Income Tax Return (ITR) Filing Due Dates FY 2023-24 (AY 2024-25)

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23 MAY, 2024

If you are a taxpayer liable to file your Return of Income (‘ROI’), you should be aware of the due date within which the ROI must be filed. Filing your ROI is not only a legal obligation but also a duty of a responsible Indian citizen to contribute to the nation’s growth. It is crucial to adhere to the timelines and ensure your tax affairs are in order to avoid any penalties and unnecessary hassles.

This article explores the reasons why filing tax returns on time is essential, the due dates within which the ROI is required to be filed and the potential consequences of late filing the tax return.

Importance of filing the Return of income:

1. Compliance with Legal Obligations:

Filing ROI on time is not merely a suggestion but a legal obligation. Tax laws in most countries require taxpayers to report their income and pay taxes within specific timelines. Failure to meet these timelines can result in penalties, fines, and other legal consequences. By filing tax returns promptly, one demonstrates their commitment to fulfilling their legal obligations as a taxpayer.

2. Higher rate of Tax Deducted at Source (‘TDS’)/ Tax Collected at Source (‘TCS’):

If any of your income/amounts is subject to TDS/TCS, and if you have not filed the ROI for the preceding year on or before the due date and the total amount of TDS and TCS in the last financial year is Rs.50,000 or more, then in such a case, you shall be subjected to a higher rate of TDS/TCS.

3. Avoiding Penalties and Interest:

One of the immediate consequences of late ROI filing is the imposition of penalties/late filing fees and interest. Where the ROI is filed beyond the prescribed timelines, late filing fees would be levied, the quantum of which depends on the taxpayer’s total income. Additionally, interest would also be levied if there was a delay in filing the ROI.

4. Ensuring Timely Refunds:

Filing the ROI on time ensures that if you are eligible for any type of tax refund, you receive it promptly. Many individuals who have excess TDS/TCS or have made additional tax payments are entitled to refunds. By filing the ROI on time, you expedite the refund process, providing you with –much-needed financial relief.

5. Credit Card Processing and Loan Approvals:

When you apply for a credit card or loan, the bankers often ask for a copy of your ROI as proof of your income. Having a history of filing the ROI on time strengthens your creditworthiness and improves your chances of getting favourable loan terms.

6. Reducing Stress and Avoiding Last-Minute Rush:

Filing taxes can be a complex process, particularly if you have multiple sources of income. Delaying the filing process can lead to unnecessary stress and an increased likelihood of making mistakes at the last minute. By filing your ROI on time, you reduce the pressure of a last-minute rush, providing ample time to review your documents, seek professional advice if needed, and ensure accurate filing.

Income Tax return due date:

Now, let us understand the due dates/ timelines within which the ROI is required to be filed as per the law. One may note that this depends on the type of the taxpayer and the level of income. Considering this, below are the due dates for filing the ROI for Financial Year 2023-24:

Category of Taxpayer	Due Date
Individual / HUF/ AOP/ BOI/ LLP/ Partnership Firm (where the taxpayer is not subjected to audit under the Income Tax Act or any other law applicable)	31^st July 2024
● Companies and other taxpayers whose accounts are required to be audited under the Income Tax Act or any other law applicable. ● Every Partner of a Partnership Firm or LLP whose accounts are required to be audited	31^st October 2024
● Every assessee who is required to furnish a transfer pricing report (in case of international transactions/specified domestic transactions) ● Every Partner of a Partnership Firm or LLP is required to furnish a transfer pricing report (in case of international transactions/specified domestic transactions)	30^th November 2024
Revised Return	31^st December 2024^*
Belated Return i.e., Late Return	31^st December 2024^*
Updated Return (subject to conditions as prescribed)	31^st March 2027

^*Provided the assessment of the original return has not been completed before that date.

What happens if you miss the return filing due date?

Interest: Where the ROI is filed after the prescribed due date, one has to bear the interest liability arising from such delay. The interest is levied at the rate of 1% per month or part month on the unpaid tax amount from the period commencing on the date immediately following the due date till the return is filed, and if no return is filed, then till the date of completion of the assessment.

Late filing fees: In addition to the interest, the taxpayer would also be charged late filing fees. As per the law, a late filing fee of Rs.5,000 would be levied for delay in filing the return. However, if the total income is less than Rs.5 Lakh, the late filing fee is reduced to Rs.1,000.

Carry forward of losses not allowed:In case you have incurred losses on the sale of shares, mutual funds, properties, or any business losses, you can carry them forward and set them off against your income in the subsequent years. This provision will enable you to reduce your tax liability in the future. However, you will not be allowed to carry forward these losses if you miss filing the ROI before the due date.

Opting out of New Tax Regime: In case you wish to opt out of the new tax regime and opt for the old tax regime (with deductions/allowances/exemptions), the same can be done so only if the option is opted while return of income filed within the original time limit prescribed under the Income-tax Act.

Tax Notices: If you fail to file the return of income, the Income-tax Authority may issue a tax notice to assess your income for the relevant year.

Frequently Asked Questions (FAQs)

Can you file a nil Income Tax Return?

Yes. If you have ‘Nil’ Income for any year, you can still file the Income Tax Return. The process of filing a nil Income Tax Return is the same as filing a regular Income Tax Return.

What is the last day to file an Income Tax Return?

The last day to file Income Tax Return belatedly is 31^st December of the relevant assessment year. However, one may file an updated return if all the conditions are fulfilled.

What if you fail to file an Income Tax Return before the last day?

If you fail to file the Income Tax Return by 31^st December (the last day of filing a belated return), then you can file an updated return within 24 months from the end of the relevant assessment year after making payment of additional taxes along with applicable interest subject to certain scenarios where you cannot file an updated return.

For Example: For assessment year 2021-22, the updated return can be filed on or before 31^st, March 2024.

What if you make a mistake in the Income Tax Return? Can you rectify the mistake?

Yes. If you make any mistake or omission, you can file a rectified/revised return on or before three months prior to the end of the relevant assessment year.

For Example: For the assessment year 2024-25, the rectified/revised return can be filed on or before 31^st December 2024.

What if you fail to file an Income Tax Return before the last day and you realise that there is an Income Tax Refund due to you?

If you have a claim of refund and you have missed the due date of filing an original return or belated return due to any genuine hardship or bonafide reason, then in such case, you can file an application of condonation of delay along with return of income with the relevant Income-tax authorities for claiming such refund. Subject to certain conditions, the income tax authority may accept or reject your application. A condonation application to claim an Income Tax Refund for any assessment year cannot be made after the expiry of six years from the end of the relevant assessment year.