Table of Contents

As we all know, ITR filing time is running out. Thus, every taxpayer must remember income tax return due dates to avoid penalties under the Income Tax Act of 1961. This page lists all of the due dates for FY 2023-24 (AY 2024-25). CA, CS, and tax experts can also access advance tax and revised/updated ITR due dates.

What is the Income Tax Return (ITR)?

An income tax return (ITR) is a form or record used by individuals, businesses, and other entities. To submit their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a statement of their taxable income and the taxes they owe or are eligible to receive as a refund.

The Income Tax Return (ITR) allows taxpayers to disclose detailed information about their financial transactions, sources of income, and spending to the tax authorities. It aids in determining the taxpayer’s tax liability and allows the government to assess and collect taxes more efficiently.

Taxpayers are normally obliged to file their ITR on an annual basis, including details of their income and pertinent financial information for a certain time period, such as a fiscal year (FY). It begins on April 1 and concludes on March 31 of the next calendar year.

Filing an Income Tax Return(ITR) fulfills taxpayers’ legal obligation to disclose their income and pay the appropriate taxes. It is critical to file the ITR precisely and on time in order to avoid penalties, comply with tax rules, and maintain good status with the tax authorities.

Income tax filing deadlines for FY 2023-24 (AY 2024-25)

Category Of TaxpayerDue Dates
Individual / HUF/ AOP/ BOI    31st July 2024
Businesses31st October 2024
Businesses requiring transfer pricing reports   30th November 2024
Revised return31st December 2024
Belated / Late Return31st December 2024

Also Read: Notification For ITR 1 And ITR 4 FY 2023-24 (AY 2024-25)

What Happens If the Due Date for Filing the Return is Missed?
captainbiz what happens if the due date for filing the return is missed

If you miss your income tax return due date, you can file it later; this is known as a “belated return.” The income tax authority also states the deadline for filing a late return. The new deadline for the assessment year is December 31 (unless the government extends it).

However, submitting your ITR after the cutoff date will result in penalties under Section 234F. A taxpayer may face late filing fines of up to Rs.10,000. On the other side, the IT Department imposes a Rs.1,000 fee on those with revenues up to Rs.5,000,000. These taxpayers will now receive financial assistance.

You can carry over losses from the stock market, mutual funds, real estate, or any of your enterprises and offset them against revenue for the following year. Your tax liability will be significantly reduced as a result. A loss adjustment is only allowed if you include a loss declaration in your ITR and submit it to the income tax division before the deadline.

If you neglect to submit your ITR by the deadline, you can file a delayed return later. However, you will still be charged a late fee and interest, and you will be unable to roll over losses for a future adjustment. The income tax division has also set a deadline for submitting a late return: 

December 31 of the assessment year (unless extended by the government). You have until December 31, 2023, to file an updated return for this year.

What are the advantages of filing an ITR on the due date?

The following are the benefits of filing an ITR by the due date:

  • If you file your income tax returns (ITR) on time, your chances of getting a vehicle loan, a home loan, or other loans improve.
  • ITRs can be used to show your address and income, which are required when applying for a loan or visa.
  • When applying for a visa, the majority of consulates and embassies need you to provide copies of your income tax records from the previous two years.
  • You will receive your returns as soon as possible if you file your ITR on time.

Taxpayers must pay their taxes before submitting an ITR. Section 234A mandates interest to be paid at a monthly rate of 1% commencing on the date the taxes are due and continuing until the payment date. If you file your tax return on time, you will avoid having to pay additional interest. As a result, the longer you wait to pay your taxes and file returns, the higher your tax burden will be.

Advance Income Tax Filing Due Dates for Fiscal Year 2023-24

If the tax liability exceeds Rs 10,000 in a fiscal year, the assessee must pay advance tax.

The assessee who is subject to sections 44AD and 44ADA (i.e., Presumptive Income) is also obligated to pay the advance tax on or before March 15 of the prior year. However, any tax paid before March 31 will be considered advance tax.

India’s taxes on income forms ITR 1–7.

ITR 1

ITR-1 (SAHAJ) is intended for persons with simple income structures and excludes those earning income from a company or profession, capital gains, or seeking double taxation relief.

ITR 2

Individuals and Hindu Undivided Families (HUFs) who are ineligible for ITR-1 must file ITR-2 forms. The criteria include individuals who do not have income from a business or profession, do not receive money from a partnership firm in the form of interest, salary, bonus, commission, or remuneration, or have another person’s income to be clubbed. Additional information in ITR-2 includes LEI information, contributions to political parties, and deductions for the care of a disabled dependent.

ITR 3

ITR-3 is intended for those with business or professional income. ITR-3 is required for individuals whose income is taxable as “profits and gains of business or profession,” which includes interest, salary, bonus, commission, or pay.

In the fiscal year 2022-23, certain adjustments were made to the ITR-3 form, which will be relevant for FY2024/AY2025:

  • Schedule VDAs (voluntary disclosure agreements) have recently been created to disclose revenue from cryptocurrency and other VDAs separately.
  • If VDA revenue is classified as capital gains, the Capital Gains Schedule must include a quarterly breakdown. The amended ITR-3 requires reporting on all VDA transactions, including sale and purchase dates.
  • Foreign institutional investors (FII/FPI) are now required to reveal their SEBI registration number to improve transparency.
  • The balance sheet reporting has been somewhat modified to state that advances received under section 40A(2)(b) of the Income Tax Act from selected individuals and others shall be reported under the ‘Advances’ category in Source of Funds.
  • The newly established ‘Trading Account’ part requires the reporting of turnover and income from intraday trading.

ITR 4

ITR-4 (SUGAM) is intended for resident persons, HUFs, and corporations (excluding LLPs) having total income of up to INR 5 million and business or profession income computed under sections 44AD, 44ADA, or 44AE of the Income-tax Act. Notably, a new section for reporting ‘receipts in cash’ has been inserted in Schedule’ BP—details of income from business or profession’ for persons to whom the form applies.

This plan is also applicable to freelancers who earn money under sections 44AD, 44AE, or ADA, but only if their total earnings do not exceed INR 5 million.

The turnover threshold limit for choosing the presumptive taxation scheme under section 44AD has been raised from INR 20 million to INR 3 million by the Finance Act, 2023, provided that cash receipts do not exceed 5% of total turnover or gross receipts for the previous year.

ITR 5

The ITR-5 form is intended for a specific class of taxpayers: Association of Persons (AOPs), LLPs, companies, Body of Individuals (BOIs), Estate of the Deceased, Artificial Juridical Person (AJP), Business Trust, Estate of the Insolvent, and Investment Fund. Individuals, businesses, HUFs, and those who file their income tax returns using the new ITR Form 7 do not need to file the ITR-5 Form. The ITR-5 form is also not available to anyone filing an income tax return (ITR) under sections 139(4A), 139(4B), 139(4C), or 139(4D) (trusts, political parties, institutions, colleges, and so on).

ITR 6

ITR-6 is for firms registered under the Indian Firms Act of 1956 or any other law, regardless of whether they claim an exemption under section 11 (revenue from property held for charitable or religious purposes).

ITR 7

ITR-7 applies to charitable/religious trusts, political parties, scientific research institutes, universities/colleges/institutions/Khadi, and village businesses that require exemptions under certain sections. Electronic filing is required for some parts.

Who is Required to File ITR?

Now that you understand what an income tax return(ITR) is, let us look at the list of individuals and businesses that are required by law to file income tax returns each fiscal year.

  • Anyone under the age of 59 who earns more than Rs. 2.5 lakhs per year should file an IT return. The exemption limit for senior folks aged 60 to 70 years is Rs. 3 lakh. The ceiling for extremely senior seniors (80 and beyond) is Rs. 5 lakhs. Income should be calculated without considering the deductions stipulated in Section 10 of the Income Tax Act.
  • A registered firm with yearly income, even if it has not turned a profit during the year.
  • An individual who wishes to claim a refund for excess income tax or tax deducted from their annual income.
  • An individual with assets or other financial interests outside of the country.
  • A firm based outside of India that receives treaty benefits for transactions conducted within India.
  • NRIs earn more than the standard yearly exemption limit of Rs 2.5 lakh.

What Documents do you Need to File ITR?

When filing your income tax return (ITR), in addition to your salary slips, bank savings account passbook, Aadhar card, and PAN card, you will need the following documents:

Form 16: It is submitted by your employer and contains information about the pay they paid you as well as the tax deducted at source (TDS).

Form 16A: It gives information on TDS deducted on interest received from fixed or recurring bank accounts.

Form 16B: If you sell a property, TDS is levied on the cash received from you by the buyer, the details of which are provided in this form.

Form 16C: TDS data for rent paid by your tenant to you are noted here.

Form 26AS: It is your entire statement of taxes against your PAN number. It includes TDS levied by your employer, bank, or any other institution that has paid you.

Wrapping It Up

For compliance with the Income Tax Return (ITR), you must be aware of all due dates. If an income tax return is not filed by the deadline, there will be a penalty.

Filing an income tax return (ITR) within the due date has various benefits. The government has given enough time to file the return by the due date. Filing the return after the due date will result in penalties, interest, and the non-applicability of certain advantages.

Also Read: How to Calculate GST in an Excel Sheet: Step-by-Step Guide

FAQs

  • What is the ITR due date for FY 2023-24 and FY 2024-25?

For the majority of individual taxpayers, the deadline for filing income tax returns for fiscal year 2023-2024 is July 31, 2023. A penalty of up to Rs.5,000 may be imposed for filing returns beyond the deadline. The payment is merely Rs.1,000, however, if the individual’s total income is less than Rs.5 lakh.

  • How do I update my ITR after the due date?

If the taxpayer desires to make adjustments to the original return under Section 139, he or she may do so using the updated return (5). You have until the end of the assessment year, December 31, to file a late return.

  • What is the due date for filing income tax returns?

Individuals and non-audit cases normally file their income tax returns on July 31, while audit cases file their returns on October 31 of the relevant assessment year.

  • When is the deadline for firms to file their returns?

Domestic corporations must file their FY 2023-2024 returns by October 31, 2023. If the corporation has any foreign or certain domestic transactions and is required to file a report in Form 3CEB under Section 92E, the ITR is due on November 30, 2023.

  • Under which part is the ITR filed after the due date?

A late return, or one submitted after the deadline, may be filed under Section 139(4). Late submission of a return bears a Rs 5,000 penalty. The payment is merely Rs.1,000 if the person’s total income is less than Rs.5 lakh.

  • How do you amend your tax returns after the due date?

If the taxpayer needs to alter the first return due to some revisions, they can do so by filing a revised return under Section 139. (5). You may file a late return on or before December 31 of the assessment year.

  • What is the due date for filing corporate returns?

Domestic enterprises must file their returns for fiscal year 2023-24 by October 31, 2024. However, The due date for filing ITR will be November 30, 2024.

  • When is the latest deadline for filing an ITR?

Individuals have until July 31 of the relevant assessment year to file an ITR, whereas taxpayers whose accounts are subject to audit have until October 31.

  • What is an income-tax audit?

It is the audit and inspection of a company’s books of accounts to ensure conformity with the Income Tax Act of 1961. Only certain categories of assessments require a tax audit conducted by a CA or a firm of CAs.

  • Who should get an income tax audit report?

Any business with an annual turnover of more than one crore, as well as any professional with receipts of more than Rs 50 lakh, must undergo a tax audit.

author avatar
Shraddha Vaviya Content Writer
With several years of experience, I am deeply passionate about writing and enjoy creating content on topics such as GST, tax and various finance-related subjects. My goal is to make complex financial matters understandable for readers by simplifying them.

Leave a Reply