Every taxpayer in India must file their Income Tax Returns (ITR) by the due dates as per the Income Tax Act of 1961. These dates vary depending on the type of taxpayer and the return submitted. Usually, the due date for filing income tax returns is July 31st of the assessment year. However, if you are required to get your accounts audited, you can furnish a return till October 31st.
Also, these dates are sometimes extended by the government under certain circumstances, such as technical glitches in the filing system or unforeseen events affecting taxpayers. The income tax return extended due date is mostly announced through official notifications from the Central Board of Direct Taxes (CBDT) to provide relief to taxpayers.
Let’s examine the income tax return extended due date, understand the filing process, and see what penalties are levied if you miss the deadline.
Latest update about the last date to file the ITR
As per the latest update from the Income Tax Department, the last date to file the ITR for FY 2023-24 or AY 2024-25 is July 31, 2024. If you miss this deadline and file your return after the due date, you will be required to pay:
- Interest under section 234A
and - Penalty under section 234F
When is the last date to file ITR?
The last date to file the income tax returns for Financial Year 2023-24 (Assessment Year 2024-25) is July 31, 2024. However, if you are required to get your accounts audited, you can file your returns by October 31st, 2024.
Furthermore, if you miss filing your income tax return by the specified due dates, you can still file a belated return under section 139(4) on or before December 31, 2024. However, this late return filing is subject to penalty and interest.
Also read about: Section 56 of income tax act
What are the Financial Year (FY) and Assessment Year (AY)?
While filing the returns for this year, you have to pay taxes on the income earned between April 1, 2023, and March 31, 2024. This period constitutes a “Financial Year (FY)”, which is denoted as FY 2023-24.
The income earned in a financial year is usually taxed the following year, known as the Assessment Year (AY). So, for the income you earned in FY 2023-24, you will file your tax returns during the Assessment Year 2024-25, which runs from April 1, 2024, to March 31, 2025. During this Assessment Year, you will:
- Report all your income
- Claim any exemptions or deductions, and
- Account for any losses incurred during the FY 2023-24
Income tax filing due dates for FY 2023-24 (AY 2024-25)
Filing income tax returns by the due date helps avoid penalties and ensure compliance. This date varies based on the type of taxpayers and the nature of returns they file. Let’s know about the various due dates as stipulated under the Income Tax Act for FY 2023-24 (AY 2024-25):
| Category of taxpayer | Due date for tax filing FY 2023-24 (without extension) |
| Individual/ AOP/ BOI/ HUF(not required to audit the books of accounts) | July 31st 2024 |
| Businesses (required to get the books of accounts audited) | October 31st 2024 |
| Businesses that are required to furnish transfer pricing reports (in cases of international/ specified domestic transactions) | November 30th 2024 |
| Revised return under section 139(5) | December 31st 2024 |
| Belated return under section 139(4) | December 31st 2024 |
| Updated return under section 139 (8A) | March 31st 2027 (must be filed before 2 years from the end of the relevant assessment year) |
What happens if you miss the ITR filing deadline?
If you miss the deadline or income tax return extended due date for filing your ITRs, here’s what happens:
- Interest
- As per Section 234A, you will have to pay interest on the unpaid tax amount at a rate of 1% per month or part of a month.
- Late fee
- As per Section 234F, you will have to pay a late fee of Rs. 5,000.
- However, if your total income is below Rs. 5 lakh, the late fee is reduced to Rs. 1,000.
- Loss adjustment
- As per the various provisions of the Income Tax Act, you can:
- Carry forward losses (say, loss under the head house property, long-term capital loss, and more)
and - Offset them against your income in future years
- Carry forward losses (say, loss under the head house property, long-term capital loss, and more)
- This adjustment reduces your tax liability.
- But, when you don’t file your ITR before the deadline, you tend to lose this benefit.
- As per the various provisions of the Income Tax Act, you can:
- Belated return
- As per Section 139(5), you can still file your ITR after the deadline, known as a belated return.
- However, you will be levied the late fee u/s 234F and interest charges u/s 234A.
- Additionally, you won’t be able to carry forward any losses for future adjustments.
- The deadline for filing a belated return is 31st December of the assessment year (unless the government extends it).
- So, for income earned in FY 2023-24, you file a belated return up to 31st December 2024.
- Updated return
- As per Section 139 (8A), if you miss the 31st December deadline, you can still file an updated return (ITR U) following all the specific conditions.
Also read about: Section 43B of the income tax act
Advance income tax filing due dates FY 2024-25
According to Section 208 of the Income Tax Act, taxpayers with an estimated tax liability exceeding Rs. 10,000 must pay advance tax. However, senior citizens are eligible for certain exemptions from this requirement. This tax must be paid in four different instalments. Let’s see the schedule for FY 2024-25:
| Due date | Instalments | Advance tax to be paid |
| June 15th 2024 | First instalment | 15% |
| September 15th 2024 | Second instalment | 45% |
| December 15th 2024 | Third instalment | 75% |
| March 15th 2025 | Fourth instalment | 100% |
Taxpayers who fall under sections 44AD and 44ADA, which pertain to “Presumptive Income”, must pay their advance tax by March 15 of the previous year. It is worth noting that any tax paid by March 31 is considered “advance tax”.
Essential tips for first-time ITR filers in 2024
As per the Income Tax Act, individuals earning above the basic exemption limit must file their returns by 31st July 2024 or the income tax return extended due date. However, for first-time taxpayers, this task can seem daunting. But, by understanding basic tax laws, deductions, and exemptions, first-time filers can easily furnish their returns and remain compliant.
Let’s check out some essential tips that can help you accurately file income tax returns for FY 2023-24:
1. Total taxable income
First-time filers should calculate their total taxable income by subtracting tax deductions and exemptions from their gross income. Some common deductions available under Chapter VI-A of the Income Tax Act are:
- Health insurance premiums
- Home loans
- Education loans
- Donations
- Investments made in tax-saving instruments
Also, you can claim exemptions for allowances received like House Rent Allowance (HRA) and Leave Travel Allowance (LTA).
2. New vs. Old tax regime
While filing their income tax returns, taxpayers have a choice between the old and new tax regimes. It must be noted that the old tax regime offers several exemptions and deductions like HRA and those available under sections 80C, 80D, 80G, and more.
On the other hand, the new tax regime charges lower tax rates but offers fewer deductions and exemptions. From FY 2020-21, the new tax regime has become the default tax option unless the taxpayer opts for the old tax regime.
3. Form 16
For salaried individuals, Form 16 is important as it details the TDS (Tax Deducted at Source) deducted by the employer from the salary. Furthermore, it includes all the necessary information for filing an ITR. Usually, it is provided by the employer by late May or mid-June.
You must refer to Form 16 while filing your income tax returns, as it ensures you accurately report your income and claim any deductions you are eligible for. Additionally, Form 16 provides the TAN of your employer, which is necessary for filling out the ITR forms correctly.
4. Review of Form 26AS
For those unaware, Form 26AS is an annual tax statement. It details:
- Tax deducted/ collected on your behalf
and - Lists your various income sources
You must use this form to accurately fill out your income and tax details in your ITR form. Follow these steps to use Form 26AS while filing taxes:
- Download it from the income tax e-filing portal.
- Then, review the details of
- Tax deducted at source (TDS)
- Tax collected at source (TCS)
- Any advance tax payments made throughout the year
- Compare these details with your financial records.
- If you find any discrepancy, report it to the relevant deductor for correction.
- Finally, use this verified information to file your return.
5. Annual information statement (AIS)
Like Form 26AS, AIS is another statement provided by the Income Tax Department to facilitate income tax return filing. It provides a comprehensive summary of your financial transactions, including TDS, TCS, interest, dividends, and stock market activities. AIS usually extends the information available in Form 26AS and helps ensure accurate tax filing.
6. Choosing ITR forms
It is worth stating that The Income Tax Department provides various ITR forms to cover multiple sources of income and taxpayer categories. Each form addresses:
- Specific types of income, such as salary, business profits, or capital gains and
- Different taxpayer types, like individuals, companies, or Hindu Undivided Families (HUFs)
Hence, while filing the ITR, it is important to select the correct form. By choosing the right form, you can accurately declare all your income types under appropriate heads and avoid processing delays.
7. Requirement of documents
You will need the following documents at the time of filing:
- PAN
- Aadhaar
- Form 16
- Interest certificates
- Annual Information Statement
- Form 26AS
- Details of capital gains, and
- Proof of tax-saving investments like insurance premiums and PPF contributions.
8. ITR Verification
After filing the ITR, it needs to be verified. This verification can be done:
- Online using Aadhaar OTP
or - Offline by sending a signed physical copy of ITR - V (Verification) to the Income Tax Department.
Also read about: Section 112A of income tax Act, 1961
What are the penalties for missing the ITR deadline?
Missing the ITR filing deadline or the income tax return extended date can result in several penalties and repercussions. Firstly, as per Section 234F of the Income Tax Act, a late filing fee of Rs. 5,000 is imposed. However, if the total income is below Rs. 5 lakh, this penalty is reduced to Rs. 1,000.
Secondly, under Section 234A, interest on the unpaid tax amount is charged at 1% per month or part of the month from the due date until the return is filed. This significantly increases the tax liability, especially if a substantial amount is due. Also, you lose the benefit of carrying forward losses and offsetting them against your future income. This disqualification increases future tax liabilities.
Key reasons why you should not delay filing your ITR
Filing your Income Tax Return (ITR) promptly is crucial for several reasons. Firstly, timely submission avoids late fees and penalties, which can add a significant financial burden. Secondly, it helps maintain a good compliance record with the tax authorities, potentially simplifying future financial transactions or loan applications. Additionally, delaying your ITR can result in the loss of certain benefits and deductions, reducing your potential refunds. Filing on time also minimises the risk of facing scrutiny or audits from the tax department. Lastly, early filing ensures peace of mind, reducing stress and allowing you to manage your finances more effectively.
Conclusion
Filing your income tax returns (ITRs) on time is important to avoid penalties and interest charges. For FY 2023-24, the deadline for most taxpayers is July 31, 2024, while those needing an audit have until October 31, 2024. Missing this deadline results in a late fee of Rs. 5,000 (Rs. 1,000 if your taxable income is less than Rs. 5 lakhs), interest charges under section 234A, and disqualification from carrying forward losses.
If you are filing an income tax return for the first time, you must use forms like Form 16, AIS, and Form 26AS for accurate reporting. Also, you must select the correct ITR form applicable to you and wisely choose between the old and new tax regimes.
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