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.
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.
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.
Category of Taxpayer | Due Date for Tax Filing - FY 2023-24 |
Individual / HUF/ AOP/ BOI | 31st July 2024 |
Businesses (Requiring Audit) | 15th November 2024 |
Businesses requiring transfer pricing reports | 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) |
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.
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.
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.
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.
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.
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.
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 |
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.
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 |
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.