Income Tax Return (ITR) Filing Last Date FY 2023-24 (AY 2024-25)

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Income tax is the main source of revenue for our government, and it's our responsibility to file income tax return before the last date. As we know, FY 2023-24(AY-2024-25) has started on 1st April and every tax-payer wants to know when is the last date to file ITR. In this blog we will tell you when is the last date for filing Income Tax Return (ITR).

Last Date of ITR filing 2023-24

The last date to file Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) is July 31 2024 without any late fee. If you have missed filing your return before July 31, you can file a late return for the same financial year before December 31, 2024.

Due Dates of Tax for FY 2023-24 (AY 2024-25)

What is an Assessment Year (AY) and Financial Year (FY)?

If you are a taxpayer then you should know what is the Financial Year(FY) and Assessment Year (AY)

Financial Year (FY): Financial year is the year in which you have earned your income. The Financial Year is the 12-month period used by governments and businesses for accounting and financial reporting purposes. It starts form 1 April of every year and end on 31 march of next year.

Assessment Year (AY): Assessment year is the year immediately following the financial year for which income is assessed and taxed. It also starts form 1 April of each year and end on 31 march of next year.
example: If FY 2023-2024 is the year in which the income is earned, then AY 2024-2025 is the year in which the taxpayer files his income tax return for that income.

Benefits of filing income tax return on time:

Filing your income tax return(ITR) on time offers many benefits, including:

Avoiding Penalties: Filing your tax return before the last date helps you avoid penalties and interest charges levied by the tax income tax department for late filing. The Income Tax Department imposes penalties for late filing, which can range from financial penalty to legal action such as prosecution in serious cases.

Avoid last-minute rushes and errors: Delays often result in a rush to file ITR closer to the deadline, increasing the chances of errors and inaccuracies. Filing hastily may result in overlooking deductible expenses, exemptions or other tax-saving opportunities, resulting in potential overpayment of taxes or additional scrutiny from tax authorities. 

Ensure access to financial services: Timely filing of ITR is often a prerequisite for accessing various financial services and benefits. Whether you are applying for a loan, credit card or visa, financial institutions and authorities often require proof of tax compliance, which includes submitting your ITR for the relevant assessment year.