ITR Filing Last Date FY 2023-24 AY 2024-25 | Everything You Need to Know

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ITR Filing Last Date 2024

The deadline to file your Income Tax Return ITR for FY 2023-24 AY 2024-25 without incurring a late fee is 31st July 2024. Missing this deadline means you’ll face interest under Section 234A and a penalty under Section 234F.

Key Dates and Penalties

• Due Date: 31st July 2024
• Belated Return: File by 31st December 2024
• Interest: 1% per month under Section 234A
• Penalty: Rs. 5,000 under Section 234F reduced to Rs. 1,000 if income is below Rs. 5 lakh

What Are FY and AY?

The Financial Year FY is the period in which you earn your income, from 1st April 2023 to 31st March 2024. The Assessment Year AY is the year following the FY, where you assess and file your returns for the previous year’s income, i.e., AY 2024-25 for FY 2023-24.

ITR Filing Start Date for FY 2023-24 AY 2024-25

E-filing for FY 2023-24 starts on 1st April 2024.

Important Due Dates for Tax Filing

1. Individual/HUF/AOP/BOI non-audited: 31st July 2024
2. Businesses audited: 31st October 2024
3. Businesses transfer pricing: 30th November 2024
4. Revised Return: 31st December 2024
5. Belated/Late Return: 31st December 2024
6. Updated Return: 31st March 2027 2 years from the end of the relevant AY

Consequences of Missing the ITR Filing Deadline

• Interest and Late Fees: Pay 1% interest per month and a late fee of Rs. 5,000 reduced to Rs. 1,000 if income is below Rs. 5 lakh.
• Loss Adjustment: Inability to carry forward losses to future years.
• Belated Return: File by 31st December 2024 with penalties.
• Updated Return: File within 2 years from the end of the relevant AY.

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Advance Tax Instalments for FY 2023-24

1. 15th June 2023: 15% of tax liability
2. 15th September 2023: 45% of tax liability
3. 15th December 2023: 75% of tax liability
4. 15th March 2024: 100% of tax liability

Frequently Asked Questions

1. How to claim an income tax refund after the due date? File a belated return by 31st December 2024. Penalty: Rs. 5,000 Rs. 1,000 if income upto Rs. 5 lakh.

2. How to pay income tax after the due date? File a belated return with penalties and interest charges.

3. What section allows filing ITR after the due date? Section 1394 allows for a belated return with penalties.

4. What is the due date for filing an income tax return? 31st July for non-audit cases, 31st October for audit cases.

5. How to revise income tax returns? File under Section 1395 before 31st December 2024.

6. What happens if I miss the 31st December deadline? File an updated return within 2 years from the end of the relevant AY.

7. Will the refund be delayed for filing the return after the due date? Yes, refunds may be delayed.

8. Will there be a penalty for filing the return if income is below the taxable limit? No penalty for incomes below the taxable limit.

9. What is the due date of return filing for Trusts and Companies?

• Trusts non-audited: 31st July 2024
• Trusts audited: 31st October 2024
• Companies: 31st October 2024 30th November 2024 for those with international transactions.

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Advance Tax 1st Instalment Due for FY 2024-25 AY 2025-26

Due Date of Advance Tax FY 24-25 AY 25-26

WHO NEEDS TO PAY ADVANCE TAX?

With reference to Section 208, any Assessee whose estimated tax liability for the year is Rs 10,000 or more must pay advance tax. This includes:

• Individuals: Any individual with an estimated tax liability of Rs 10,000 or more.
• Corporates: All types of companies, including public limited companies, private limited companies, and one-person companies.
• Senior Citizens: People aged 60 years or more who do not run a business are exempt from paying advance tax. Only senior citizens with business income are required to pay advance tax.
• Presumptive Income for Businesses: Taxpayers under the presumptive taxation scheme (Section 44AD) must pay the entire advance tax by 15th March or have the option to pay all dues by 31st March.
• Presumptive Income for Professionals: Independent professionals (e.g., doctors, lawyers, architects) under the presumptive scheme (Section 44ADA) must also pay the full advance tax by 15th March or by 31st March.

WHO NEEDS TO PAY ADVANCE TAX?

For both individuals and corporates, advance tax is paid in four instalments during the financial year, running from April to March:

CALCULATION OF ADVANCE TAX

1. Compute Tax on Estimated Income from all source for the Year.
2. Reduce TDS estimated for the year
3. Reduce Advance tax Paid if any.
4. Pay the Balance tax in Advance as per the % age given here.
5. Save Interest.

PAYMENT OF ADVANCE TAX

CONSEQUENCES OF LATE PAYMENT/NON-PAYMENT

1. Non-payment of advance tax: Attracts interest under Section 234B. You must pay at least 90% of the total taxes as advance tax or TDS/TCS by 31st March. Failure to do so results in an interest payment of 1% on the entire unpaid amount.
2. Delay in payment: Attracts interest under Section 234C at 1% per month on the unpaid amount.

Approach for filing Income tax return

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Due dates for Filing Income tax for FY 2023-24 is 31st July 2024.