Taxpayers who fail to file their income tax return (ITR) by the due date will face penalties under Section 234F and interest charges under Section 234A.
What is the Last Date for Filing ITR?
The deadline for non-audit taxpayers to file their ITR for the Financial Year 2023-24 (Assessment Year 2024-25) was July 31, 2024. However, if you miss this deadline, you can still submit a belated return by December 31, 2024.
When Did ITR Filing Start for FY 2023-24?
The e-filing for ITR for FY 2023-24 (AY 2024-25) began on April 1, 2024. The deadline for filing ITR for this financial year is as follows.
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) |
| Individuals / HUF / AOP / BOI (non-audit cases) | 31st July 2024 |
| Businesses Requiring Audit | 31st October 2024 |
| Businesses Requiring Transfer Pricing Reports (international/specified domestic transactions) | 30th November 2024 |
| Revised Return | 31st December 2024 |
| Belated/Late Return | 31st December 2024 |
| Updated Return | 31st March 2027 (3 years from the end of the relevant Assessment Year) |
Consequences of Missing the ITR Filing Deadline
Interest Charges
If you file your return after the due date, you will be required to pay interest at a rate of 1% per month or part of a month on any outstanding tax as per Section 234A.
Late Filing Fee
Under Section 234F, a late fee of Rs. 5,000 will be imposed if you miss the filing deadline. However, if your total income is below Rs. 5 lakh, the penalty is reduced to Rs. 1,000.
Loss Carry Forward
If you incur losses from sources like the stock market, mutual funds, properties, or businesses, you can carry these losses forward to offset against future income, significantly reducing your tax liability. However, if you miss the ITR filing deadline, you will lose the ability to carry forward these losses.
What to Do if You Miss the ITR Filing Deadline?
Belated Return
If you miss the original filing deadline, you can still file a belated return. However, you will be subject to late fees and interest charges, and you will not be allowed to carry forward any losses. The last date to file a belated return is December 31 of the assessment year (unless the government extends it). For this year, the deadline is December 31, 2024.
One more important thing to remember is if you miss the deadline i.e., 31st July 2024, you cannot use the benefit of the old tax regime. Only option available for you is to go with the new tax regime.
Updated Return
If you miss the December 31 deadline, you can still file an updated return (ITR U) under certain conditions. This option remains available for up to two years from the end of the relevant assessment year.
Understanding Financial Year (FY) and Assessment Year (AY)
The ITR you will file in the upcoming year corresponds to the income you earned during FY 2023-24, which covers the period from April 1, 2023, to March 31, 2024. The assessment year is the year following the financial year, during which your tax return is assessed. For income earned in FY 2023-24, the assessment year will be 2024-25, spanning from April 1, 2024, to March 31, 2025.
Important Dates for Paying Advance Tax for FY 2023-24
Taxpayers need to adhere to specific due dates for filing their returns and paying advance tax:
| Due Date | Nature of Compliance | Tax to be Paid |
| 15th June 2023 | First Installment | 15% of tax liability |
| 15th September 2023 | Second Installment | 45% of tax liability |
| 15th December 2023 | Third Installment | 75% of tax liability |
| 15th March 2024 | Fourth Installment | 100% of tax liability |
| 15th March 2024 | Presumptive Scheme | 100% of tax liability |
TDS Payment Due Dates for FY 2023-24
Tax Deducted at Source (TDS) is a tax deducted from specific payments such as salaries, rent, commissions, professional fees, and interest by those making these payments. The due dates for TDS deposit and return filing for FY 2023-24 are listed below:
| Quarter Ending | Month of Deduction | Due Date for TDS Deposit | TDS Return Due Date |
| 30th June 2023 | April 2023 | 7th May 2023 | 31st July 2023 |
| May 2023 | 7th June 2023 | ||
| June 2023 | 7th July 2023 | ||
| 30th September 2023 | July 2023 | 7th August 2023 | 31st October 2023 |
| August 2023 | 7th September 2023 | ||
| September 2023 | 7th October 2023 | ||
| 31st December 2023 | October 2023 | 7th November 2023 | 31st January 2024 |
| November 2023 | 7th December 2023 | ||
| December 2023 | 7th January 2023 | ||
| 31st March 2024 | January 2024 | 7th February 2024 | 31st May 2024 |
| February 2024 | 7th March 2024 | ||
| March 2024 | 7th April 2024 (Govt.) 30th April 2024 (Others) |
*Note: Government deductors making TDS via book entry (Treasury Challan) must deposit the amount on the same day as the deduction, while for March, the deposit is due by April 7.
TCS Payment Due Dates for FY 2023-24
Tax Collected at Source (TCS) is a tax collected by the seller from the buyer on the sale of specified items and is then deposited with the government. The due dates for TCS deposit and return filing for FY 2023-24 are as follows:
| Quarter Ending | TCS Return Due Date – Form 27EQ | Due Date for Form 27D |
| 30th June | 15th July | 30th July |
| 30th September | 15th October | 30th October |
| 31st December | 15th January | 30th January |
| 31st March | 15th May | 30th May |
For government collectors who collect TCS via book entry (Treasury Challan), the amount should be deposited on the same day as the deduction, and for March, the deadline is 7th April 2024.
Wrapping Up: Importance of Timely ITR Filing
Filing your Income Tax Return (ITR) on time is crucial to avoid penalties, interest, and the loss of benefits such as carrying forward losses. It ensures that you remain compliant with tax regulations and helps in avoiding unnecessary financial burdens. Remember, the earlier you file, the sooner you can plan for the financial year ahead without the stress of impending deadlines. Whether you are an individual, a business, or a firm requiring audit or transfer pricing reports, staying aware of your specific due dates is key to maintaining your financial health.
FAQ’s
How can I pay income tax after the due date?
If you miss paying your taxes and filing your income tax return by the due date, you can still file your return after the deadline. However, late filing will attract penalties and interest. A penalty of Rs. 5,000 will be imposed for filing your return late. If your total income is below Rs. 5 lakh, the penalty is reduced to Rs. 1,000.
When is the due date for filing an income tax return?
The usual deadline for filing an income tax return is 31st July for individuals and non-audit cases, and 31st October for cases requiring an audit. Filing your return online is quick and easy!
What is the deadline for filing returns for Trusts?
For trusts whose accounts do not require an audit, the deadline to file the income tax return for FY 2023-24 is 31st July 2024. For trusts requiring an audit, the deadline is 31st October 2024. If the trust needs to submit a report in Form No. 3CEB under section 92E, the filing deadline extends to 30th November 2024.
What is an income tax audit?
An income tax audit is an examination of an entity’s books of accounts to ensure they comply with the Income Tax Act, 1961. Only certain types of taxpayers are required to undergo a tax audit, which must be conducted by a Chartered Accountant (CA) or a firm of CAs.
Will my tax refund be delayed if I file my return after the due date?
Yes, filing your income tax return after the due date may result in a delay in receiving your tax refund. The processing time for late returns may be longer, which can impact when the refund is credited to your bank account.
What happens if I file my income tax return late?
Filing your return after the due date will incur a penalty under Section 234F, and you may also have to pay interest on any unpaid taxes. Additionally, you may lose the benefit of carrying forward certain losses.
Can I revise my income tax return after the due date?
Yes, if you make an error in your original return, you can file a revised return even after the due date, but it must be done before 31st December 2024. The revised return allows you to correct any mistakes.
Can I revise my belated income tax return?
Yes, if you made an error or if you need any changes to be done in your belated return filed, then you can still file the revised return within 31st December 2024, to correct your Income tax return.
What is the last date to file a belated return for FY 2023-24?
If you miss the original deadline, you can still file a belated return by 31st December 2024. However, filing a belated return comes with penalties and you may not be able to carry forward losses.
How can I avoid penalties for late filing?
To avoid penalties, it’s important to file your income tax return before the due date. Ensure that all your documents are in order and your return is complete to avoid last-minute rushes and errors.
What are the consequences of not filing an income tax return at all?
Failing to file an income tax return can lead to penalties, interest, and possible legal action from the tax authorities. Additionally, you may miss out on tax refunds and face difficulties in obtaining loans or visas.
