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

ITR Filing Last Dates AY 2024-25: For the financial year 2023-24 (assessment year 2024-25) the last date to file income tax returns is July 31, 2024. In case you miss this date, you will have to pay late fee.

Firstly, there is interest which refers to the additional amount that an individual has to pay because he/she/they are paying taxes late. This is stated under section 234A.

Secondly, there is a penalty –a fine for late filing– as per Section 234F. So remember it is important that both these additional payments could be avoided by fulfilling your obligation of filing taxes and Income tax returns on time.

This article talks about last dates for filing income tax returns, the last date to file income tax returns, penalty and interest for not filing income tax returns or late filing income tax return.

👉 ITR Filing Due Dates AY 2024-25

The following chart outlines the deadlines for filing Income Tax Returns (ITRs) and submitting audit reports under different categories of taxpayers during the Financial Year 2023-24 (Assessment Year 2024-25).

This table will guide you to prepare your paperwork in order, whether you’re an individual, business entity or belong to such associations like Trusts or Colleges.

Taxpayer Category ITR Filing Last Date – FY 2023-24 Audit Report Filing Last Date – FY 2023-24
✅Firms and HUFs 31st July 2024
✅Businesses (Audit Cases) 31st October 2024 30th September 2024
✅Businesses (Non-Audit Cases) 31st July 2024
✅Association of Persons (AOP) 31st July 2024
✅Body of Individuals (BOI) 31st July 2024
✅Individuals 31st July 2024
✅Trusts, Colleges, Political Parties (Audit Cases) 31st October 2024 30th September 2024
✅Trusts, Colleges, Political Parties (Non-Audit Cases) 31st July 2024
✅Report to be filed u/s 92E 31st October 2024
✅Furnishing of Income Tax Return in case of Transfer Pricing 30th November 2024
✅Revised Return 31st December 2024
✅Belated/Late Return 31st December 2024

👉 Interest and Penalty for Delayed ITR

As you know ITR Filing Last Dates AY 2024-25. Now you must know about interest and penalty if filing a delayed ITR.

For Late Filing of Income Tax Return (ITR) – FY 2023-24 (AY 2024-25)

  • Penalty:
    • If your total income is more than INR 5 Lakhs: You’ll be fined INR 5,000.
    • For everyone else: The fine is INR 1,000.
  • Interest:
    • You’ll be charged 1% interest per month (or part month) on the unpaid tax amount if you file your return after the last date.
    • Section of the Act: 234F

👉 Consequences of Missing ITR Last Dates 

Late Filing Penalty: If you miss the deadline for filing your Income Tax Return (ITR) for Ay 2024-25, you’ll have to pay a penalty, which varies based on your income:

  • Up to Rs. 5,000 penalty for incomes exceeding Rs. 5 lakh.
  • Rs. 1,000 penalty for incomes below Rs. 5 lakh.
  • No penalty if your income is below the taxable limit.

Interest on Tax Owed: You’ll also need to pay interest on any tax you owe, starting from the last date until you pay it.

Delay in Refunds: If you’re entitled to a tax refund, you won’t receive it until you file your return.

What is an Income Tax Return/ ITR?

Understanding Income Tax Returns (ITR): An income tax return or ITR is a document submitted every year by individuals, businesses and other entities to the government that shows what they earned, what they spent it on, how much they took off their taxable income and what they still owe in taxes.

Reporting Period: The report usually covers a specific period of time from April 1 through March 31 of the next year.

Purpose of Filing an ITR: The main purpose behind filing an ITR is to evaluate the financial condition of the taxpayer so that the correct amount of tax can be levied upon him/her/it either as penalty or refund.

Importance Of Timely Filing: Filing ITR on time and accurately is important for complying with tax laws, avoiding penalties and staying in good books with revenue authorities.

Illustration Of An Income Tax Return Being Filed: In case of an individual who submits a form stating his earnings such as salary received from employment or any other sources like business profits gained; deductibles e.g. mortgage interest paid, donations made towards charity etcetera., this becomes an illustration for filing returns under this category.

Assessment By Government: This allows them to figure out whether additional levy needs to be imposed on such person according to his financial position or there should be some kind of rebate given back.

What is the Last Date to File ITR?

The last date for filing Income Tax Returns (ITRs) for the Financial Year 2023-24 (Assessment Year 2024-25) was 31st July, 2024. However, if you failed to do so within this time frame then don’t worry! You can still file a late return till 31st December, 2024.

July 31st, 2024 is the final day that you have in order to file your ITR for the current tax season which runs from April 1st of this year until March 31st of next year and is known as FY23-24 or AY24-25.

Filing of Income Tax Return on Time Step by Step with Example

As you are aware of all the ITR filing last dates for AY 2024-25, you should also know how to file your income tax return timely.

  • Collecting Papers: Sunil gathers all his financial documents for the year such as form 16 given by employer, bank statements, investment proofs and other relevant papers like property or rental income statements if any.
  • Calculating Income: With the help of Form 16 and other papers, he calculates his total income which includes salary, interest earned from bank accounts and other sources.
  • Claiming Deductions: He looks for deductions or exemptions available under the Income Tax Act. For example- investments in tax saving instruments like PPF (Provident Fund), Life Insurance Premiums etc., contribution towards Health Insurance schemes should be claimed as a deduction to save tax.
  • Filling ITR Form : Now he logs in to Income Tax Department’s e-filing portal where various ITR forms are available based on different sources/categorization of income. Choose correct form and fill it correctly providing details about income,deductions,taxes paid etc.
  • Verification of Data : He re-checks each and every information filled up in ITR form so that there is no error or omission. Figures mentioned should tally with respective document i.e.Form 16,bank statement etc..
  • Submission of ITR : Once satisfied with all details provided, submit your ITR by clicking ‘submit’ button on website. After successful submission an acknowledgement number will be generated indicating that return has been filed.
  • Verification : Within specified time limit one has to verify their ITR using either physical verification i.e.signing copy of ITR-V & sending it CPC Bangalore Or Online Verification through Aadhaar OTP /EVC.
  • Acknowledgement : On successful verification an acknowledgement receipt will be sent by IT deptt acknowledging receipt & processing status of your ITR.

Thus following these steps can ensure that you file your Income Tax Return well within time which is accurate too thereby fulfilling his obligation towards taxes and complying with them accordingly.

Importance of Filing Income Tax Returns on Time

There are lots of benefits to file Income tax return on time.

  • Obligation by Law: Individuals should be aware of the fact that it is mandatory to declare their revenues precisely, request for deductions and pay taxes promptly.
  • Efficient Tax Collection: When people file taxes in good time, it becomes easier for the government to collect taxes which are necessary for provision of public services and running welfare programs.
  • Avoid Penalties: There is a higher possibility that you will end up paying more money last to penalties imposed as a result of late submission. So try not to do this mistake by submitting your returns before deadline given so as not incur any penalty charges.
  • Stay Compliant: Adhering with deadlines indicates that one is abiding by law hence keeping them away from legal issues while at same giving peace of mind knowing that everything has been done legally possible.

In brief, why should we file tax returns on time? Because it’s required under law; also helps the smooth running of government machinery through efficient collection of revenue thereby saving us unnecessary expenses in form fines/penalties; more importantly keeping ourselves right with authority.

Example of Penalty and Penal Interest

Let’s assume that Rohan is a salaried person in India who failed to file his Income Tax Return (ITR) by the last date for FY 2023-24- (Assessment Year 2024-25).

  • Penalty for Late Filing: Because Rohan’s total income exceeds Rs. 5 lakh, he may be charged a fine up to Rs. 5,000 if he does not meet the deadlines set forth. He will have to pay this amount as a penalty under the provisions of the Income Tax Act since he did not file ITR on time.
  • Interest on Tax Payable: Furthermore, he is required by law to pay interest on any outstanding taxes owed to the government. It will start accruing from the date when return was supposed to be filed till such time that tax is actually paid by him. This interest levy is applicable as per section 234A of Income-tax Act.
  • Refund Delayed: In case there are any extra payments made towards his yearly taxes which entitle him for refund; it cannot credited unless ITR is filed by him. Therefore, through late submission, Rohan has postponed getting back money which rightly belongs to him as a refund of excess deducted tax during the year and could have been useful for planning his finances.
  • To conclude with this example we can say that if one fails to adhere to the deadlines provided for filing ITR, like in the case of Rohan; they may end up being fined; and asked to pay interests against their unpaid taxes besides experiencing delays when it comes receiving refunds thereby making good use them towards financial planning – all these words show how important it is complete our Income Tax Returns on time so as not suffer financially.
  • Late Submission of Income Tax Return: However, there is no problem in filing a return after the deadlines provided that it should not go beyond 31st day of December of the relevant year. For instance, for FY 2023-24, it will be December 31, 2024. But you will still have to face the late filing fees mentioned above.

Additional Consequences of Non-Filing

But if you do not file your ITR at all then following are some of its implications.

  • Prosecution: The income tax department can initiate legal proceedings against you which may further result in imprisonment for a maximum of seven years along with a fine.
  • Loan Sanctioning Issue: Certain banks and financial institutions may refuse loans to individuals who have not filed their ITRs.
  • Tax Benefits Claim: You will be unable to claim a few tax benefits like investment losses if you don’t file your ITR.

To evade penalties and complications it is important to submit your ITR on time. Even if the deadline has slipped away, make sure you file a belated return at the earliest so as to minimize penalty and interest payments.

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