ITR Filing Due Date FY 2023-24 (AY 2024-25)

The Income Tax Return (ITR) is a form for declaring your tax liability, claiming the available exemptions, and reporting your gross taxable earnings. It is mandatory for taxpayers to file their ITRs if their incomes exceed the minimum exemption limits.

All companies and firms, salaried and self-employed individuals, and Hindu Undivided Families (HUFs) are required to file their ITR with the Income Tax Department.

What is ITR filing?

ITR filing is the procedure by which taxpayers report their total earnings for a financial year (FY). They can file their ITRs through the official portal of the Income Tax Department. It is notified with seven forms, which include ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.

ITR filing due date for FY 2023–24 (AY 2024–25)

Section 139 of the Income Tax Act, 1961 provides the rules related to the due dates for filing ITRs. If required, the Central Government can modify these dates by issuing prior notices. In general, the ITR filing dates can be categorized in two parts, which are as follows:

• Taxpayers without any audit requirements like individuals, HUFs, Association of Persons (AOPs), and Body of Individuals (BOIs): July 31 of the relevant assessment year (AY).
• Audited taxpayers that include companies, working partners (wherein the firms’ books have to be audited): September 30 of the relevant AY.

Will ITR due date for AY 2023–24 be extended?

No, there are no reports from the Income Tax department to extend the deadline for extending the 31st July 2024 deadline. More than 7 Crore ITRs have been filed by June 31st , 2024.

More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!

To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24×7 basis, and we are providing support… pic.twitter.com/92z0rjSA13

— Income Tax India (@IncomeTaxIndia) July 31, 2024

The portal faced multiple glitches and other issues as cited by multiple users. Several taxpayers and other stakeholders reported trouble while filing their ITRs and audit reports.

Important due dates of income tax return (ITR) filing in India

It is important that all taxpayers in the country are aware of the due dates for filing their ITRs to avoid penalties and other consequences. Generally, salaried individuals and other taxpayers who are not audited have to file their ITRs by July 31 of the relevant year. Similarly, companies that are covered under audit have to file their returns by September 30 of the relevant AY.

The table below shows the important ITR last dates for FY 2023–24 (AY 2024–25):

What happens if you miss the income tax return (ITR) filing deadline?

If taxpayers miss the deadline for filing income tax returns, they need to pay huge penalties. Additionally, there may be other consequences and inconveniences if the ITR is not filed on time.

The penalty may be between INR 1,000 and INR 10,000 based on the delay in filing the ITR. The following table shows the penalty that taxpayers must pay in case of delays.

If taxpayers are eligible for income tax refunds, a delay in ITR due date results in them receiving the money late. Additionally, they must pay 1% interest on any amount that is pending if the ITR is not filed on time.

Frequently Asked Questions (FAQs)

What is the due date for filing ITR?

For individuals and non-audited taxpayers, the IT returns’ last date for filing is July 31 and for audited taxpayers, it is October 31 of the relevant AY.

How do we revise ITR before the due date?

If any taxpayer needs to revise the original ITR, it can be done under section 139(5) of the Income Tax Act, 1961.

The revised return can be filed before the end of the AY or before the assessment is complete, whichever is earlier.

Which section of the Income Tax Act, 1961 makes provisions for filing ITR after the due date?

Belated returns (ITR filed after the due date) are governed by the rules under section 139(4) of the Income Tax Act, 1961. However, taxpayers will have to pay the necessary penalty at the time of filing the belated ITR.

How do we revise ITR after its due date?

Revised returns can be filed as per the provisions of section 139(5) of the Income Tax Act, 1961. However, if the taxpayers fail to file a revised ITR, they cannot do it after the date has passed.

In some extreme situations, taxpayers can file a request with their assessment officer and procure permission to file past returns under section 119 of the Income Tax Act, 1961.

How do we pay income tax after the due date?

Delayed taxes and belated returns can be filed as per the rules under section 139(4) Income Tax Act, 1961.

However, taxpayers will be liable to pay the penalty depending on the date on which the tax is paid and the ITR is filed.

What is the last date for filing ITR for AY 2024–25?

For individual taxpayers, the last date is July 31, 2024. Any delay in filing ITR before these dates will attract penalties as per the income tax rules and regulations.