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What is the Income Tax Return Last Date for FY 2023-24 (AY 2024-25)?

Income Tax is the direct tax paid by the public to the government of India. It has been imposed on individuals by the CBDT, i.e., the Central Board of Direct Taxes. It is essential for the taxpayers to file the ITR before Income Tax Return last date. But before that let’s discuss about the Income Tax Return and online ITR Filing.

Income Tax Return is a form that has been used by the public for the declaration of their income. An ITR is a self-declaration made by the taxpayers about their earnings, assets, tax paid by them, and the refund to be claimed. At the same time, Income Tax Return Filing is the process by which taxpayers (individuals as well as businesses) can report about their income, deductions, and credits to the government. Tax authorities use this information to calculate the amount of tax payable or the refund due. It is essential to file the ITR accurately and on time to avoid penalties and legal issues.

Who can file Income Tax Return?

It is not essential for everyone to file ITR online. Income Tax Department has set the eligibility criteria for ITR filing. The taxpayers can decide whether they need to file ITR or not. However, ITR filing online is a must for those who satisfy any of the given conditions. You can also get a clear picture of the eligibility criteria with the help of a CA near me for ITR filing. Here are the applicable conditions-

  • If your total income is more than the basic exemption limits of either 2.5 Lakhs, 3 Lakhs, or 5 Lakhs, depend on the taxable limit applicable to you.
  • If you pay the electricity bills of more than Rs. 1 Lakh then you must have to file the ITR.
  • If you have deposited an amount of over 1 Crore in your current bank accounts in a financial year, then tax filing is a must for you.
  • If an amount of more than Rs. 2 lakhs has been spent by you for travelling internationally to a foreign country in a financial year, then you are required to file the ITR.
  • If you have assets in foreign countries, or have a source of income from outside the country, or have signing authority for any account outside the country, then you must have to file an ITR.

Income Tax Return Last Date for FY 2023-24 (AY 2024-25)

For a proper financial planning, taxpayers should have the appropriate knowledge about the important dates related to income tax return filing. ITR filing online for the FY 2023-24 (AY 2024-25) has been started from April 1st, 2024. Here, in this section, we will discuss about the Income Tax Return last date along with the different categories of taxpayers. Let’s discuss about the ITR filing last date for a successful financial future.

Category of Taxpayer ITR Filing Last Date

[For FY 2023-24 (AY 2024-24)]

Due Date to file Audit Report for FY 2023-24
Individuals July 31st, 2024
Businesses including Pvt Ltd Companies, OPC, LLPs, and firms

(Non-audit cases)

July 31st, 2024
AOP i.e. Association of Persons July 31st, 2024
BOI i.e. Body of Individuals July 31st, 2024
Trusts, Colleges, Political Parties

(non-audit cases)

July 31st, 2024
Businesses including Pvt Ltd Companies, OPC, LLPs, and firms

(audit cases)

October 31st, 2024 September 30th, 2024
Trusts, Colleges, Political Parties

(audit cases)

October 31st, 2024 September 30th, 2024
Businesses

(who require transfer pricing reports)

November 30th, 2024
Revised Return December 31, 2024
Belated/ Late Return December 31st, 2024
Updated Return March 31st, 2027

What Happens if You Miss Income Tax Return Last Date

If you miss the ITR filing last date, then you have to face the significant consequences. Here, in this section of the blog, we will explain to you what happens if you miss the due date of filing your ITR. So, don’t think to miss the deadline for ITR filing, or else get ready for the consequences.

  • Penalty

A penalty of Rs. 5000 will be imposed on you if you miss the Income Tax Return last date. However, this penalty will be limited to Rs. 1000 if your annual income does not exceed Rs 5 Lakhs.

  • Interest

If you miss the ITR filing due date, interest of 1% per month will be charged on the unpaid tax amount until the payment is made.

  • Carry Forward Losses

If you suffer any losses in the market, mutual funds, properties, or any of your businesses, then you can carry them forward and can adjust against your income for next year. It will reduce your tax liability in the upcoming financial years. But you will not be able to do so if you don’t file ITR before the due date.

  • Belated Return

If you miss the Income Tax Return last date, you will have a chance to file your belated return after the due date. But you still have to pay the late fees as well as interest and you will not able to carry forward losses for the future adjustments.

  • Updated Return

If you even missed the due date of belated return due to some unavoidable circumstances, you still have a chance to file the updated return.

So here are the consequences of missing the ITR filing last date. So, you should make sure to adhere to the due dates of ITR filing online to avoid such consequences and for a better financial future.

Income Tax Return Last Date to Pay Advance Tax Installments for FY 2024-25

In this section you will learn about the ITR Filing last date for the payment of advance tax installments for FY 2024-25. Let’s have a look on the important dates-

Nature of Compliance Total Tax to be Paid Due Dates
First Installment  15% of total Tax Liability  June 15th, 2024
Second Installment 45% of total Tax Liability September 15th, 2024
Third Installment 75% of total Tax Liability December 15th, 2024
Fourth Installment 100% of total Tax Liability March 15th, 2025
Presumptive Scheme 100% of total Tax Liability March 15th, 2025

Benefits of Income Tax Return Filing

ITR Filing online is not just essential but also very beneficial. You can get the numerous benefits if you file ITR before Income Tax Return last date. It is your social responsibility towards your nation to file your ITR for every financial year. Here, in this section, we will tell you about benefits of filing ITR. If you want to utilize these benefits you should stay updated about the ITR Filing last date. You can also seek the expert guidance of ITR Filing consultants.

  • Claiming tax refunds

If you have paid more tax than your actual liability, then you will be eligible for a tax refund. You can claim these tax refunds by income tax return filing.

  • Financial Responsibility

If you file an income tax return on time, it will be documented proof of your financial stability and responsibility.

  • Avoid Penal Consequences

If your ITR Filing will be done on time, you can avoid the unnecessary financial burdens.

  • Facilitates Loan Approval

Banks and financial institutions generally ask for your income tax return as a part of their assessment process for granting loans.

  • Supports Financial Planning

Online ITR Filing contains a record of your income, investments, and deductions. This information is invaluable for the planning your finances effectively in the future.

  • Legal Safeguard

ITR Filing online shows your commitment to fulfilling your social responsibility and also protects you from Legal conflicts.

Choose Legal Pillers for ITR Filing before Income Tax Return Last Date

In today’s competitive world, there are the numerous options available to file Income Tax Return in India. Among the various options, Legal Pillers is the premier choice of the taxpayers for ITR filing Online. Here we will tell you why-

  • Maximize Tax Refunds

Legal Pillers will help you in maximizing your tax refunds. Our professional team of experts will tell you about all the possible ways that reduce your tax liability.

  • Minimize Stress

With Legal Pillers, you will get the peace of mind. Our team is there to handle everything and reduces your stress, you just stay relaxed.

  • Secure and Reliable

Sometimes, people think that an online platform is not secure. Legal Pillers has a completely secure and reliable online platform, as your privacy is our priority. You can stay calm, knowing that your sensitive information is in safe hands.

  • Save Time and Effort

Our dedicated team of professionals has the exceptional expertise in filing ITR. Our top notch services will save your time and effort so that you can focus on growing your business.

Here are some significant reasons why you should choose Legal Pillers o file ITR before ITR Filing last date.

Final Words

It is very crucial for the taxpayers to stay updates with the ITR Filing last date. It will help you to fulfill your tax obligations effectively. To avoid the unwanted consequences, don’t miss the deadlines of ITR Filing. If you have any confusion related to the due date you can seek the professional guidance of ITR filing consultants. Here, Legal Pillers plays a vital role. We will help you to adhere to the Income Tax Return last date so that you will not have to face any legal or financial problems in the future. You can easily find us by searching “CA Near me for ITR Filing” on Google. So, don’t waste time! Just find Legal Pillers and get our expert assistance at your fingertips.

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