Income Tax Return Filling Last Date

As taxpayers, navigating the intricate landscape of income tax regulations can often feel like a daunting task. Each financial year ushers in a flurry of deadlines and obligations, with the filing of income tax returns and the income tax filing date standing as a pivotal requirement. Amidst this maze of fiscal responsibilities, individuals with home loans must grasp how these deadlines intersect with their financial commitments. In this comprehensive guide, we will explore the vital deadlines for income tax return filing in India, while also shedding light on how individuals with home loans can adeptly manage their tax responsibilities.

What is the Income tax Return Filling Last Date?

The income tax return last date is a critical piece of information for every taxpayer. It marks the deadline by which you must file your ITR to avoid penalties and legal issues. The government sets these dates, and they can vary depending on the type of taxpayer you are. For individual taxpayers, the July 31st of the assessment year.  So, for the financial year 2024-25 (assessment year 2025-26), the typical due date is July 31, 2025

It is essential to keep track of these dates to ensure you file your returns on time. Filing late can lead to interest on taxes due and penalties, making it important to mark the income tax filing date on your calendar.

Important deadlines for filing income tax return

Please note: These dates are subject to change by the government, so it is advisable to stay updated with the latest announcements from the Income Tax Department.

Latest updates and changes in ITR deadlines

For the Financial Year (FY) 2023-24, corresponding to the Assessment Year (AY) 2024-25, the Income Tax Return (ITR) filing deadlines in India are as follows:

The Central Board of Direct Taxes (CBDT) extended the deadline for filing belated or revised returns from December 31, 2024, to January 15, 2025.

Filing your ITR within the stipulated deadlines is crucial to avoid penalties and interest charges. For instance, filing after the due date may attract a penalty of up to ₹5,000 under Section 234F of the Income Tax Act. Additionally, taxpayers who miss the original deadlines can file an updated return within two years from the end of the relevant assessment year, i.e., by March 31, 2027, for AY 2024-25.

For the most accurate and up-to-date information, always refer to official communications from the Income Tax Department or consult with a tax professional.

Steps to file income tax return before the due date

1. Collect documents: Gather all necessary documents like Form 16, bank statements, investment proofs, and other relevant documents.
2. Register on the income tax portal: If you are a new user, register yourself on the Income Tax Department's e-filing portal.
3. Select the correct ITR form: Choose the appropriate ITR form based on your income and category.
4. Fill in the details: Enter all required details accurately in the form.
5. Verify details: Cross-check the entered details to ensure they are correct.
6. Upload documents: Upload the necessary documents as per the instructions.
7. Submit the form: After verifying all details, submit the form on the portal.
8. E-verify your return: Complete the e-verification process to finalise your filing.
   

Common mistakes to avoid while filing ITR

1. Incorrect form selection: Ensure you choose the correct ITR form based on your income type.
2. Wrong personal details: Double-check your PAN, name, and other personal details.
3. Not reporting all income: Include all sources of income, including interest from savings accounts.
4. Ignoring deductions: Claim all eligible deductions under sections like 80C, 80D, etc.
5. Skipping verification: Complete the e-verification process to avoid incomplete filing.

Understanding home loans and tax implications

For many individuals, purchasing a home is a significant milestone, often facilitated through home loans. Home loans not only provide financial assistance but also come with tax benefits. Understanding these benefits is essential for homeowners to optimize their tax savings, especially with the income tax filing date approaching each year. Deductions on home loan interest under Section 24 and principal repayment under Section 80C are among the key tax benefits associated with home loans.

Managing income tax obligations with home loans

1. Utilising tax benefits: Homeowners can leverage tax benefits such as deductions on home loan interest and principal repayment to lower their taxable income. This not only reduces tax liabilities but also encourages investment in real estate.
2. Document management: Keeping track of all relevant documents related to the home loan, including loan statements, interest certificates, and repayment schedules, is crucial for accurate income tax return filing.
3. Timely payments: Ensuring timely repayment of home loan EMIs not only helps maintain a good credit score but also ensures compliance with tax regulations. Delayed payments may attract penalties and impact tax deductions.

Benefits of opting for Bajaj Housing Finance Home Loan

Now that you are well-versed in the nuances of filing your income tax return and maximising your tax savings, if you're someone in the market to purchase a new home, consider availing a home loan from Bajaj Housing Finance. Not only does this financial decision pave the way towards your homeownership dreams, but it also presents an opportunity to optimise your tax benefits.

By leveraging the deductions available on home loan interest under Section 24 and principal repayment under Section 80C, you can effectively reduce your taxable income and enhance your overall tax savings.

Here are a few benefits of opting for a Bajaj Housing Finance Home Loan:

• Flexible repayment options: Enjoy extended repayment durations of up to 32 years, allowing you to select a plan that best fits your financial situation and simplifies the repayment process.
• Competitive interest rates: Begin your homeownership journey with appealing interest rates starting at just 8.25%* p.a, and EMIs as affordable as Rs. 741/lakh*, making homeownership more accessible and economical.
• Customisable loan options: Tailor your home loan to meet your specific needs with variable loan amounts, and repayment terms, giving you greater control over the home-buying process.
• Top-up loan facility: Enhance your financial flexibility with a top-up loan facility, providing access to additional funds of Rs. 1 crore* or higher at competitive interest rates and minimal documentation, making it easier to manage a home loan balance transfer.

So, simplify your taxes while fulfilling your homeownership dreams with Bajaj Housing Finance Home Loan.