31 December 2024 (Extended to 15 January 2025 for Resident Individuals)

Key Points to Note:

  • The due date for belated returns may vary if the government grants an extension.
  • Filing for companies, LLPs, and other businesses that fall under statutory audit requirements is usually due by 30 September (unless extended).
  • For those with international or specified domestic transactions, requiring submission of a transfer pricing report, the deadline generally shifts to 30 November.

5. Consequences of Missing the ITR Filing Deadline

Sticking to the filing deadline is extremely important as missing it can lead to various financial and legal consequences. Below are the principal after-effects:

5.1 Interest Liability (Section 234A)

If you file your return after the due date, interest is levied on the unpaid tax amount. This interest is calculated at a rate of 1% per month or part of a month. Thus, if you owe taxes, delaying the return beyond the due date means you pay additional interest on the outstanding tax liability.

5.2 Late Fee (Section 234F)

Section 234F imposes a late filing fee under the following scenarios:

  • A fee of Rs.5,000 is applicable if you file after the due date and your total income is above Rs.5 lakh.
  • If your total income is below Rs.5 lakh, the late filing fee is Rs.1,000.

While these amounts may seem small, it is an unnecessary cost that can be avoided by timely filing.

5.3 Inability to Carry Forward Losses

Losses from the following categories can be carried forward to future years only if you file your ITR within the original due date:

  • Capital losses (stock market, mutual funds, property transactions)
  • Business losses (speculative or non-speculative)
  • Other head-specific losses as permissible by the Income Tax Act

If you fail to file on time, you forfeit the right to carry forward these losses, which may lead to a higher tax liability in the future, as you cannot offset them against future gains or income.

6. What if ITR Filing is Missed?

Despite your best efforts, life events, professional commitments, or even technical issues might cause you to miss the ITR filing due date. In such cases, the Income Tax Act provides provisions to still file your return but with certain conditions.

6.1 Belated Return

A belated return allows taxpayers to submit their ITR after the initial due date. For FY 2023-24, you can file a belated return by 31 December 2024. However, there are implications:

  • You must pay the late filing fee (Section 234F) and any applicable interest (Section 234A).
  • You lose the benefit of carrying forward losses.
  • The window for revision is shorter, as you now have less time left in the assessment year to rectify any errors.

Due to these disadvantages, it is recommended to file your original return before or on 31 July 2024 to avoid additional fees and interest.

Extended Deadline for Resident Individuals

As mentioned earlier, resident individuals have an extended timeline of 15 January 2025 for belated returns. This extension is often announced through a formal notification. Always verify the final extension notice from the Income Tax Department.

6.2 Updated Return (ITR-U)

In circumstances where you fail to file even by the belated date (31 December 2024 or 15 January 2025 for resident individuals), there is a provision to file an updated return (ITR-U).

  • An updated return can be filed within 24 months from the end of the relevant assessment year, subject to certain conditions.
  • Additional tax may be levied as a percentage of the due tax depending on when you file the updated return.
  • The option for an updated return serves as a last-resort measure, preventing complete non-compliance. However, it’s crucial to know that updated returns come with more stringent penalties.

It is always financially and administratively advantageous to file your return as early as possible, keep track of official notifications, and stay compliant with the existing deadlines.

7. Understanding Financial Year (FY) and Assessment Year (AY)

7.1 Financial Year (FY)

In India, the financial year runs from 1 April of one calendar year to 31 March of the following calendar year. Thus:

  • FY 2023-24 starts on 1 April 2023 and concludes on 31 March 2024.

7.2 Assessment Year (AY)

The assessment year is the year immediately following the financial year, in which the income is assessed to tax. For instance:

  • For income earned during 1 April 2023 to 31 March 2024 (FY 2023-24), the assessment year is AY 2024-25, which runs from 1 April 2024 to 31 March 2025.

Effectively, you file the returns in AY 2024-25 for the income earned in FY 2023-24.

  • FY 2023-24: Period of earning
  • AY 2024-25: Period of assessment and return filing

Understanding these terminologies is essential to ensure you are filing the correct ITR form for the correct period.

8. Important Due Dates for Paying Advance Tax Instalments for FY 2024-25

Advance Tax is a mechanism to ensure that taxpayers pay tax in installments throughout the financial year rather than at the end. This spreads the tax liability and aids the government in consistent revenue collection.

You are required to pay advance tax if your total tax liability (after TDS and TCS credits) is Rs.10,000 or more in a financial year. Certain categories, such as senior citizens (aged 60 years or above) not having any business/professional income, are exempt from paying advance tax.

Due Dates for Advance Tax (FY 2024-25):

  1. 15 June 2024: At least 15% of the estimated tax liability
  2. 15 September 2024: At least 45% of the estimated tax liability (cumulative)
  3. 15 December 2024: At least 75% of the estimated tax liability (cumulative)
  4. 15 March 2025: 100% of the estimated tax liability (cumulative)

Late payment or non-payment of advance tax can lead to additional interest charges under Sections 234B and 234C. Here is a quick reference table:

Advance Tax Installment Due DatePercentage of Total Tax Liability to be Paid
15 June 202415%
15 September 202445% (cumulative)
15 December 202475% (cumulative)
15 March 2025100% (cumulative)

Paying your tax obligations through the year in a timely manner will help you avoid hefty interest and ensure smooth compliance with the Income Tax Act.

9. TDS Payment Due Dates for FY 2024-25

Tax Deducted at Source (TDS) is an indirect method of collecting tax. The person (deductor) making specified payments like salary, rent, commission, or professional fees is responsible for deducting tax before making the payment and then depositing it to the government treasury.

TDS ensures a regular flow of revenue to the government while reducing the burden on the taxpayer at the time of return filing. Failure to deposit TDS on time can lead to interest and penalties under the Income Tax Act.

For FY 2023-24 or FY 2024-25, the due dates for depositing TDS into the government account and filing TDS returns vary based on the type of deductor and the nature of the deduction. Below is a reference table often followed for TDS deposit and TDS return filing deadlines (subject to modifications if the government issues any updated notification):

Month of DeductionTDS Payment Due DateTDS Return Filing Due Date
April 20247 May 202431 July 2024 (Q1 Return)
May 20247 June 202431 July 2024 (Q1 Return)
June 20247 July 202431 July 2024 (Q1 Return)
July 20247 August 202431 October 2024 (Q2 Return)
August 20247 September 202431 October 2024 (Q2 Return)
September 20247 October 202431 October 2024 (Q2 Return)
October 20247 November 202431 January 2025 (Q3 Return)
November 20247 December 202431 January 2025 (Q3 Return)
December 20247 January 202531 January 2025 (Q3 Return)
January 20257 February 202531 May 2025 (Q4 Return)
February 20257 March 202531 May 2025 (Q4 Return)
March 20257 April 2025 (for TDS deducted up to 20 March 2025)
30 April 2025 (for TDS deducted from 21 March 2025 to 31 March 2025)
31 May 2025 (Q4 Return)

Notes:

  • TDS deposit due dates can vary if there is a national holiday or if the government notifies an extension.
  • TDS return filing due dates are typically the end of the month following the quarter’s end.
  • Delays or failures in deducting and depositing TDS can attract interest, late fees, and penalties under Sections 201(1) and 201(1A).

10. Additional Points to Keep in Mind

10.1 Validate Form 26AS and Annual Information Statement (AIS)

Before filing your return, it is essential to cross-check all the taxes paid on your behalf. The Form 26AS or the AIS summarizes:

  • TDS deducted by various deductors
  • TCS (Tax Collected at Source)
  • Advance tax or self-assessment tax paid
  • Details of any refund processed

Discrepancies between your records and Form 26AS/AIS can cause mismatch notices from the Income Tax Department. Ensuring accuracy in your reported income and tax credits is key to a hassle-free filing experience.

10.2 Choose the Correct ITR Form

Individuals, businesses, and other entities have different ITR forms. Choosing the correct form is crucial:

  • ITR-1 (Sahaj) for salaried individuals (income up to Rs.50 lakh), one house property, etc.
  • ITR-2 for individuals with capital gains
  • ITR-3 for individuals with business or professional income
  • ITR-4 (Sugam) for those using the presumptive income scheme
  • ITR-5 for firms, LLPs, AOPs, BOIs
  • ITR-6 for companies (other than those claiming exemptions under Section 11)
  • ITR-7 for persons including companies required to furnish returns under sections like 139(4A), 139(4B), 139(4C), or 139(4D).

Filing an incorrect form can lead to defective return notices, potentially invalidating your submission. Always verify the form that applies to your source(s) of income.

10.3 Pay Self-Assessment Tax, if Any

In case your TDS and advance tax are insufficient to cover your total tax liability, you should pay the balance as self-assessment tax before filing the ITR. This helps avoid additional interest.

10.4 Keep Documents for Future Reference

Retain all documents related to your income, deductions, and tax payments for a period of at least six years. The Income Tax Department can request proof of any claims made in your return even after assessment.

10.5 Track Official Notifications

Due dates can occasionally shift or get extended by the CBDT. Always keep an eye on the official Income Tax Department website for the most accurate information.

11. Step-by-Step Filing Process Overview

To have a snapshot of what it usually takes to file an ITR, here is a brief outline:

  1. Collect Documents: Gather Form 16, bank statements, interest certificates, Form 26AS, AIS, investment proofs, and capital gains statements.
  2. Choose the Correct Form: Identify whether ITR-1, ITR-2, or others apply based on your income.
  3. Reconcile TDS and Taxes Paid: Ensure that TDS amounts in Form 26AS/AIS match the figures mentioned in your salary slips or other receipts.
  4. Compute Total Income: Include incomes under all heads—salary, house property, capital gains, business/profession, or other sources.
  5. Claim Deductions and Exemptions: Deduct amounts eligible under Sections 80C, 80D, and others to lower your taxable income.
  6. Calculate Tax Liability: Apply relevant tax rates after deductions. Consider surcharges (if applicable) and cess.
  7. Pay Additional Tax (if needed): If your TDS/advance tax is inadequate, pay the balance as self-assessment tax.
  8. File ITR Online: Log in to the e-filing portal, fill in the relevant information, and submit. You can use pre-filled data if provided by the portal.
  9. Verify Your Return: The final step is verifying your return electronically (using Aadhaar OTP, net banking, etc.) or sending a signed physical copy (ITR-V) to the Centralized Processing Center in Bengaluru within 120 days. E-verification is faster and more reliable.

If at any stage you find the procedure complicated, trustlinkindia can assist you with filing GST returns, registering a new company, and preparing your ITR—ensuring you are always on the right side of the law.

12. Frequently Asked Questions (FAQs)

Q1. Can I file my ITR manually (offline)?
Most taxpayers are required to file online. However, in specific cases such as super senior citizens who do not have business income, manual submission might be allowed. Always confirm current requirements on the Income Tax e-filing portal.

Q2. What happens if I file after 31 December 2024?
Your return becomes a belated one, and if the due date for a belated return is also crossed, you might have to file an updated return (ITR-U). You will incur additional fees and interest.

Q3. Do I have to file a return if my employer has already deducted TDS?
Yes. TDS deduction does not eliminate the requirement for filing a tax return. If your income exceeds the basic exemption limit or you meet other mandatory filing criteria, you must still submit an ITR to disclose total income, deductions, and taxes paid.

Q4. Can a belated return be revised?
Yes, a belated return can be revised within the same time limit available for filing a revised return of any original return, i.e., before the end of the assessment year (or within such extended timeline if notified).

Q5. What is the difference between a belated return and a revised return?
A belated return is an ITR filed after the original due date. A revised return is one where you correct mistakes in a previously filed return (original or belated). You can revise returns multiple times within the permitted time frame.

13. Conclusion

Filing your Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) on time is not just about compliance; it also confers several financial advantages. By submitting your return within the stipulated period, you can save on late fees, reduce interest penalties, and keep the option of carrying forward losses. The due dates, such as 31 July 2024 for most non-audit taxpayers and 30 September 2024 for those under audit, are crucial markers in your yearly financial calendar.

Even if you happen to miss the standard deadlines, you have recourse to file belated or updated returns, albeit with added costs and certain restrictions. Keeping a thorough and systematic record of all your financial documents, such as Form 16, TDS certificates, investment proofs, and expenditure receipts, helps ensure that your return is accurate and complete. Furthermore, remaining vigilant about TDS and advance tax deadlines prevents unnecessary interest charges and ensures a smoother tax filing cycle.

If you are unsure about which ITR form applies to you or have a complex income structure, seeking professional assistance is always a wise approach. trustlinkindia offers an all-in-one platform where you can access services like GST filing, company registration, and tax compliance support to keep your finances in order. The Income Tax Department and the Central Board of Direct Taxes (CBDT) regularly update taxpayers about changes in dates or procedures, so keep checking official announcements and notifications for the latest information.

by Corporate Advisory, TRUSTLINK

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