Income Tax Return (ITR) filing is an essential process for taxpayers to declare their income, expenses, and tax liabilities for a specific financial year. Filing an ITR is not just a legal obligation but also a means to avail various benefits like claiming refunds, carrying forward losses, and establishing a financial record. Individuals, companies, and other entities earning income in India are required to file their ITRs based on their income levels and types of earnings. Adhering to due dates is crucial as it helps avoid penalties, ensures timely refunds, and facilitates smooth financial planning.
Income Tax Return Due Dates for A.Y. 2024-25 (F.Y. 2023-24)
| Tax Payers Type | Original Return Due Date | Revised Return Due Date | Belated Return Due Date | Updated Return Due Date |
|---|---|---|---|---|
| Company | 31/10/2024 | 31/12/2024 | 31/12/2024 | 31/03/2027 |
| Other than Company to whom audit applicable | 31/10/2024 | 31/12/2024 | 31/12/2024 | 31/03/2027 |
| Partner of Firm to whom audit applicable | 31/10/2024 | 31/12/2024 | 31/12/2024 | 31/03/2027 |
| Transfer Pricing (Section 92E) | 30/11/2024 | 31/12/2024 | 31/12/2024 | 31/03/2027 |
| Other than above (Individual, HUF + Non Audit cases) | 31/07/2024 | 31/12/2024 | 31/12/2024 | 31/03/2027 |
FAQ Related to Original/Revised/Belated/Updated ITR
| Question | Original Return | Revised Return | Belated Return | Updated Return |
|---|---|---|---|---|
| Refund Can Be Claimed? | Yes | Yes | Yes | No |
| Late Fee Applicable u/s 234F? | No | No (if GTI ≤ ₹2,50,000) | Yes | No (if already paid in Belated Return) Otherwise Yes |
| Loss Set-Off Allowed? | Yes | Yes | Yes | No |
| Loss Carry Forward Allowed? | Yes | Yes (if Original Return filed on or before Due Date u/s 139(1)) | No | No |
| Additional Tax u/s 140B Applicable? | No | No | No | Yes |
Key Points Summary
| Type of Return | Refund | Late Fee | Loss Set-Off | Loss Carry Forward | Additional Tax u/s 140B |
|---|---|---|---|---|---|
| Original | Yes | No | Yes | Yes | No |
| Revised | Yes | No (if GTI ≤ ₹2,50,000) | Yes | Yes (if Original filed on time) | No |
| Belated | Yes | Yes | Yes | No | No |
| Updated | No | No (if already paid in Belated Return) | No | No | Yes |
Importance of Filing ITR Timely
Filing your Income Tax Return on or before the due date is vital for several reasons. Timely filing ensures that you can claim refunds without any delays, set off and carry forward losses to future years, and avoid late fees and penalties. Moreover, it helps maintain a clean financial record, which can be beneficial for loan approvals, visa applications, and other financial transactions. Understanding and adhering to the various deadlines for original, revised, belated, and updated returns ensures compliance with tax laws and maximizes the benefits available to taxpayers.
In conclusion, staying informed about the due dates and conditions for filing different types of ITRs can significantly impact your financial well-being and compliance status. Make sure to file your returns accurately and timely to leverage all the benefits and avoid potential penalties.
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My wife who is senior citizen had submitted Form H to bank for 2022-23. It could not be entered by bank as her adhaar was not linked with her PAN resulting in TDS deduction @20% amounting to Rs.7500/-. Bank did not inform their inability of entering Form H.
It came to light when TDR given for closure showing TDS deduction. Now adhaar stands linked to PAN and Form H given for this year is duly entered. Pls advise if we can file ITR for 2022-23 to claim refund. We have already submitted her return for 2023-24 and sought refund. She is house wife and is having only intt income from bank deposits. We have filed her return first time for FY 2023-24. Pls. guide.
Thanking you in anticipation.
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