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Income Tax Return ITR Filing New Dates For FY 2023-24 AY 2024-25

The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) will start in April 1, 2024. 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.

What happens if you miss the ITR filing deadline?

Interest Charges: You may be liable to pay interest on the amount due for the period of delay in filing the return.

Late Filing Penalty: The Income Tax Department may impose a penalty for late filing of the tax return. The penalty amount can vary depending on factors such as the amount of tax due and the delay in filing.

Loss of Refund: If you are eligible for an income tax refund, delaying the filing of your return means delaying the receipt of your refund.

If you miss the deadline, it's best to consult with a Web Online CA to understand your options and mitigate any potential penalties or liabilities.

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

Due Dates Category of Taxpayer
31st July 2024 Individual/HUF/AOP/BOI
31 October 2024  Businesses
30 November 2024 Businesses Transfer Pricing Report(domestic transactions/international transactions)
31 December 2024 Revised Return
31 December 2024 Late return/belated return filing

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.