Filing your income tax return on time is crucial to avoid penalties and legal complications. The income tax return last date 2024 marks an important deadline for all taxpayers in India. Whether you are a salaried individual, business owner, or professional, knowing when to file your returns helps you stay compliant with tax regulations.
For financial year 2024-2025, the income tax department has set specific deadlines based on taxpayer categories. Missing the income tax return last date 2024 can lead to additional fees and interest charges that could have been easily avoided with proper planning.
This article will outline all important tax filing dates for FY 2024-2025 (Assessment Year 2025-2026), penalties for late submission, and how to prepare efficiently. We will also look at how financial planning, including home loans from Bajaj Housing Finance, can help in tax optimisation.
Income tax return last date for FY 2024-2025
The last date for filing income tax returns for FY 2024-25 is 31st July 2025 for regular taxpayers (such as salaried individuals and those not requiring an audit). This is the deadline to file your ITR without any penalty.
If you miss this date, you can still file a belated return by 31st December 2025. However, you will face these consequences:
- A late filing fee of Rs. 5,000 will apply (Rs. 1,000 if your total income is below Rs. 5 lakh).
- Under Section 234A, you must pay 1% interest per month on any unpaid tax amount from the original due date until the filing date
Thus, it is recommended that you file your ITR before the stipulated due date to avoid extra charges and stay compliant with tax laws.
Income tax filing due dates for FY 2024-25 (AY 2025-26)
Different categories of taxpayers have different deadlines for filing their income tax returns. Below is a table showing the key dates:
| Taxpayer category | Income Tax Return last date 2024 |
| Individuals and HUFs (no audit required) | July 31, 2025 |
| Companies/ Firms requiring audit | October 31, 2025 |
| Taxpayers with international transactions | November 30, 2025 |
| Belated return filing (with penalty) | December 31, 2025 |
| Revised return filing | December 31, 2025 |
| Updated return | 31 March 2030 (4 years from the end of the relevant Assessment Year) |
These dates are crucial to remember as the income tax return last date 2024 varies based on your filing category. Mark these dates in your calendar to ensure timely compliance with tax regulations.
Consequences of missing the ITR filing deadline
Missing the income tax return last date 2024 triggers several penalties and complications. The Income Tax Department imposes a late filing fee under Section 234F, which can be up to Rs. 5,000 depending on your income level.
For taxpayers with income below Rs. 5 lakhs, the maximum penalty is Rs. 1,000. For others, if filing is done after the income tax return last date 2024 but before December 31, 2025, the penalty is Rs. 5,000.
Apart from penalties, late filing has other consequences:
- Interest charges of 1% per month on unpaid tax under Section 234A
- Loss of the right to carry forward certain losses to future years
- Delayed processing of any refunds due to you
- Increased scrutiny from tax authorities
Homeowners with loans can face additional issues. Those claiming tax benefits on home loans from institutions like Bajaj Housing Finance must file returns on time to secure these deductions properly.
Most important date for income tax return filling for FY 2025-2026
For the FY 2025-2026 (AY 2026-2027), the key dates are projected to follow similar patterns as previous years. The income tax return last date 2024 serves as a reference point for planning ahead.
| Important dates | Description |
| April 1, 2025 | Beginning of Financial Year 2025-2026 |
| March 31, 2026 | End of Financial Year 2025-2026 |
| July 31, 2026 | Expected filing deadline for individuals (non-audit cases) |
| October 31, 2026 | Expected deadline for audit cases |
Planning ahead for these dates is wise, especially if you have investments or home loans from Bajaj Housing Finance that offer tax benefits and require documentation during filing.
TDS payment due dates for FY 2024-25
Tax Deducted at Source (TDS) has its own schedule of payment dates that companies and deductors must follow:
| Month of deduction | Due date for payment |
| April 2024 | May 7, 2024 |
| May 2024 | June 7, 2024 |
| June 2024 | July 2024 |
| March 2025 (year-end) | April 30, 2025 |
Timely TDS payments ensure that your Form 26AS reflects all tax credits correctly before the income tax return last date 2024, making your filing process smoother.
Why July 31 ITR deadline matters more than you think
Filing your ITR before the last date (July 31, 2025, for FY 2024-25) brings you several benefits. Let’s check them out:
1. You avoid penalties and interest
Filing your ITR after the due date can lead to penalties under the Income Tax Act. If your annual income is more than Rs. 5 lakh, you have to pay a late fee of Rs. 5,000. For income below Rs. 5 lakh, the penalty is Rs. 1,000.
Also, if you have unpaid tax, the government charges 1% interest per month until the tax is cleared. So, by filing before July 31, 2025, you can save on both penalty and interest charges.
2. You can do correct and accurate tax reporting
When you file your return before the due date, you usually have more time to gather the right documents, such as:
- Salary slips
- Bank statements
- Form 16
- Investment proofs, etc.
This reduces the chance of mistakes and ensures your return is accurate. Please note that accurate filing lowers the risk of getting a notice from the tax department for errors or missing information.
3. You get faster tax refunds
If you have paid more tax than required through TDS or advance tax, you may be eligible for a refund. Please note that the Income Tax Department usually processes refunds on a first-come-first-serve basis. Thus, early filers generally get their refunds faster.
4. You can carry forward losses
Filing your ITR before the deadline also allows you to carry forward losses from:
- Business
- Capital gains
- Other sources
These losses can be used to reduce your tax in future years. If you miss the last date, you lose the right to carry these losses forward. This increases your future tax burden.
5. You can make ITR verification and error rectification
After submitting the return, you must verify it within 30 days. If you file early, you have more time to complete the verification process without pressure. If there is a mistake or mismatch, you will still have ample time to correct it.
6. You get better loan and credit opportunities
Banks and financial institutions usually ask for ITR documents when you apply for loans or credit cards. When you file your ITR on time, you show them that you are financially responsible. This builds trust and improves your credit score. As a result, you become more eligible to obtain credit on favourable terms.
7. You can avoid last-minute rush and system errors
Many people file their ITR at the last minute! This puts pressure on the income tax website, which usually leads to site slowdowns or errors. Such technical glitches can delay your submission.
On the other hand, filing early gives you peace of mind, and you can avoid unnecessary stress.
8. You can do smart financial planning
By filing your ITR before the income tax return deadline, you can also do smart financial planning. Once you know your tax status (whether you need to pay taxes or receive a refund), you can budget for the rest of the year accordingly.
What if ITR Filing is Missed?
If you missed filing your ITR by the deadline, don’t panic! The Income Tax Department still gives you a couple of options to file your return later (though with some penalties and limitations).
Let’s understand in detail:
Belated return
If you don’t file your ITR by the original due date (usually July 31), you can still file it later as a belated return. This is allowed up to 31st December of the assessment year (unless the government extends it).
However, filing a belated return comes with late fees and interest charges on any unpaid tax. Another major drawback is that you cannot carry forward certain losses (like capital or business losses) to the next year.
On the positive side, you can still claim tax deductions (like under Section 80C) and exemptions (like HRA or LTA) even if you file late.
Updated return
If you miss even the 31st December deadline, you still get one more chance to file your return. This can be done through “Updated Return” (also called ITR-U). This type of ITR can be filed within 2 years from the end of the relevant assessment year.
However, you can file ITR-U only if you:
- Missed reporting income earlier
or
- Made an error in your original return
At the same time, you may have to pay additional tax and a penalty.
TCS payment due dates for FY 2024-25
Tax Collected at Source (TCS) follows similar payment schedules to TDS. Sellers collecting TCS must deposit it as per the following schedule:
| Quarter period | Due date for TCS payment | Due date for TCS return |
| April-June 2024 | July 7, 2024 | July 15, 2024 |
| July-Sept 2024 | October 7, 2024 | October 15, 2025 |
| Oct-Dec 2024 | January 7, 2025 | January 15, 2025 |
| Jan-March 2025 | April 30, 2025 | May 15, 2025 |
Understanding these dates is important if you purchase high-value items where TCS applies. The income tax return last date 2024 is when you need to reconcile all TCS payments in your final return.
What if ITR Filing has Errors?
It is common to file an ITR and later notice an error, like:
- Missing income details
- Wrong bank account
- Unclaimed deductions
In such cases, the Income Tax Department gives you a chance to resolve such mistakes by filing a revised return. Let’s learn how:
What is a revised return
A revised return lets you correct any errors or omissions made in the original ITR you submitted. Some common types of corrections you can make are:
- If you forgot to claim deductions under sections like 80C (investments), 80D (health insurance), or HRA, you can add them in the revised return.
- If you missed mentioning some income (like interest from a bank account or rental income), you can include it in the revised return.
- If you entered incorrect bank account information, you can correct it.
- You can update personal details like your PAN, name, address, or contact information.
- If your originally filed return doesn’t match the data in your Form 26AS or Annual Information Statement, you can revise it to avoid notice or scrutiny.
However, to be eligible for filing a revised return, you must file the original return before the due date. Also, you can revise your return as many times as needed before the deadline. The usual due date to file a revised return is 31st December of the relevant assessment year.
Example
Suppose Mr. X filed his return for the financial year 2024–25 on 30th June 2025. On 1st August, he realised that he forgot to claim deductions under Section 80C. Now, he can file a revised return anytime before 31st December 2025.
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What is Financial Year (FY) and Assessment Year (AY)?
The terms Financial Year (FY) and Assessment Year (AY) confuse several taxpayers while filing their ITR. These two terms are closely linked but refer to different time periods in the tax system. Let’s understand them in detail:
What is a Financial Year (FY)
A Financial Year is the 12-month period during which you earn your income from multiple sources, such as:
- Salary
- Business
- Freelancing
- Investments
- Other sources
It starts on 1st April and ends on 31st March of the following year. For example, say you earn money between 1st April 2025 and 31st March 2026. Now, this period is called Financial Year 2025–26.
As per the Income Tax Act, you don’t file your return during the financial year.
What is an Assessment Year (AY)
An Assessment Year is the year immediately following the Financial Year. During this period, the government reviews or "assesses" your income and collects the tax on it.
So, if your income was earned in FY 2025–26, the assessment of that income (i.e., tax filing, processing, and refund if applicable) will happen in Assessment Year 2026–27.
This means you file your return and pay tax in AY 2026–27 for the income earned in FY 2025–26.
Important Due Dates for Paying Advance Tax Instalments for FY 2025-26
If your total tax liability in a year is Rs. 10,000 or more (after TDS), the Income Tax Department expects you to pay taxes in advance instead of waiting till the end of the year. This is known as advance tax.
Now, you don't pay this advance tax all at once. Instead, the tax is paid in four instalments during the year. However, as an exception, if you are under the Presumptive Taxation Scheme (Sections 44AD or 44ADA), you pay the entire tax amount in one go by the last date.
Let’s have a look at the advance tax instalment schedule for FY 2025-26:
Due date |
Type of taxpayer |
Amount of tax to be paid |
15th June 2024 |
All regular taxpayers |
15% of the total estimated annual tax liability |
15th September 2024 |
All regular taxpayers |
45% of the total estimated annual tax (cumulative) |
15th December 2024 |
All regular taxpayers |
75% of the total estimated annual tax (cumulative) |
15th March 2025 |
All regular taxpayers |
100% of total estimated annual tax (cumulative) |
15th March 2025 |
Presumptive scheme taxpayers |
100% of tax payable (in one instalment only) |
By paying advance tax as per the above schedule, you can avoid interest penalties under Sections 234B and 234C. Additionally, be aware that the total advance tax paid is adjusted when you file your final return.
Conclusion
The due date for FY 2024-25 for filing your income tax return is July 31, 2025. By filing before the deadline, you can avoid:
- Penalties
- Interest charges
- Delays in tax refunds
Moreover, timely ITR filing makes you eligible to carry forward losses and claim all eligible deductions. It also enhances your credibility while applying for loans or credit cards.
At the same time, if you miss the deadline, provisions like belated or updated returns (ITR-U) exist. But they come with limitations and added costs, such as penalties and interest charges. Thus, to remain compliant, you must always try to file your ITR before the stipulated due date.
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