ITR Filing Last Date FY 2023-24 and Consequences of Missing the Income Tax Return Filing Deadline
When is the last date to file ITR?
The deadline for filing Income Tax Returns (ITR) for the Financial Year 2023-24 (Assessment Year 2024-25) is July 31, 2024. However, if the return is not filed by this due date, a belated return may be submitted by December 31, 2024.
Understanding Financial Year (FY) and Assessment Year (AY)
Financial Year (FY): The Financial Year refers to the 12-month period during which businesses and individuals earn income and undertake financial activities. In India, the Financial Year starts on April 1 and ends on March 31 of the following year. For instance, the Financial Year 2023-24 spans from April 1, 2023, to March 31, 2024.
Assessment Year (AY): The Assessment Year is the period during which the income earned in the preceding Financial Year is evaluated and taxed by the authorities. The Assessment Year immediately follows the Financial Year. For example, the income earned during the Financial Year 2023-24 is assessed and taxed in the Assessment Year 2024-25.
Understanding the distinction between FY and AY is crucial for compliance with tax regulations and for accurate financial reporting.
ITR Filing Start Date for Financial Year 2023-24 (Assessment Year 2024-25)
The e-filing of Income Tax Returns (ITR) for the Financial Year 2023-24 (Assessment Year 2024-25) commenced on April 1, 2024. The deadline for filing ITR for FY 2023-24 is detailed below.
Income tax filing due dates for Financial Year 2023-24 (Assessment Year 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) |
Consequences of Missing the Income Tax Return (ITR) Filing Deadline
Failing to file the Income Tax Return (ITR) by the prescribed deadline can have several implications:
- Late Filing Fee: A late fee under Section 234F may be levied. For returns filed after the due date but before December 31, a fee of up to INR 5,000 may be charged. If filed after December 31, the fee may increase up to INR 10,000. However, for taxpayers with an income up to INR 5 lakhs, the maximum penalty is INR 1,000.
- Interest on Tax Due: Interest under Section 234A may be charged at 1% per month or part thereof on any unpaid tax amount, from the due date until the date of actual filing.
- Loss of Certain Deductions and Carry Forward of Losses: Taxpayers may not be able to carry forward certain losses, such as business losses or capital losses, to subsequent years if the return is not filed within the due date.
- Delayed Refunds: Any refunds due to the taxpayer will be delayed if the return is not filed on time.
- Prosecution: In cases where the tax due is substantial and the delay is significant, the Income Tax Department may initiate prosecution for willful default, which can result in penalties or even imprisonment.
To avoid these consequences, it is advisable to file the ITR within the stipulated timeline. If the deadline is missed, a belated return can still be filed before December 31, 2024.
Not sure whether you should file an income tax return?
- For individuals receiving a salary, the process of filing Income Tax Returns (ITR) can be simplified by uploading their Form 16. With this document, professional advisors at Aout Advisors LLP can efficiently prepare the return and facilitate e-filing within minutes. This streamlined approach ensures accuracy and compliance with tax regulations while minimizing the time and effort required from the taxpayer.
- For individuals engaged in freelance work, small business operations, or home-based businesses such as Kirana stores or e-commerce selling under Section 44AD or 44ADA, Aout Advisors LLP offers a streamlined solution for e-filing ITR-4. Our team of Chartered Accountants (CAs) specializes in preparing and e-filing income tax returns, ensuring compliance with relevant tax provisions and optimizing tax benefits for your business.
- Aout Advisors simplifies the process of selecting the correct ITR form tailored to your specific circumstances. Our automated system supports all ITR forms, including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. This ensures accurate and efficient filing while catering to diverse taxpayer needs and complexities.
Key Due Dates for Advance Tax Instalments (FY 2023-24)
- 15th June 2023: 5% of the advance tax is due if you are liable to pay advance tax.
- 15th September 2023: 45% of the advance tax is due.
- 15th December 2023: 75% of the advance tax is due.
- 15th March 2024: 100% of the advance tax is due.
Advance tax payments are crucial for meeting tax obligations in a timely manner and avoiding interest or penalties for underpayment. It’s essential to adhere to these due dates to ensure compliance with tax regulations.
