Last date to File ITR (Belated Return) for AY 2024-25 is 31 December 2024.
| Important Update 1. Due date to file ITR for AY 2024-25 (those requiring audit) has been extended from October 31, 2024, to November 15, 2024. 2. Tax audit report submission deadline was extended to October 7, 2024. |
In India, it is mandatory for all the taxpayers to file the Income Tax Return every year.
It ensures that your earnings have been accurately considered for taxation.
Knowing the deadlines and consequences of missing the due date is very essential to avoid penalties for tax evasion.
Other Important Income Tax Filling Due dates For AY 2024-25
| Taxpayer | Due Date |
| Not requiring an audit (Individuals, HUFs, AOPs, BOIs) | 31st July 2024 |
| Businesses requiring an audit | 31st October 2024 |
| Assesses under Section 92E requiring audit returns | 30th November 2024 |
| Revised return/Belated/late return | 31st December 2024 |
| Updated Return | Upto 2 yrs from the end of the relevant Assessment Year. |
Due date to submit tax audit report
The due date to submit a tax audit report for a taxpayer is September 30th of the relevant assessment year.
Due Date for Change in Tax Regime
The due date to change your tax regime is 31st July 2024. By default, you are under the New Tax Regime, you can opt out if you prefer.
- For ITR 1 and 2: No additional form is needed to change the tax regime.
- For ITR 3 and 4: An additional Form 10-IEA is required to make this change.
What is Financial Year and Assessment Year?
Financial Year
Financial Year (FY) is the year when you make your earning from April 1st to March 31st.
For example – FY 2023-24 refers to the income generated in the financial year from April 1st to March 31st.
Assessment Year
Assessment Year (AY) is the year following the financial year in which your total income is determined.
For example – Income earned in FY 2023-24 is assessed and taxes are paid in the Assessment Year.
Consequences of Missing the ITR Filling Deadline
Interest (Section 234A)
If you file your return after the due date, you will be liable to pay interest of 1% per month or part month on the unpaid tax amount until you file your return.
Late Fees (Section 234F)
If you missed the deadlines, there will be a penalty of Rs.5,000 for income above 5 lakh and Rs.1,000 if income is below Rs.5 lakh.
Loss Adjustment
If you file your return after due date you cannot adjust losses like the stock market, mutual funds, businesses, etc to the subsequent years. This may lead to increase in tax liability in later year.
Belated Returns
If you could not file the return within 31st July 2024, you can still file a return after the due date. The time allowed for filling of belated returns is 31st December 2024 although there are penalties for late filling. But you will lose the opportunity to transfer losses forward.
Updated Return (ITR-U)
Even if you fail to meet the belated return deadline, you can file an updated return with certain condition.
For example – For FY 23-24 (AY 2024-25), due date file updated return is 31st March 2027.
Certain condition for updated return
If you file an updated Income Tax Return (ITR-U):
Within 12 months from the end of the relevant Assessment Year: You will be liable to pay an additional tax of 25% on the tax amount, along with interest and a late filing fee.
Within 24 months from the end of the relevant Assessment Year: The additional tax increases to 50%, along with interest and the late filing fee.
FAQs
Yes, you can file your ITR for AY 23-24 but with increased penalties by March 31, 2026.
If you don’t file your ITR by the deadline, you will face penalties and interest charges. Additionally, you will lose out benefits like carry-forward of losses and refunds.
Yes, you still need to file ITR if your gross total income is above Rs 2.5 lakh under the old tax regime or Rs 3 lakh under the new tax regime.