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ITR Filing Last Date FY 2023-24 (AY 2024-25)

By Mohammed S Chokhawala

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Updated on: Dec 2nd, 2024

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7 min read

Filing your Income Tax Return (ITR) is an essential part of managing your tax obligations, and it’s important to stay updated with the latest deadlines and requirements. This guide highlights the ITR filing due dates for different categories of taxpayers, helping you navigate the tax filing process with ease.

Latest update: The CBDT has extended the ITR filing date for businesses requiring audit from 31st October, 2024 to 15th November, 2024.

When is the Last Date to File ITR?

ITR filing last date for non audit tax payers for Financial Year 2023-24 (AY 2024-25) was July 31, 2024. However, if you miss filing within the due date, you can still file a belated return before December 31, 2024.

ITR Filing Last Date

Income Tax Returns (ITR) Filing Start Date for FY 2023-24 (AY 2024-25)

The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024-25) has started from 1st April 2024 and the last date to file ITR for FY 2023-24 is discussed below.

Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25)

Category of Taxpayer

Due Date for Tax Filing - FY 2023-24
*(unless extended)

Individual / HUF/ AOP/ BOI     
(books of accounts not required to be audited)

31st July 2024

Businesses (Requiring Audit)

15th November 2024

Businesses requiring transfer pricing reports   
(in case of international/specified domestic transactions)

30th November 2024

Revised return

31st December 2024

Belated/late return

31st December 2024

Updated return

31 March 2027 (2 years from the end of the relevant Assessment Year)

Consequences of Missing the ITR Filing Deadline

Interest

If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.

Late fee

In case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.

Loss Adjustment

In case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.

What if ITR Filing is Missed?

Belated Return

If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government). Therefore, for this year, you may submit the belated return by 31 December 2024 at the latest.

Updated Return

Still, if you miss the 31st December deadline due to unavoidable reasons still you can file the updated (ITR U) return subject to the conditions specified therein. Click here to know more.

What are Financial Year (FY) and Assessment Year (AY)?

The return you will file in the upcoming year is for the income you earned in FY 2023-24, i.e. for the income earned between 1 April 2023 and 31 March 2024. The assessment year is the review year for FY 2023-2024, where you file your returns and declare your returns by declaring all the incomes, exemptions, deductions, losses etc., already made or incurred during the year for tax assessment. For the income earned during the FY (here FY 2023-24), the assessment year would be the immediately next year, i.e. 1st April 2024 to 31st March 2025. Hence, the assessment year would be AY 2024-25.

Important Due Dates for Paying Advance Tax Instalments for FY 2024-25

Whenever we talk about income tax, there are certain tax formalities that need to be followed within the specified due dates, such as filing income tax returns, paying advance tax on time, etc.   

The due dates for the payment of advance tax are:

Due date

Nature of compliance

Tax to be paid

15th June 2024

First instalment

15% of tax liability

15th September 2024

Second instalment

45% of tax liability

15th December 2024

Third Instalment

75% of tax liability

15th March 2025

Fourth instalment

100% of tax liability

15th March 2025

Presumptive scheme

100% of tax liability

TDS Payment Due Dates for FY 2024-25

Tax Deducted at Source (TDS) is the tax deducted from the money paid at the time of making specified payments such as salary, rent, commission, professional fees, interest etc. by the persons making such payments

The due dates for depositing the tax deducted at source and filing of TDS return for the financial year 2023-24 for deductors is as shown in the below table -

Quarter ending

Month of deduction

Due dates for depositing TDS   

(FY 2024-25)*

TDS Return Due Date  

(FY 2023-24)

30th June 2024

April 2024

7th May 2024

31st July 2024

May 2024

7th June 2024

June 2024

7th July 2024

30th September 2024

July 2024

7th August 2024

31st October 2024

August 2024

7th September 2024

September 2024

7th October 2024

31st December 2024

October 2024

7th November 2024

31st January 2025

November 2024

7th December 2024

December 2024

7th January 2024

31st March 2025

January 2025

7th February 2025

31st May 2025

February 2025

7th March 2025

March 2025

7th April 2025 (for tax deducted by govt. office)

30th April 2025 (for other deductors)

*For the government deductors, making the TDS via book entry (Treasury Challan) should be deposited on the same day of deduction, whereas for March month by the 7th of April.

TCS Payment Due Dates for FY 2024-25

Tax Collected at Source(TCS) is the tax collected by the seller from the buyer on the sale of specified items and deposited by the seller to the Government.  For other cases, sellers must deposit the TCS amount within 7 days after the end of the month in which the tax was collected. Tax collectors are required to submit a quarterly TCS return in Form 27EQ for the tax collected during that quarter. Form 27D serves as the certificate issued for the filed TCS returns.

The due dates for depositing the tax collected at source and filing of TCS return for the financial year 2023-24 is as shown in the table below - 

Quarter Ending

Due date to file TCS return - Form 27EQ

Due Date for generating Form 27D

For the quarter ending on 30th June

15th July

30th July

For the quarter ending on 30th September

15th October

30th October

For the quarter ending on 31st December

15th January

30th January

For the quarter ending on 31st March

15th May

30th May

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Frequently Asked Questions

How to claim an income tax refund after the due date?

An income tax refund can be claimed only when you file ITR. However, if you miss the due date for filing ITR, you can file a belated return on or before 31st December of the assessment year. A penalty of Rs.5,000 is charged for the delay. However, if the total income of the person is less than Rs.5 lakh, then the fee payable is Rs.1,000.

How to pay income tax after the due date?

If you have missed paying taxes and filing your return within the due date, you will still be allowed to do so post the due date. However, a late filing penalty and interest will be levied while filing ITR. A penalty of Rs.5,000 is charged for the delay in filing of return. If the total income of the person is less than Rs.5 lakh, then the fee payable is Rs 1,000.

What section under the Income Tax Act allows an individual to file ITR after the due date?

Section 139(4) allows for the filing of a belated return, i.e., a return after the due date. A penalty of up to Rs.5,000 is charged for the delay in filing of return. 

What is the due date for filing an income tax return?

Usually, the due date to file an income tax return is 31st July for individuals and non-audit cases, and 31st October for audit cases of the relevant assessment year. You can seamlessly e-file your income tax return with Cleartax in under 3 minutes.

How to revise income tax returns before the due date?

If the taxpayer wants to revise the original return filed, the same can be done using the revised return under Section 139(5). The revised return can be filed as per the standard procedure followed for original return filing. However, the taxpayer has to submit the ITR under Section 139(5). The entire process of e-verification needs to be completed while revising the return.

How to revise income tax returns after the due date?

If the taxpayer wants to revise the original return after the due date, the same can be done using the revised return u/s 139(5). You can file a belated return on or before 31st December of the assessment year. Taxpayers cannot file any return once this date is passed. However, if the return was missed due to an extreme situation, you can lodge a request to your A.O. seeking permission to file past returns under Section 119.

What happens if the income tax return is not filed before the due date?

If you fail to file an income tax return within the due date, a belated return can be filed. However, a penalty of up to Rs.5,000 for late filing will be charged for filing belated returns. If the total income of the person is less than Rs.5 lakh, then the fee payable is Rs.1,000. 

What is the due date of return filing for Trusts?

The due date of return filing for trusts for FY 2023-24, whose accounts are not required to be audited is 31st July 2024. If the accounts of the trust are required to be audited, the due date to file ITR will be 31st October 2024.     
Suppose the trust is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2024.

What is the due date of return filing for Companies?

The due date for the return filing of domestic companies for FY 2023-24 is 31st October 2024. However, if the company is having any international transaction or specified domestic transaction and is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2024.

What is the last date to file ITR?

The last date to file ITR for individuals is 31st July of the relevant assessment year and 31st October for taxpayers whose accounts are subject to audit.

What is an income tax audit?

It is the examination and inspection of an entity’s books of accounts to ensure compliance with the Income Tax Act, 1961. Only certain types of assesses need to get their tax audit done by a CA or a firm of CAs.

Who needs to get an income tax audit report?

Any business with an annual turnover exceeding 1 crore and any professional with receipts above Rs 50 lakh has to get their tax audit done. 

The deadline is here and it is never a good idea to wait for extensions. Filing your income tax return has been made easier with Cleartax e-filing website. Files yours now in under 3 minutes.

What can be done if the 31st December due date return is also missed?

The revised return can be filed on or before 31st of December of the relevant Assessment year, if any omission or wrong statement is recognised after it is filed. Further, an updated return can also be filed within 2 years from the end of the relevant Assessment year.

Will the refund be delayed for filing the return after the due date?

Yes, if the return is filed after the deadline, then the refund credited to the assessee’s bank account might also be delayed. 

Will there be any penalty for filing the return if the income falls below the taxable limit?

No penalty or interest is levied for filing income tax return after the due date if the income is below the taxable limit.

Whether the penalty and interest both are imposed for late filing of Income Tax Return?

Penalty upto a maximum of  Rs. 5,000 for taxable incomes exceeding Rs.5,00,000.  For Taxable Income below Rs. 5,00,000, penalty may be applied upto Rs.1,000. Further interest is charged at the rate of 1% per month on the unpaid amount of tax, if any.

What is the earliest date to file Income Tax Return?

The earliest date to file Income Tax Return in 1st April of the Assessment Year. For instance, the earliest date to file Income Tax Return for AY 2024-25 is 1st April 2024.

Can i file my ITR later if i miss the due date?

ITR can be filed after the due date but such ITR should be filed before 31st December. This ITR will be considered Belated Return and a late filing fee will be levied along with interest. In addition to paying penalty and interest, individuals will be unable to carry forward losses other than loss from house property. It is to be noted that individuals will not be eligible to opt for the new tax regime when filing a Belated Income Tax Return. 

Can I file ITR after 31st July?

Yes, you can file a Belated return after 31st July. however, you will have to pay a penalty of up to Rs. 5,000.

Can I file Income Tax Return after 31st December?

Yes, you can file income tax return after 31st December using ITR-U. However, you will be required to pay penalty of upto Rs. 5,000 and additional tax will be levied at 25% or 50% of the tax and interest due depending on whether the ITR-U is filed within 12 or 24 months from the end of the relevant assessment year.

What is the extended date for filing the ITR for businesses requiring an audit?

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns (ITR) for businesses requiring an audit. The new deadline is 15th November 2024, up from the previous deadline of 31st October 2024.

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About the Author

I'm a chartered accountant, well-versed in the ins and outs of income tax, GST, and keeping the books balanced. Numbers are my thing, I can sift through financial statements and tax codes with the best of them. But there's another side to me – a side that thrives on words, not figures. Read more

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Quick Summary

Understanding the significance of timely Income Tax Return (ITR) filing and consequences of missing deadlines. Also, includes information on ITR filing dates for FY 2023-24, advance tax installment, TDS, and TCS payment deadlines. Details on belated and updated ITR filings are discussed.

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