ITR Filing Last Date 2024
The last date to file an Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without a late fee is 31st July 2024.
taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.
When is the last date to file ITR?
ITR filing last date for Financial Year 2023-24 (AY 2024-25) is July 31, 2024. However, if you miss filing within the due date, you can still file a belated return before December 31, 2024.
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What are Financial Year (FY) and Assessment Year (AY)?
The return you will file in the upcoming year is for the income you earned in FY 2023-24, i.e. for the income earned between 1 April 2023 and 31 March 2024. The assessment year is the review year for FY 2023-2024, where you file your returns and declare your returns by declaring all the incomes, exemptions, deductions, losses etc., already made or incurred during the year for tax assessment. . For the income earned during the FY (here FY 2023-24), the assessment year would be immediately next year, i.e. 1st April 2024 to 31st March 2025. Hence, the assessment year would be AY 2024-25.
Income Tax Returns (ITR) Filing Start Date for FY 2023-24 (AY 2024-25)
The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has started from 1st April 2024 and the last date to file ITR for FY 2023-24 is discussed below.
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) |
| Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) | 31st July 2024 |
| Businesses (Requiring Audit) | 31st October 2024 |
| Businesses requiring transfer pricing reports (in case of international/specified domestic transactions) | 30th November 2024 |
| Revised return | 31 December 2024 |
| Belated/late return | 31 December 2024 |
| Updated return | 31 March 2027 (2 years from the end of the relevant Assessment Year) |
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What happens if you miss the ITR filing deadline?
- Interest: If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.
- Late fee: In case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.call on this number +91 8929291810
- Loss Adjustment: In case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.
- Belated Return: If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government). Therefore, for this year, you may submit the belated return by 31 December 2024 at the latest.
- Updated return: Still, if you miss the 31st December deadline due to unavoidable reasons still you can file the updated (ITR U) return subject to the conditions specified therein. Click here to know more
Not sure whether you should file an income tax return? Read our article. Use ClearTax to e-file your IT return right away!
- If you get a salary, you can simply upload your Form 16 and ClearTax will prepare your return automatically and help you finish e-filing within a matter of few minutes.
- If you are a freelancer or run a small business or a home-based business like a Kirana store or an e-commerce seller (Section 44AD or 44ADA), ClearTax is the easiest place to e-file your ITR-4. Our CAs can prepare and e-file your income tax return. Please have a look at our CA-assisted plans here.
- ClearTax automatically selects the correct ITR form applicable to you. We support all ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7
Important due dates for paying advance tax instalments for FY 2023-24
Whenever we talk about income tax, there are certain tax formalities that need to be followed within the specified due dates, such as filing income tax returns, paying advance tax on time, etc.
The due dates for the payment of advance tax are:
| Due date | Nature of compliance | Tax to be paid |
|---|---|---|
| 15th June 2024 | First instalment | 15% of tax liability |
| 15th September 2024 | Second instalment | 45% of tax liability |
| 15th December 2024 | Third Instalment | 75% of tax liability |
| 15th March 2025 | Fourth instalment | 100% of tax liability |
| 15th March 2025 | Presumptive scheme | 100% of tax liability |
