ITR Filing Last Date FY 2023-24 (AY 2024-25)

Taxpayers who submit their tax returns past the deadline will incur interest charges as per Section 234A, along with facing penalties under Section 234F.

The deadline for filing ITR-7, Form 10B, and Form 10BB, initially set for September 30, 2023, has been extended to October 31, 2023.

When is the last date to file ITR?

The deadline for submitting Income Tax Returns for the Fiscal Year 2022-23 (Assessment Year 2023-24) was July 31, 2023. However, in the event that you overlooked the deadline, you still have the opportunity to file a belated return until December 31, 2023.

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File Belated Return

The deadline for filing Income Tax Returns for the Financial Year 2023-24 (Assessment Year 2024-25), which marks the upcoming tax season, falls on July 31, 2024.

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What are Financial Year (FY) and Assessment Year (AY)?

The tax return you’ll submit in the upcoming year pertains to the income you earned during the Financial Year 2023-24, spanning from April 1, 2023, to March 31, 2024. The Assessment Year serves as the review period for the Financial Year 2023-24, during which you report your income and disclose your investments for tax evaluation. For income earned in the Financial Year (in this case, FY 2023-24), the subsequent year becomes the Assessment Year, encompassing April 1, 2024, to March 31, 2025. Thus, the Assessment Year corresponds to AY 2024-25.

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Income Tax Returns (ITR) Filing Start Date 2023

The process of filing Income Tax Returns (ITR) for Assessment Year 2024-25 (Financial Year 2023-24) has commenced. Below, we’ll discuss the deadline for filing ITR for the Financial Year 2023-24.

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Income tax filing due dates for FY 2023-24 (AY 2024-25)

Category of Taxpayer	Due Date for Tax Filing – FY 2023-24
Individual / HUF/ AOP/ BOI      (books of account not required to be audited)	31st July 2024
Businesses (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/late return	31 December 2024

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What happens if you miss the ITR filing deadline?

• Interest: If you file your return after the designated deadline, you will incur an interest charge of 1% per month or part thereof on the outstanding tax amount, in accordance with Section 234A.
• Late fee: For delayed filing, Section 234F imposes a penalty of Rs.5,000, which can be reduced to Rs.1,000 if your total income falls below Rs.5 lakh.
• Loss Adjustment: If you’ve experienced losses from sources such as the stock market, mutual funds, properties, or any of your businesses, you can choose to carry them forward and use them to offset your income in the following year. This provision significantly reduces your tax burden in future years. However, if you fail to file your ITR before the deadline, you won’t be permitted to carry forward these losses.
• Belated Return: If you miss the ITR filing deadline, you have the option to submit a return after the due date, known as a belated return. However, you will still be subject to late fees and interest charges, and you won’t be able to carry forward any losses for future adjustments. The final date for filing a belated return is December 31 of the assessment year, unless extended by the government. Hence, for this year, ensure to submit the belated return by December 31, 2023, at the latest.

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Not Sure about whether you should file an income tax return? Check out our article for guidance. Use Cleartax to e-file your IT return promptly!

• If you receive a salary, you can easily upload your Form 16, and Cleartax will automatically prepare your return, assisting you in completing the e-filing process within a few minutes.
• If you’re a freelancer, small business owner, or operate a home-based business such as a Kirana store or an e-commerce venture (under Section 44AD or 44ADA), Cleartax is your go-to platform for e-filing your ITR-4. Our team of Chartered Accountants can efficiently prepare and file your income tax return. Explore our CA-assisted plans here for further details.
• ClearTax automatically identifies the appropriate ITR form applicable to you. We provide support for all ITR forms, including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

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Key due dates for paying advance tax installments for the Financial Year 2023-24

Whenever income tax is discussed, certain tax formalities must be adhered to within specified deadlines, including filing income tax returns and timely payment of advance tax.

The deadlines for advance tax payments are as follows:

Due date	Nature of Compliance	Tax to be paid
15th June 2023	First Instalment	15% of tax liability
15th September 2023	Second Instalment	45% of tax liability
15th December 2023	Third Instalment	75% of tax liability
15th March 2024	Fourth Instalment	100% of tax liability
15th March 2024	Presumptive Scheme	100% of tax liability

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FAQ’s

• How to pay income tax after the due date?

If you’ve failed to pay taxes and submit your return by the due date, you can still fulfill these obligations afterward. However, late filing penalties and interest charges will apply when filing your Income Tax Return (ITR). A penalty of Rs.5,000 is imposed for delayed filing of the return. For individuals with total income less than Rs.5 lakh, the fee is reduced to Rs.1,000.

• What is the due date for filing an income tax return?

Typically, individuals and non-audit cases are required to file their income tax return by July 31st, while audit cases have until October 31st of the relevant assessment year. You can effortlessly e-file your income tax return with AN Bhutada & Co  in less than 3 minutes, ensuring a smooth and efficient process.

• How to revise income tax returns after the due date?

If a taxpayer wishes to revise the original return post the due date, they can utilize the revised return under section 139(5). A belated return can be filed by December 31st of the assessment year. After this date, taxpayers are unable to submit any returns. However, in exceptional circumstances where a return was missed due to severe reasons, one can submit a request to their Assessing Officer (A.O.) seeking permission to file previous returns under Section 119.

• What is the due date of return filing for Trusts?

For trusts in the Financial Year 2023-24 that are not mandated to undergo audit, the deadline for filing returns is July 31, 2024. However, for trusts requiring audit, the deadline for filing ITR will be October 31, 2024.

• What is the last date to file ITR?

Individual taxpayers must file their ITR by July 31st of the relevant assessment year, while taxpayers whose accounts are subject to audit have until October 31st to do so.