due date tax filing

Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.

When is the Last Date to File ITR?

ITR filing last date for non audit tax payers for Financial Year 2023-24 (AY 2024-25) was July 31, 2024. However, if you miss filing within the due date, you can still file a belated return before December 31, 2024.

Income Tax Returns (ITR) Filing Start Date for FY 2023-24 (AY 2024-25)

The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has started from 1st April 2024 and the last date to file ITR for FY 2023-24 is discussed below.

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

Consequences of Missing the ITR Filing Deadline

Interest

If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.

Late fee

In case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.

Loss Adjustment

In case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.

What if ITR Filing is Missed?

Belated Return

If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government). Therefore, for this year, you may submit the belated return by 31 December 2024 at the latest.

Updated Return

Still, if you miss the 31st December deadline due to unavoidable reasons still you can file the updated (ITR U) return subject to the conditions specified therein. Click here to know more.

What are Financial Year (FY) and Assessment Year (AY)?

The return you will file in the upcoming year is for the income you earned in FY 2023-24, i.e. for the income earned between 1 April 2023 and 31 March 2024. The assessment year is the review year for FY 2023-2024, where you file your returns and declare your returns by declaring all the incomes, exemptions, deductions, losses etc., already made or incurred during the year for tax assessment. For the income earned during the FY (here FY 2023-24), the assessment year would be the immediately next year, i.e. 1st April 2024 to 31st March 2025. Hence, the assessment year would be AY 2024-25.

Important Due Dates for Paying Advance Tax Instalments for FY 2023-24

Whenever we talk about income tax, there are certain tax formalities that need to be followed within the specified due dates, such as filing income tax returns, paying advance tax on time, etc.   

The due dates for the payment of advance tax are:

TDS Payment Due Dates for FY 2023-24

Tax Deducted at Source (TDS) is the tax deducted from the money paid at the time of making specified payments such as salary, rent, commission, professional fees, interest etc. by the persons making such payments

The due dates for depositing the tax deducted at source and filing of TDS return for the financial year 2023-24 for deductors is as shown in the below table -

*For the government deductors, making the TDS via book entry (Treasury Challan) should be deposited on the same day of deduction, whereas for March month by the 7th of April.

TCS Payment Due Dates for FY 2023-24

Tax Collected at Source(TCS) is the tax collected by the seller from the buyer on the sale of specified items and deposited by the seller to the Government.  For other cases, sellers must deposit the TCS amount within 7 days after the end of the month in which the tax was collected. Tax collectors are required to submit a quarterly TCS return in Form 27EQ for the tax collected during that quarter. Form 27D serves as the certificate issued for the filed TCS returns.

The due dates for depositing the tax collected at source and filing of TCS return for the financial year 2023-24 is as shown in the table below - 

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