ITR Filing Last Date FY 2023-24 (AY 2024-25): The Income Tax Department has not extended the deadline for filing income tax returns (ITR) for FY 2023-24 for taxpayers subject to audit and other designated income taxpayers.
Earlier, the tax department extended the deadline by 15 days for ITR filing for FY 2023-24 for audit cases from the original deadline of October 31, 2024. No further extension was announced by the tax department regarding this deadline.
Penalty for ITR filing now
A taxpayer who must file an ITR by November 15, 2024, can still file his tax return. This will be termed a belated ITR. While filing a belated ITR, he will be required to pay a penalty (also known as a late filing fee).
The last date to file belated ITR for FY 2023-2024 (AY 2024-25) is December 31, 2024.
The last date to file belated ITR for FY 2023-2024 (AY 2024-25) is December 31, 2024.
A penalty of up to Rs 5,000 will be levied under Section 234F. The penalty amount will depend on the taxable income.
Along with the penalty, a taxpayer will be subject to certain other consequences as well. This includes penal interest under sections 234A and 234B. While filing a belated ITR, the taxpayer will not be allowed to carry forward losses.
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) | 15th November 2024 |
| Businesses requiring transfer pricing reports (in case of international/specified domestic transactions) | 30th November 2024 |
| Revised return | 31st December 2024 |
| Belated/late return | 31st December 2024 |
| Updated return | 31 March 2027 (2 years from the end of the relevant Assessment Year) |
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.
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.
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 2024-25
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:
| Due date | Nature of compliance | Tax to be paid |
| 15th June 2024 | First instalment | 15% of tax liability |
| 15th September 2024 | Second instalment | 45% of tax liability |
| 15th December 2024 | Third Instalment | 75% of tax liability |
| 15th March 2025 | Fourth instalment | 100% of tax liability |
| 15th March 2025 | Presumptive scheme | 100% of tax liability |