The last date for filing Income Tax Returns (ITR) for the Financial Year 2023-24 (Assessment Year 2024-25) is July 31, 2024. However, if the filing is missed by the due date, a belated return can still be filed before December 31, 2024.
ITR Filing Last Date
The ITR filing window for a particular financial year typically opens on April 1st and closes on July 31st of the subsequent assessment year.
For instance, the ITR for the financial year 2023-24 (Assessment Year 2024-25) needs to be filed by July 31, 2024. This due date is relevant for the majority of individual taxpayers.
Exceptions to the Standard Due Date:
- Companies: Companies have a later due date of October 31st of the assessment year. However, this can be extended to November 30th if the company has international transactions or specific domestic transactions requiring a Form 3CEB report under section 92E.
- Taxpayers with Audited Accounts: If your accounts are mandated to undergo a tax audit, the ITR filing deadline is extended to October 31st of the assessment year.
ITR Filing Process
Filing your Income Tax Return (ITR) might seem daunting, but it can be a smooth process by following these steps:
- The Income Tax Department offers various ITR forms depending on your income source and filing category. Common forms include:
- ITR-1 (Sahaj): For resident individuals with income from salary, pension, one house property, and other income sources up to Rs. 50,000.
- ITR-2 (Sahaj): For individuals with income from capital gains, foreign income, etc.
- ITR-4 (Sugam): For salaried individuals, Hindu Undivided Families (HUFs), and businesses with no business or professional income.
- Refer to the Income Tax Department website or consult a tax advisor for guidance on selecting the appropriate form.
- Visit the Income Tax Department’s e-filing website: https://incometax.gov.in/iec/foportal/.
- New users need to register with their PAN details.
- Existing users can log in using their PAN and password.
- File Your ITR:
- Visit the “e-File” section and select “Income Tax Returns” followed by “File Income Tax Return.”
- Choose the relevant assessment year and filing type (original/revised).
- Select the appropriate ITR form based on your income profile.
- Enter the required details from your gathered documents. The portal may pre-fill some information based on Form 16 and other sources.
- Carefully review and edit any pre-filled data, ensuring its accuracy.
- Upload any necessary documents as per the ITR form requirements.
- Validate your return to identify any errors or inconsistencies.
- Once error-free, submit your ITR electronically.
- e-Verify Your Return:
- e-Verification is a mandatory step for most taxpayers. It confirms the authenticity of your ITR filing.
- After successful verification, click on “Submit” to file your income tax return.
Consequences of Late Filing Your ITR
Filing your Income Tax Return (ITR) after the deadline can lead to a cascade of inconveniences and financial implications. The potential consequences are
Financial Penalties:
- Late Filing Fee: This is the most immediate penalty you’ll face. The amount varies depending on the delay and your income level:
- Standard Penalty: A maximum penalty of Rs. 5,000 is imposed if you file after July 31st but before December 31st of the assessment year.
- Reduced Penalty for Small Taxpayers: For individuals with a total income not exceeding 5 lakhs, maximum penalty of Rs. 1,000 applies to them.
- No Penalty Below Exemption Limit: If your income falls under the basic exemption limit set by the government, you won’t be charged a penalty for late filing.
- Interest on Unpaid Tax: Apart from the penalty, interest is levied at 1% per month on any outstanding tax liability from the due date (July 31st for most cases) until the date of payment. This can significantly add to your tax burden.
Processing Delays and Missed Refunds
If you missed filing your return or filed a late ITR, you may face the below mentioned problems:
- Delayed Processing: Late filing can lead to delays in processing your ITR, potentially impacting other tax-related processes.
- Missed Refunds: If you’re entitled to a tax refund, late filing can significantly delay receiving it.
- Carry Forward of Losses: If you have incurred business or capital losses during the financial year, timely ITR filing allows you to carry them forward and offset future tax liabilities. Late filing might restrict this benefit.
- Scrutiny Selection: The Income Tax Department may select your return for scrutiny if it’s filed late, leading to additional verification and potential tax demands.
- Department Notices: You may receive notices from the department for non-compliance, causing unnecessary stress and hassle.