Every year, individuals, companies, and other taxpayers need to file income tax returns (ITRs) to report their income and the taxes they’ve paid to the government. It’s important to file these returns by the deadline to avoid penalties and to keep certain tax benefits.
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ITR Filing 2023-24: Important Date And Details
The deadline for filing ITR for the financial year 2023-24 (assessment year 2024-25) is approaching. Here are the key dates and details you need to know to ensure you meet your tax obligations on time.
ITR Filing 2023-24: Date
The e-filing for FY 2023-24 has already started from April 1, 2024. It’s advisable to file your returns well before the deadline to avoid penalties and to take advantage of loss adjustments.
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What Is Last Date To File Income Tax Returns (ITR)?
The deadline for income tax returns is different for different individuals.
Income Tax Filing Last Date Without Audit Requirements
For Individuals, HUFs, AOPs, and BOIs, without audit requirements, the due date is July 31, 2024.
Income Tax Filing Last Date For Businesses Requiring Audit
For businesses requiring audit, the due date is October 31, 2024.
Income Tax Filing Last Date For Businesses Requiring Transfer Pricing Reports
For businesses requiring transfer pricing reports, for international/specified domestic transactions, the due date is November 30, 2024.
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Income Tax Filing Last Date For Filing Revised Returns
For filing revised returns, the deadline is December 31, 2024.
Income Tax Filing Last Date For Belated Returns
For filing belated returns, the deadline is also December 31, 2024.
Income Tax Filing Last Date For Updated Returns
For filing updated returns, the deadline is March 31, 2027 (two years from the end of the relevant assessment year).
What If You Miss The Deadline For ITR?
If you miss the ITR filing deadline, you can still file a belated return until December 31, 2024. However, there are penalties and consequences.
