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:
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.
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:
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.
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:
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.
When you file within the stipulated timeline:
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.
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:
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:
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.
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:
Being prepared allows you to file on time without encountering last-minute glitches or missing out on important deduction claims.
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 Taxpayer | ITR 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 Report | 30 November 2024 |
Belated Return (All Categories) | 31 December 2024 (Extended to 15 January 2025 for Resident Individuals) |
Key Points to Note:
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:
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.
Section 234F imposes a late filing fee under the following scenarios:
While these amounts may seem small, it is an unnecessary cost that can be avoided by timely filing.
Losses from the following categories can be carried forward to future years only if you file your ITR within the original due date:
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.
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.
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:
Due to these disadvantages, it is recommended to file your original return before or on 31 July 2024 to avoid additional fees and interest.
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.
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).
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.
In India, the financial year runs from 1 April of one calendar year to 31 March of the following calendar year. Thus:
The assessment year is the year immediately following the financial year, in which the income is assessed to tax. For instance:
Effectively, you file the returns in AY 2024-25 for the income earned in FY 2023-24.
Understanding these terminologies is essential to ensure you are filing the correct ITR form for the correct period.
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):
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 Date | Percentage of Total Tax Liability to be Paid |
---|---|
15 June 2024 | 15% |
15 September 2024 | 45% (cumulative) |
15 December 2024 | 75% (cumulative) |
15 March 2025 | 100% (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.
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 Deduction | TDS Payment Due Date | TDS Return Filing Due Date |
---|---|---|
April 2024 | 7 May 2024 | 31 July 2024 (Q1 Return) |
May 2024 | 7 June 2024 | 31 July 2024 (Q1 Return) |
June 2024 | 7 July 2024 | 31 July 2024 (Q1 Return) |
July 2024 | 7 August 2024 | 31 October 2024 (Q2 Return) |
August 2024 | 7 September 2024 | 31 October 2024 (Q2 Return) |
September 2024 | 7 October 2024 | 31 October 2024 (Q2 Return) |
October 2024 | 7 November 2024 | 31 January 2025 (Q3 Return) |
November 2024 | 7 December 2024 | 31 January 2025 (Q3 Return) |
December 2024 | 7 January 2025 | 31 January 2025 (Q3 Return) |
January 2025 | 7 February 2025 | 31 May 2025 (Q4 Return) |
February 2025 | 7 March 2025 | 31 May 2025 (Q4 Return) |
March 2025 | 7 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:
Before filing your return, it is essential to cross-check all the taxes paid on your behalf. The Form 26AS or the AIS summarizes:
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.
Individuals, businesses, and other entities have different ITR forms. Choosing the correct form is crucial:
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.
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.
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.
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.
To have a snapshot of what it usually takes to file an ITR, here is a brief outline:
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.
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.
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