ITR filing last date for AY 2024-25 (FY 2023-24): Due dates for filing income tax returns, TDS, advance tax payments
Stay informed about the important dates and avoid penalties. Act now and file your ITR on time
An Income Tax Return (ITR) is a formal document that individuals in India must submit to the Income Tax Department. It’s also a word that finds its usage peaking every year around June and July—the usual deadline for filings taxes. After all, its purpose is to provide comprehensive details regarding their income and the corresponding tax liabilities for a specific financial year.
The stipulated deadline for submitting federal tax returns, commonly called the IT return last date, holds the utmost significance to avoid incurring additional charges or penalties. Taxpayers who file their returns after the due date are liable to pay interest and a levy per sections 234A and 234F.
Also Read: Income tax slabs in India 2024-25: Old vs new tax regime, deductions and more
The last date to file your income tax return (ITR) for the assessment year 2024-25 in India is July 31, 2024. If you file your ITR after the due date, you'll be liable to pay a late fee of Rs.500 per month, or part of a month, up to a maximum of Rs.1,000.
ITR due dates for FY 2023-24 (AY 2024-25)
The table below outlines the deadlines for filing ITR in 2024
| Taxpayer Category | ITR filing Due Date for FY 2023-24 | Due date to file audit report for FY 2023-24 |
|---|---|---|
| Businesses (Audit cases including Private Limited Companies, OPC, LLPs, and firms) | 31st October 2024 | 30th September 2024 |
| Business (Non-Audit cases including Private Limited Companies, OPC, LLPs, and firms) | 31st July 2024 | - |
| Association of Persons (AOP) | 31st July 2024 | - |
| Body of Individuals (BOI) | 31st July 2024 | - |
| Individual | 31st July 2024 | - |
| Trusts, colleges, political parties (Audit Cases) | 31st October 2024 | 30th September 2024 |
| Trusts, colleges, political parties (Non-Audit Cases) | 31st July 2024 | - |
| Report to be filed u/s 92E | 31st October 2024 | - |
| Furnishing of Income Tax Return in case of Transfer Pricing | 30th November 2024 | - |
| Revised Return | 31st December 2024 | - |
| Overdue/Late Return | 31st December 2024 | - |
Note:
- The requirement to pay advance tax arises solely when an individual's overall tax obligation reaches or exceeds Rs10,000 within a given financial year.
- Additionally, any tax payment rendered on or before the 31st of March in the same financial year shall be recognised and accounted for as advance tax.
Also Read: Income tax slabs for senior and super senior citizens (new and old tax regimes) for 2023-24
What is the due date for making payment of Advance Tax instalments?
The deadlines for the settlement of advance tax payments are as follows:
| Instalment & Due Date | Amount of tax for all assesses (except assesses referred in next column) | Amount of tax for assesses declaring income under presumptive schemes under 44AD / 44ADA |
|---|---|---|
| 1st instalment - Till 15th June of FY | 15% of the amount of advance tax | Nil |
| 2nd instalment - Till 15th September of FY | 45% of the amount of advance tax | Nil |
| 3rd instalment - Till 15th December of FY | 75% of the amount of advance tax | Nil |
| 4th instalment - Till 15th March of FY | 100% of the amount of advance tax | 100% |
Note:
- The requirement to pay advance tax arises when an individual's cumulative tax obligation amounts to Rs10,000 or higher within a given financial year.
- Furthermore, any tax payments made on or before the 31st of March in the same financial year are considered advance tax payments.
Also Read: Section 80C: Income tax deduction and limits under section 80C, 80CCD in 2023
What is the due date for making TDS payments?
The deadline for monthly TDS payments can be comprehended more effectively by distinguishing between government and non-government assessments as follows:
| For the Month | Due Date |
|---|---|
| Due Date for TDS payment in case of Govt. Assessee | |
| April 2023 to February 2024 | Last date of the month in which TDS/TCS is deducted or collected |
| March 2024 | 7th April 2024 |
| Due Date for TDS payment in case of Non-Govt. Assessee | |
| For the Month | Due Date |
| April 2023 to February 2024 | 7th of next month |
| March 2024 | 30th April 2024 |
Note:
- If a Government assessee deducts tax in the absence of a challan (specifically, a treasury challan), the deducted amount must be deposited on the same day of deduction. However, in cases where the deduction is made under section 192(1A), the deposit must be made on or before seven days from the conclusion of the respective month in which the deduction occurred.
- Furthermore, when tax is deducted upon the acquisition of immovable property as per section 194IA, the deducted amount must be deposited within 30 days following the conclusion of the month in which the consideration payment is made.
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The due date for quarterly payment of TDS as permitted under Section 192, 194A, 194D or 194H are:
| For the quarter | Due Date |
|---|---|
| For the quarter ending 30th June | 7th July |
| For the quarter ending 30th September | 7th October |
| For the quarter ending 31st December | 7th January |
| For the quarter ending 31st March | 30th April |
Note:
- Under section 192(1A), it is imperative to ensure that the payment is made within seven days (7 days) from the conclusion of the respective month in which the deduction is carried out or the income tax becomes due.
Also Read: Long term capital gains (LTCG) tax: Rates, calculation, and more
What is the due date for filing a TDS return?
The specified deadline for the submission of quarterly TDS Returns for the fiscal year 2023-2024, encompassing Form 24Q, Form 26Q, Form 27Q, and Form 27EQ, differs based on whether the deductor is a Government or Non-Government entity.
| Quarter | Period | Due Date |
|---|---|---|
| 1 | From April to the end of June | Last date of the month after |
| 2 | From July to the end of September | Last date of the month after |
| 3 | From October to the end of December | Last date of the month after |
| 4 | From January to the end of March | Last date of the month after |
Note:
- Form 24Q is a quarterly statement utilised to report the comprehensive information regarding Tax Deducted at Source (TDS) concerning salary payments.
- Form 26Q, a quarterly statement, is employed to furnish the necessary details concerning TDS for payments apart from salary, specifically about domestic transactions.
- Form 27Q functions as a quarterly statement designed to disclose the pertinent information regarding TDS on payments other than salary, specifically applicable to non-residents or foreign entities, encompassing additional sources of income such as interest and dividends.
- Form 27EQ specifically caters to TCS returns, ensuring the accurate reporting of tax collections as mandated by relevant regulations.
Due dates to issue TDS certificates (Form 16)
| Form No. | Due date | Periodicity |
|---|---|---|
| Form 16 (TDS on salary) | 31st May 2024 (for FY 2023-24) | Annual |
| Form 16A (TDS on income other than salary) | Within 15 days from the due date of furnishing TDS return | Quarterly |
| Form 16B (TDS on sale of property u/s 194IA) | Within 15 days from the due date of furnishing challan in Form No. 26QB | Each transaction |
| Form 16C (TDS on Rent) | Within 15 days from the due date of furnishing challan in Form No. 26QC | Each transaction |
| Form 27D (TCS) | Within 15 days from the due date of furnishing TCS return | Quarterly |
Note:
- Form 16A and Form 27D will be issued within 15 days after the due date for submitting the TDS or TCS return.
- Form 16A is specifically meant for reporting TDS deductions on income sources other than salary.
- Form 27D serves as a TCS document.
What is the interest and penalty for delay in filing returns?
| Particulars | Amount of penalty and Interest | Section of the Act |
|---|---|---|
| Delay in filing Income Tax Return | Penalty- when the total income of the person exceeds Rs5 Lakhs: Rs5,000 any other case: Rs1,000 Interest- 1% per month or part month on the unpaid tax amount under Section 234A if you file your return after the due date. |
234F |
| Late filing of TDS return | Fee: Rs200 per day from the due date of filing till the date of filing such return. Such penalty shall not exceed the TDS amount. Penalty: Minimum Rs10,000 and maximum Rs1,00,000. |
234E 271H |
Frequently asked question
1. How to submit an income tax return after the designated deadline?
Individuals can opt for filing a belated return, which should be submitted on or before 31st December of the assessment year. However, it is important to note that a penalty ranging from Rs1,000 to Rs5,000 will be imposed.
2. What is the commencement date for tax filing in 2024?
The commencement date for filing income tax returns for the assessment year 2024-25 is set as 1st April 2024.
3. What are the consequences of skipping the submission of an ITR for a year?
Failure to file income tax returns for a specific year will result in a penalty of up to Rs10,000. Additionally, interest will be applied to the taxable amount.
4. How can one file a zero-income tax return?
The procedure for filing a zero-income tax return mirrors that of submitting a regular ITR.
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