Income Tax Return (ITR) Due Date

When it comes to filing taxes and returns, we recommend that you file them on or before their specified due dates. Income tax return due date is usually selected to be 31st July of every year. 

If you fail to file the income tax return (ITR) within the stipulated time, then you will be subject to penalties as defined in Section 234F of the Income Tax Act, 1961. Besides, you might miss out on special benefits offered by the government.

What Else to Keep in Mind?

Read the entire blog thoroughly to know the last date to file ITR, penalties for late filing, what to do in case you have missed the income tax return last date, and more.

Due dates to File an Income Tax Return for FY 2023-24 (AY 2024-25)

When we talk about income tax, we just don’t mean one tax, but there are various obligatory tax formalities that you need to follow within the stipulated time. Some of them include paying advance tax on time, filing income tax returns, and more.

Given below is the tax calendar for the FY 2023-24 and assessment year 2024-25.

Due dates for paying advance tax instalments for FY 2023-24

Advance tax payment is the partial amount of the total tax liability from an individual or company which is created based on the ITR guidelines. 

Here are the due dates with FY 2023-24 installments for better assessment of advance tax payments.

What If You Fail to File the Income Tax Return Within the Due Date?

In case you have missed the due date for tax filing, you can file the return later after the due date. Filing ITR after the due date is called a belated return. 

The Income Tax Department specifies the due date for filing the late return. This date has been reduced by three months to December 31 of the assessment year unless the government has extended it. 

Due Dates for Filing Income Tax Returns for FY 2022-2023 (AY 2023-2024)

Here are the income tax due date extensions for filing Income Tax Returns for FY 2021-22 and assessment year 2022-2023. 

What If You Fail to File the Income Tax Return within the Due Date?

In case you have missed the due date for tax filing, you can file the return later after the due date. Filing ITR after the due date is called a belated return. 

The due date for filing the belated return is specified by the Income Tax Department. This date has been reduced by three months to 31st December of the assessment year unless the government has extended it. 

Due Dates for Filing Income Tax Returns for FY 2023-2024 (AY 2024-2025)

Here are the income tax due date extensions for filing Income Tax Returns for FY 2023-24 and assessment year 2024-2025. 

Filing ITR After Due Date Process

Once you have missed the due date for income tax filing, you can file it later, but of course, you have to pay a fine on them. 

After the due date, you need to pay an interest rate at the rate of 1% for part of a month, or every month, on the amount of tax that is unpaid as per Section 234A. 

Everybody must note that they can’t file ITR without paying taxes. The penalty for the late filing starts from the date just after the missed due date, which is generally 31st July of the relevant assessment every year. 

Penalty for Late Filing of ITR

If you haven’t filed the ITR until the due date, you would have to pay penalties for that. Plus, you will miss out on certain benefits that you may get if you file your taxes within the due date. 

Losses Incurred During the Financial Year

If you have suffered any losses during the financial year, for instance, a loss under the head Capital Gains or if your business has incurred any loss, then you must furnish the return within the due date.

If you fail to do so, then you won’t get any set off against income in the next year for carrying forward these losses. 

Secondly, you would get less time to rectify any mistakes you made in the application while filing the ITR. 

Late Fine Charged after Income Tax Return Due Date

Late fine for filing ITR after due dates differ for different categories of taxpayers. Have a look at the table below:

Wrapping Up

The due dates for filing ITR are fixed for every year and citizens have to file their taxes and ITR on or before the date. Usually, you must furnish your taxes on or before 31st July, unless the government has extended the deadline for some specific reasons. Failing to do so will cause you penalties and deprive you of certain benefits that you can get if you file taxes on time. So, it’s always recommended to comply with the rules.

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