ITR Filing Last Date: Key Dates for F.Y. 2023-2024 (A.Y. 2024-2025)
Updated: Jul 2
Knowing the last date for filing ITR is not only for compliance purposes but also a measure toward financial health and avoidance of unwarranted penalties. Be it a salaried employee, a freelancer, or a businessperson, such deadlines can help a person in budgeting his or her financial obligations effectively. In this article, let us discuss the important deadlines of ITR filing for the F.Y. 2023-2024. Also, explore some tips on how you should go about preparing your documents, and look at other online tools that will make the process easier.
Table of Content
What is an Income Tax Return (ITR)?
An income tax return is the form used by the taxpayers to give all the relevant information regarding his income and expenses to the concerned Income Tax Authorities. Through ITR individuals, partnerships, companies, and other legal businesses declare their taxable incomes to the government, claim deductions from taxes, and declare the amount of tax paid and due to the government in respect of any financial year. Filing an ITR ensures that the correct amount of tax is being paid by the taxpayer. Also, ITR filing is a prerequisite for many other financial procedures, either for applying for a loan or even during the processing of a visa. It works as a key document showing the financial status and compliance under Income tax Laws pertaining to an individual's or entity's status.
What is the Relevant Financial Year and Assessment Year for Filing the ITR?
“Financial Year” means the period in which you earn your income, usually from April 1 to March 31 of the following year. “Assessment Year” refers to the year succeeding the financial year in which, based on income earned in the Financial Year, your taxes become due for filing. For example, if the financial year is from April 1, 2023, to March 31, 2024, (F.Y. 2023-2024), the assessment year will be from April 1, 2024, to March 31, 2025, (A.Y. 2024-2025). That basically means that in A.Y. 2024-2025, you will report and file ITR for income earned in F.Y. 2023-2024.
What is the ITR Filing Last Date for F.Y. 2023-2024?
The due date for filing ITR for the Financial Year 2023-2024 (Assessment Year 2024-2025) is 31st July, 2024. If you miss this deadline you can file a belated return by 31st December 2024; however penalties will be applicable. For businesses requiring audits or those engaged in international or specified domestic transactions, the ITR filing last date is 31st October 2024. While for businesses required to furnish the audit report the ITR filing last date is 30th September 2024.
Why is it Important to File ITR on Time?
There are several benefits of filing ITR. However, filing ITR on time is very important because of the following reasons:
Avoid Penalties: Late submissions include financial penalties that increase with time.
Faster Refunds: If you are due for refunds, the earlier you file returns means faster processing and payment-linked procedures.
Loan Approvals: For-providing loan approvals, especially in the cases of home and car loans, the bank wants to see the latest ITR documents.
Carrying Forward of Losses: If there is a loss, the same may be carried forward to the succeeding years for set off, only if the ITR is filed on or before the due date.
Legal Proof: An ITR is a legal document and proof of income, useful in many verification processes that also include visa applications.
Avoid Interest Charges: Avoidance of extra interest charges on any tax unpaid.
ITR Filing Last Date: Key Dates for F.Y. 2023-2024 (A.Y. 2024-2025)
The key dates for F.Y. 2023-2024 (A.Y. 2024-2025) are as follows:
Due Dates for paying Advance Tax Installments for F.Y. 2024-2025
Following are the due dates for paying advance tax installments for the F.Y. 2024-2025:
Consequence of Missing the ITR Filing Last Date
Missing the ITR filing last date for F.Y. 2023-2024 can amount to the following:
Penalties: Late filing fees under Section 234F; may go up to INR 5,000 depending upon the date of actual filing and the taxable income.
Interest Charges: Additional interest charges will be levied on unpaid tax under Section 234A.
Delayed Refunds: If you are entitled to a refund, it may get delayed if you miss the ITR filing last date.
Carry Forward of Losses: Losses, other than from house property, cannot be carried forward if a return is not furnished on or before the due date.
Impact on Loan Applications: Loan applications may be affected for failure to submit the proof on time. Since showing the proof of returns filed on time, receipts of ITR are mostly asked for as a proof of income.
FAQ
Q1. What is the ITR filing last date for F.Y. 2023-2024?
The ITR filing last date for F.Y. 2023-204 is July 31, 2024, for most individual taxpayers.
Q2. What is the ITR filing last date for F.Y. 2023-2024 for businesses requiring audit?
The ITR filing last date for F.Y. 2023-204 for businesses requiring audits is October 31, 2024.
Q3. What is the deadline for filing a belated ITR?
You can file a belated ITR by December 31, 2024.
Q4. What happens if I miss the ITR filing deadline?
If you miss the deadline for filing ITR, it may lead to potential penalties and delay in issue of refunds.
Q5. Can I file my ITR after the last date?
You can file a belated return by the end of December 2024 but with possible penalties.
Q6. Is there any penalty for late filing ITR?
Yes, late filing an ITR results in penalties that can run up to a maximum of INR 5,000, depending on your taxable income and the actual date of filing.
Q7. How do I know which ITR form to use?
The type of ITR form depends on your sources of income: salary, house property, business income, capital gains, or other sources.
Q8. Can I file my ITR online?
Yes, IT returns can be filed online on the e-filing portal of the Income Tax Department.
Q9. What happens if ITR is not filed at all?
Non-filing an ITR may attract prosecution along with accrual of interest and penalty.
Q10. When do I pay any tax due?
The tax due needs to be paid ideally before filing your ITR to avoid interest charges.
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