Income tax Return filing New Dates for FY 2023-24 (AY 2024-25)

Section 139 of Income Tax Act talks about Return of income and Section 139 (1) talks about Due dates to file Income tax Return in various cases as below:

(aa) in the case of an assessee ⁵²[, including the partners of the firm or the spouse of such partner (if the provisions of section 5A applies to such spouse), being such assessee,] who is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;

 (b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;

 (c) in the case of any other assessee, the 31st day of July of the assessment year.

Summarised in Below Table

Income tax Return filing New Dates for FY 2023-24 (AY 2024-25)

New Change in Due Date to File Income Tax Return in FY 2023-24

This Year onwards a new change is made in Section 115BAC, through which new regime is now default regime and if a person wants to opt old regime then he can do so but till the date of filing of original return (Section 115BAC (6)):

Section 115BAC (6)

(6) Nothing contained in sub-section (1A) shall apply to a person where an option is exercised by such person, in the manner as may be prescribed, for any assessment year, and such option is exercised,

 (i) on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for such assessment year, in case of a person having income from business or profession, and such option once exercised shall apply to subsequent assessment years; or

(ii) along with the return of income to be furnished under sub-section (1) of section 139 for such assessment year, in case of a person not having income referred to in clause (i):

Provided that the option under clause (i), once exercised for any previous year can be withdrawn only once for a previous year other than the year in which it was exercised and thereafter, the person shall never be eligible to exercise the option under this sub-section, except where such person ceases to have any income from business or profession in which case, option under clause (ii) shall be available.

That means if you want to opt for Old regime then you must file your Income Tax Return till below dates only:

After above dates taxpayers will not be able to opt for old regime

Click here to know the New and Old Tax Regime in detail

Summary of Significant Change: Due Date for Opting for Old Tax Regime

This fiscal year introduces a noteworthy alteration in Section 115BAC, shifting towards a new default tax regime. Taxpayers now have the flexibility to choose the old regime, but only until the original return filing date (Section 115BAC (6)). Here’s what it entails:

Section 115BAC (6)

• Taxpayers seeking the Old regime must file their Income Tax Return by the due dates specified under Section 139(1) for their respective categories.
• Once the option is exercised for any previous year, it can be withdrawn only once, excluding the year of exercise. Subsequently, the option becomes irrevocable, except in cases where the taxpayer ceases to have any income from business or profession.

File your ITR yourself by watching below video:

New Form 10IEA

One more important point is to file new form 10IEA in case you want to opt in or opt out from old tax regime. Click here to read about form 10IEA

Watch below video to know more:

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