Income Tax Return Filing Last Date 2024 – Check ITR Filing Last Date

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At the onset of the new financial year, many things must be remembered, including the ITR filing date. As you know, the last date for filing ITR for FY 2024-25 (AY 2025-26) without paying any late fee is July 31, 2024.

If a taxpayer files an ITR after the due date, the individual has to pay interest as per section 234A as well as a penalty as per section 234F.

So, When is the IT Returns Filing last date?

The last date to fill ITR for the Financial Year (FY) 2024-25 (AY 2025-26) is July 31, 2024. However, in case a taxpayer misses the last date for filing the ITR within that time, they can do so by filing a belated return before December 31, 2024.

Thus, the Income Tax Return filing date for Financial Year 2024-25 (AY 2025-26), is July 31, 2024.

Difference Between Assessment Year (AY) and Financial Year (FY) 

The Financial Year (FY) starts every year on April 1, while the Assessment Year (AY) begins on April 1 of the following financial Year. For instance, FY 2023-24 from April 1, 2023, and ends on March 31, 2024; the Assessment Year for FY 2023-24 will commence from April 1, 2024, and will last till March 31, 2025.

Hence, the ITR or income tax return you will file in March 2024 will be for the money you earned during the financial year 2023-24, which is from April 1, 2023, to March 31, 2024. On the other hand, the assessment year is the review year for FY 2024-25, wherein you file a return based on your declared investments and assessments that you are planning for FY 2024-25. So, for FY 2023-24, the assessment year would be AY 2024-25.

What is the start date of filing ITR in 2023-24?

The e-filing date of ITR for AY 2024-25 and FY 2023-24 is discussed below:

  • Due Dates for ITR Filing in India for FY 2023-24

Taxpayer 

Tax Filing Due Date for FY 2023-24

Individual / HUF/ AOP/ BOI

July 31, 2024

Businesses that need Audit

October 31, 2024

Businesses that need reports of transfer pricing

(mostly international and some particular domestic transactions)

November 30, 2024

Revised return date

December 31, 2024

Late return date

December 31, 2024

Consequences of Missing the ITR Filing Deadline

It is important to meet the deadline of ITR as presented by the Income Tax Department of India. However, what if you miss the deadline? Let’s take a look at the consequences of missing the deadline for filing your ITR:   

1. Interest will be imposed:

If a taxpayer misses the ITR filing deadline and submits the return after the deadline, the individual will be levied with a 1% per month interest. Alternatively, they might be charged for part month as per Section 234A on the unpaid tax amount.

2. Late fee is imposed:

Under Section 234F, late filing of ITR imposes a late fee of INR 5,000 on the taxpayer. This late fee is INR 1000 in the case of taxpayers whose total income is below INR 5 lakh.

3. Adjusting Losses:

In case taxpayers incur losses from investments like the stock market, real estate, or any other business, they can carry the loss forward and balance them against the next year’s income. But to carry these losses forward, you must file the returns before the ITR’s last date.

4. Belated Return:

If the ITR is filed after the due date because a taxpayer fails to file it on time, in that case, it is called a belated return. Even in the case of a belated return, the taxpayer has to pay a late fee and the interest. Moreover, here, the taxpayer cannot carry forward the losses for the future.

December 31 is the last date for filing a belated return of the assessment year (AY) in case it is not extended. Thus, for FY 2024-25, the belated income tax return filing last date is December 31 2024.

Due Dates for Advanced Instalments for FY 2024-25 (AY 2025-26)

Due date

Compliance type

Tax to be paid

June 15, 2024

First instalment

Tax liability – 15%

September 15 2023

Second instalment

Tax liability – 45%

September 15 2024

Third instalment

Tax liability – 75%

March 15 2025

Fourth instalment

Tax liability – 100%

March 15 2025

Presumptive scheme

Tax liability – 100%

Documents Required to File ITR

Here are some of the key documents to keep handy while filing ITR:

  • PAN card
  • Aadhaar card
  • Form 16 from the employer
  • Form 26AS
  • Proofs of assets if the income is beyond INR 50 lakh
  • Bank statements
  • Investment Proofs

Tips for Timely ITR Filing

Here are some practical tips to help taxpayers file their income tax returns smoothly before the deadline:

  • Evaluate the taxable income precisely. Don’t forget to add income from other sources like savings accounts, FDs, capital gains, rent, etc.
  • Check all the available options or sections that you can use to claim deductions, like sections 80C, 80D, 80G, etc. Also, keep in mind the available deductions under preventive health check-ups
  • Make sure to verify form 26AS and AIS or annual information statement as these documents contain information on TDS and TCS and others like interests, dividends, MFs, etc.
  • Make sure to choose the right ITR form depending on your source of income and category of taxpayer, among others
  • Keep all the required documents handy like PAN, Aadhaar, receipts of advance tax payment, Form 16 and 26AS, investment proofs, AIS, TDS certificate, etc.
  • Make sure to check that your bank account details are error-free
  • Also, don’t miss your ITR verification to complete the process of ITR filing

Filing ITR early is a must for everyone every year. Rather than waiting for the last date to file the returns, it is better to carry on the filing procedure early on to gain maximum benefits. Early filing of the ITR saves the taxpayer from the last-minute rush and the issues that may appear while closing the process at the last minute near the deadline, including technical glitches.

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FAQs: Income Tax Return Filing Last Date 2024

Does the government allow tax audit due date extension?

Yes, sometimes the Central Board of Direct Taxes (CBDT) allows income tax date extensions for paying taxes.

What is the IT return filing date for FY 2024-25?

July 31, 2024, is the income tax return's last date for filing ITR.

Which Income Tax section allows taxpayers to file ITR after the due date?

Section 139(4) allows taxpayers to file a belated return or an ITR after the due date. However, the taxpayer has to pay a penalty of up to INR 5,000 as a late fee fine.

What is the last date for filing an ITR in India?

Generally, July 31 is set as the last date for filing an income tax return for taxpayers by the government every year.

What happens if a taxpayer does not file an ITR before the due date?

If a taxpayer fails to file an ITR before the last date, he/she can file a belated return with a penalty of INR 5,000 or INR 1000 if the taxpayer's yearly income is less than INR 5 lakh.

Who should receive an income tax audit report?

A business with an annual turnover of INR 1 crore and a professional receiving INR 50 lakh must get their tax audit done.

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Jan 17, 2024
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