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The deadline for submitting your Income Tax Returns (ITR) for the income earned in the financial year 2023-24 (The assessment year 2024-25) without incurring any late fee is July 31, 2024 (Unless it is extended by the government, in which case you can refer the official website of income tax for the extended date). However, if you are filing a belated return or missed the initial deadline, you have until December 31, 2024, to complete the filing process.
The Central Board of Direct Taxes has announced the last date on which you can file the Income Tax Return for the financial year 2023-24. It is important for individuals as well as business entities to take note of this deadline and file their ITR accordingly.
What is an Income Tax Return (ITR)?
An Income Tax Return (ITR) is a form that you file with the Income Tax Department to report your income and taxes for a specific financial year. It's essentially a document that helps the government determine how much tax you owe or if you're eligible for a refund.Here's a breakdown of what's included in an ITR:
- Your income: This includes your salary, interest income, capital gains, rental income, and any other income you earned during the year.
- Deductions and exemptions: You can claim certain deductions and exemptions to reduce your taxable income. These may include deductions for investments, home loan interest, medical expenses, and charitable donations.
- Taxes paid: This includes any taxes that were deducted from your income at source, such as tax deducted at source (TDS) on your salary.
By filing your ITR accurately and on time, you can avoid penalties and ensure that you're paying the correct amount of tax.
Who needs to file an ITR?In India, you are required to file an ITR if your taxable income exceeds a certain limit. The limit varies depending on your age and filing status. For example, for the financial year 2023-24, the limit for individuals below 60 years of age is Rs. 5 lakh.
When to file an ITR?The deadline for filing an ITR in India is generally July 31st of the year following the end of the financial year. However, some exceptions are there to this rule. For example, if you have income from foreign sources, you may need to file your ITR by November 30th.
Importance of Filing Income Tax Return
Filing your Income Tax Return (ITR) holds immense importance for both individuals and the nation as a whole. Here are some key reasons why:For Individuals:
- Compliance with the Law: It is mandatory to file your ITR if your income exceeds the specified limit. Failing to do so can result in penalties and even legal repercussions.
- Claim Tax Refunds: If you have paid more tax than what you owe, filing your ITR allows you to claim a refund.
- Financial Proof: ITR serves as a valid document for income proof, which is often required for loan applications, visa processing, and other financial transactions.
- Carry Forward Losses: If you incur business or capital losses, filing your ITR allows you to carry them forward and offset them against future income, reducing your tax liability.
- Loan Approvals: Banks and other financial institutions often consider your ITR history when assessing your loan eligibility and creditworthiness.
- Visa Processing: Many countries require ITR as part of the visa application process to verify your financial stability.
For the Nation:
- Government Revenue: Taxes collected through ITRs form a significant source of government revenue, which is used to fund public infrastructure, social welfare programs, and other essential services.
- Transparency and Accountability: Filing ITR promotes transparency in the financial system and helps the government track income levels and identify potential tax evasion.
- Economic Planning: ITR data helps the government understand economic trends and formulate policies for growth and development.
Additional Benefits:
- Demonstrates Responsibility: Filing ITR on time signifies your commitment to fulfilling your civic duty and contributing to the nation's progress.
- Peace of Mind: Avoiding penalties and legal issues associated with non-filing brings peace of mind and eliminates worries.
Remember, timely and accurate filing of ITR is crucial for both individuals and the nation. By fulfilling your tax obligations, you not only benefit yourself but also contribute to the development and well-being of the country.
Income tax return filing due dates for FY 2023-24 (AY 2024-25)
The last date to file your Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) is July 31, 2024. This applies to most individual taxpayers.
However, below are some points you should consider:
- Belated Returns: If you miss the July 31st deadline, you can still file a "belated return" by December 31, 2024. However, you will be liable for a late filing penalty, which can be up to Rs. 5,000 or 1% of your tax liability, whichever is higher.
- Specific Cases: Depending on your income source, filing status, and other factors, the deadline might differ. For example, individuals with foreign income have a later deadline of November 30th. It's crucial to check the specific requirements for your case.
- Advance Tax: Remember, filing your ITR is separate from paying any advance tax that may be due throughout the year. Ensure you fulfil all your tax obligations on time to avoid penalties.
Taxpayer Category | ITR filing last date-FY 2023-24 | Due date for filing audit report for FY 2023-24 |
|---|---|---|
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 | – |
Individual | 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 ITR (Transfer Pricing) | 30th November 2024 | – |
Revised Return | 31st December 2024 | – |
Belated/Late Return | 31st December 2024 | – |
Due date for making payment of advance tax instalments
The due dates for making advance tax instalments depend on your taxpayer category and whether you fall under audit requirements. Here's a breakdown for FY 2023-24 (AY 2024-25):
General Taxpayers (Non-Audit Cases):
- 1st Installment: 15th June 2024
- 2nd Installment: 15th September 2024
- 3rd Installment: 15th December 2024
- 4th Installment: 15th March 2025 (balance payment)
Businesses (Audit Cases):
- 1st Installment: 15th June 2024
- 2nd Installment: 15th September 2024
- 3rd Installment: 15th December 2024
- 4th Installment: 15th March 2025 (balance payment)
Important Points:
- Presumptive Taxation: Professionals covered under the presumptive taxation scheme (Section 44ADA) have the option to pay the entire advance tax liability in one installment by March 15th or in equal installments by June 15th and March 15th.
- Interest on Late Payments: If you don't pay advance tax by the due dates, you'll be liable for interest charges under Sections 234C and 234B.
- Revised Calculations: You can revise your advance tax estimate throughout the year if your income changes.
The Due date for making TDS payments
The due date for making TDS payments depends on a few factors, including:
1. Type of taxpayer:
- Non-government deductors: For monthly TDS deductions, the due date is the 7th of the next month. However, for deductions made in March, the due date extends to 30th April.
- Government deductors:
- If paid through challan: 7th of the next month.
- If paid through book entry: Same day as the day TDS was deducted.
- For March deductions, the due date is 7th April.
- 2. Specific types of TDS:
- TDS on purchase of immovable property: 30th day of the following month in which the property is purchased.
- TDS on payments made under section 194C (rent): 7th of the next month.
Here's a table summarising the key points:
Taxpayer Type | TDS Deduction Month | Due Date |
|---|---|---|
Non-government | Any month except March | 7th of the next month |
Non-government | March | 30th April |
Government (challan) | Any month | 7th of the next month |
Government (book entry) | Any month | Same day as deduction |
Government (March) | March | 7th April |
Immovable property | Any month | 30th day of the following month |
Section 194C (rent) | Any month | 7th of the next month |
Due date for filing a TDS return
The due date for filing a TDS return depends on two factors:
1. Quarter in which the TDS was deducted:
- Quarter 1 (April - June): 31st July of the same year.
- Quarter 2 (July - September): 31st October of the same year.
- Quarter 3 (October - December): 31st January of the following year.
- Quarter 4 (January - March): 31st May of the following year.
2. TDS return form used:
- Form 26Q (regular quarterly return): Due date as mentioned above based on the quarter.
- Form 27Q (correction return): 15 days after filing the original return with incorrect information.
- Form 28Q (consolidated quarterly return): 15th of the month following the quarter for which the return is filed.
Additional points to remember:
- If you fail to file the TDS return by the due date, you will be liable for a penalty of Rs. 200 per day, subject to a maximum of the TDS amount deducted.
- It's crucial to file accurate and complete information in the TDS return to avoid penalties and legal consequences.
What are the consequences of missing the ITR filing deadline?
Missing the ITR filing deadline in India can lead to several consequences, both financial and legal. Here's a breakdown of what happens:
Financial Penalties:
- Late Filing Fee: For Individuals and Hindu Undivided Families (HUFs) with income exceeding Rs. 5 lakh, a late filing fee of Rs. 5,000 applies if the ITR is filed after the due date (July 31st) but before December 31st. For income below Rs. 5 lakh, Rs. 1,000 is the penalty.
- Interest on Tax Payable: If you owe tax, you'll be charged interest under Section 234A at 1% per month from the due date of tax payment till the date of filing the return.
- Interest on Penalty: Additionally, interest applies to the late filing penalty under Section 234C at 1% per month from the due date of filing the return until payment.
Legal Consequences:
- Notice and Scrutiny: The Income Tax Department may issue a notice and initiate scrutiny of your return even for belated filing.
- Prosecution: In case of deliberate non-filing or willful default, prosecution can be initiated under Section 276C, potentially leading to imprisonment for up to seven years and/or a fine.
Other Implications:
- Processing Delays: Belated returns may take longer to process, potentially delaying refunds or impacting other tax-related activities.
- Loan Applications and Visa Processing: A timely filed ITR is often required for loan applications, credit card approvals, and visa processing. Missing the deadline could cause delays or rejections.
Interest and penalty in case of delay in filing returns
The interest and penalty for delayed filing of returns in India vary depending on the type of taxpayer, the extent of delay, and whether there's any tax payable:
Individuals and Hindu Undivided Families (HUFs):
Late Filing Fee:
- Before December 31st:
- Income exceeding Rs. 5 lakh: Rs. 5,000
- Income below Rs. 5 lakh: Rs. 1,000
- After December 31st but before March 31st: Double the aforementioned amounts.
- After March 31st: Penalty based on income tax assessed.
- Interest on Tax Payable: 1% per month from the due date of tax payment until the date of filing the return.
- Interest on Penalty: 1% per month from the due date of filing the return until payment.
Other Taxpayers (Companies, LLPs, Partnerships, etc.):
- Late Filing Fee: Rs. 10,000 (fixed)
- Interest on Tax Payable: Same as individuals.
- Interest on Penalty: Same as individuals.
Other Taxpayers (Companies, LLPs, Partnerships, etc.):
- Late Filing Fee: Rs. 10,000 (fixed)
- Interest on Tax Payable: Same as individuals.
- Interest on Penalty: Same as individuals.
To Conclude
It's important to ensure timely TDS payments to avoid penalties and interest charges. You can refer to the Income Tax Department website or consult a tax professional for detailed information and specific due dates applicable to your case.
FAQs on Income tax return due date:
1. What is the last date to file an income tax return for 2023-24?
The last to file an income tax return is July 31st, 2024 (Individuals and HUFs), October 31st, 2024 (Audit cases for Companies, etc.).
2. How do I file my tax return 2023?
You can file your tax return for 2023 electronically through the Income Tax Department's e-filing portal, or by submitting a paper form at authorized centres.
3. What is the last date for ITR 2024?
For individuals and Hindu Undivided Families (HUFs), the last date to file your income tax return for the 2023-24 financial year is July 31st, 2024. However, if your company requires an audit, the deadline is extended to October 31st, 2024.
4. Can I file a Revised Income Tax Return?
Absolutely! You can file a revised income tax return to correct any errors or omissions within the specified deadlines. This allows you to rectify mistakes and potentially claim additional deductions or refunds you may be entitled to.
5. What will happen if a salaried person files Income Tax Return after the due date?
If you are a salaried person who files your income tax return after the due date, you will be subject to penalties and interest charges. Additionally, any refunds you may be due could be delayed. To avoid these complications, prioritize filing your return on time.
6. How to claim an income tax refund after the due date?
If you realize you're eligible for an income tax refund after the due date, you can still claim it by filing a revised return within the relevant timeframes. However, it's crucial to act promptly to avoid missing out on your rightful refund.
7. What is the due date of return filing for Companies?
31st October 2024 is the due date for the return filing of domestic companies for FY 2023-24.