Income Tax Return Due Date for A.Y.2024-25 (F.Y.2023-24) & FAQ Related to Original/Revised/Belated/Updated ITR
ITR Filing Last Date 2024
The last date to file Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without a late fee is 31st July 2024.
Income Tax Filing Due Dates for FY 2023-24 (AY 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) |
What Happens if You Miss 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.
- 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.