ITR filing last date for AY 2024-25 (FY 2023-24): Due dates for filing income tax returns, TDS, advance tax payments

ITR due dates for FY 2023-24 (AY 2024-25)

The table below outlines the deadlines for filing ITR in 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:

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:

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.

Also Read: Cost inflation index (CII) for FY 2023-24 to calculate capital gains

The due date for quarterly payment of TDS as permitted under Section 192, 194A, 194D or 194H are:

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.

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)

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?

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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