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

By Ektha Surana

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Updated on: Jun 19th, 2024

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13 min read

Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.  

When is the Last Date to File ITR?

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

Click here to file income tax return

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.

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)

31st October 2024

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

30th November 2024

Revised return

31 December 2024

Belated/late return

31 December 2024

Updated return

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

Click here to file income tax return

What Happens if You Miss 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.
  • 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

Not sure whether you should file an income tax return? Read our article. Use ClearTax to e-file your IT return right away!

  • If you get a salary, you can simply upload your Form 16 and ClearTax will prepare your return automatically and help you finish e-filing within a matter of few minutes.
  • If you are a freelancer or run a small business or a home-based business like a Kirana store or an e-commerce seller (Section 44AD or 44ADA), ClearTax is the easiest place to e-file your ITR-4. Our CAs can prepare and e-file your income tax return. Please have a look at our CA-assisted plans here.
  • ClearTax automatically selects the correct ITR form applicable to you. We support all ITR forms – ITR-1ITR-2ITR-3ITR-4ITR-5ITR-6, and ITR-7.

Important Due Dates for Paying Advance Tax Instalments for FY 2023-24

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 dateNature of complianceTax to be paid
15th June 2023First instalment15% of tax liability
15th September 2023Second instalment45% of tax liability
15th December 2023Third Instalment75% of tax liability
15th March 2024Fourth instalment100% of tax liability
15th March 2024Presumptive scheme100% of tax liability

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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.

About the Author

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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Quick Summary

Taxpayers missing ITR deadline face interest, penalty. Individuals due by July 31. FY, AY explained. Know when to file advance tax.

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