ITR Filing Last Date FY 2023-24 (AY 2024-25)
The last date to file Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without a late fee is 31st July 2024. Taxpayers opting for the Old Tax Regime must file their Income Tax Return by the original filing date. Filing after the due date will incur interest under Section 234A and a penalty under Section 234F. The final deadline for filing a belated return is December 31, 2024.
For the FY 2023-24 (AY 2024-25), the due dates for different categories of taxpayers are as follows:
- Individual / HUF/ AOP/ BOI (books of accounts not required to be audited): 31st July 2024
- Business & Professional (Requiring Audit): 31st October 2024
- Businesses requiring transfer pricing reports: 30th November 2024
- Revised return: 31st December 2024
- Belated return: 31st December 2024
Missing the ITR filing deadline leads to interest payment at a rate of 1% per month under Section 234A, and a late fee of Rs. 5,000 under Section 234F, which reduces to Rs. 1,000 if the total income is below Rs. 5 lakh. Additionally, failure to file before the deadline may result in the loss of the option to carry forward incurred losses from various sources to offset against future income.
Income tax filing due dates for FY 2023-24 (AY 2024-25)
| Category of TaxpayerDue Date to file income tax return for FY 2023-24 | |
|---|---|
| Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) | 31st July 2024 |
| Business & Professional (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 return | 31 December 2024 |
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 the future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.