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.
New Date: If any taxpayers wants to opt for Old Tax Regime then they have to file Income Tax Return till date of filing of original income tax Return only.
Click here to know New Tax Regime & Old Tax Regime
Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.
When is the last date to file ITR? ITR filing last date for Financial Year 2023-24 (AY 2024-25) is July 31, 2024. However, if you missed filing within the due date, you can still file a belated return before December 31, 2024.
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 2023-24 where you file your returns and declare your investments 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.
Income tax filing due dates for FY 2023-24 (AY 2024-25)
| Category of Taxpayer | Due 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.
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