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Updated on: Jan 3rd, 2024
6 min read
The due date to file ITR-7, Form 10B and Form 10BB which originally was 30th September 2023, has now been extended to 31st October 2023.
ITR filing last date for Financial Year 2022-23 (AY 2023-24) was July 31, 2023. However, if you missed filing within the due date, you can still file a belated return before December 31, 2023.
The ITR filing last date for Financial Year 2023-24 (AY 2024-25), i.e., the upcoming tax season, is July 31, 2024.
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 2023-24 where you file your returns and declare your investments 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.
The Income Tax Return (ITR) e-filing for AY 2024 -25 (FY 2023-24) has begun. 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
(books of accounts not required to be audited)
|31st July 2024
|Businesses (Requiring Audit)
|31st October 2024
|Businesses requiring transfer pricing reports
(in case of international/specified domestic transactions)
|30th November 2024
|31 December 2024
|31 December 2024
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:
|Nature of compliance
|Tax to be paid
|15th June 2023
|15% of tax liability
|15th September 2023
|45% of tax liability
|15th December 2023
|75% of tax liability
|15th March 2024
|100% of tax liability
|15th March 2024
|100% of tax liability
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Multitasking between pouring myself coffees and poring over the ever-changing tax laws. Here, I've authored 100+ blogs on income tax and simplified complex income tax topics like the intimidating crypto tax rules, old vs new tax regime debate, changes in debt funds taxation, budget analysis and more. Some combinations I like- tax and content, finance & startups, technology & psychology, fitness & neuroscience. Read more
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