Don’t miss these Income Tax Return Filing Due dates

Written by Ravi Sankar Robbi

Published on:

Income Tax Return filing due dates

Income Tax Return (ITR) filing is mandatory for certain categories of taxpayers if they fall under certain criteria. Those who are covered under this criteria have to file their ITR within the due dates specified in the act.

Read the full article here: Is it mandatory to file an Income Tax Return?

In this article, let us discuss these important dates related to Income Tax Return (ITR) filing for FY 2023-24 (i.e. AY 2024-25). We will also discuss whether we can file an ITR even after crossing the due date and the consequences of filing a late return.

Everyone should note these due dates, as missing these dates will cost you some money in the form of interest and penalties. Now let’s discuss the income tax return filing due dates for FY 2023-24.

What is an Income Tax Return? (ITR)

Income Tax Return (ITR) is a document filed by taxpayers to report their incomes, investment done and tax payable in respect of the income earned in a financial year to the income tax department.

Income tax return filing due date for FY 2023-24 (AY 2024-25)

Income Tax Return (ITR) filing last date for Financial Year 2023-24 is 31st July 2024. In case, you are unable to file within the due date, a Belated return (i.e. after the due date) can be filed up to 31st December 2024.

Since most of the individuals (even salaried individuals) are not covered under audit, the relevant due date for filing their Income Tax Return is 31st July 2024.

ParticularsDue date
Companies 31st October 2024
Any other person other than company – Audit applicable31st October 2024
Partner in a Firm – Audit applicable31st October 2024
Individual / HUF / AOP / BOI – Audit applicable31st October 2024
Individual / HUF / AOP / BOI – NO Audit31st July 2024

Can ITR be filed after the due date

For any reason, if an ITR was not filed within the due date (i.e. Original Return) still ITR can still be filed up to 31st December 2024 with some late fee and interest which is known as a Belated Return.

Do remember that even for a Belated Return also, the ITR form and procedure of filing remain the same as the Original Return. Only the section under which you file the ITR will change.

Consequences of Filing Late Return

There are certain consequences for filing a belated return, which includes Interest u/s 234A, a Late fee of up to Rs. 5,000 u/s 234F and certain losses that cannot be carried forward.

Read the full article here: Consequences of Filing a Belated Return

How to file ITR online

If you are either covered under mandatory filing or voluntarily filing your ITR, you can file it online at incometax.gov.in. But before filing your ITR, you must verify your Form-26AS and AIS to ensure all your tax credit is fully reflected in these statements.

Otherwise, there will be a mismatch between the ITR data and AIS/Form-26AS which will lead to the return being defective. For FY 2023-24, ITR forms 1,2 & 4 are enabled by the Income Tax Department on 1st April 2024 itself. But to get the complete tax credit and to get Form-16, taxpayers have to wait until the end of June 2024 and then proceed with filing.

Conclusion

Always ensure to be aware of these filing dates to file your ITR within the timelines allowed under the Income Tax Act. Missing these dates will not only cost money but also have certain disadvantages as well.

Generally, these due dates will be common for every financial year unless they are extended. So mark your calendar and happy filing.

I hope you enjoyed reading this article, thank you for your time.

Author is a Qualified CMA with an experience of more than 8 years in the industry. He is also an All India Rank holder in both Inter (AIR-26) & Final (AIR-46) examinations of ICAI. He loves to writes articles on Income Tax & GST.

Leave a Comment