As we approach the deadline for filing income tax returns (ITR) in India, it’s crucial to mark your calendars for July 31, 2024. This date marks the last opportunity for individuals to submit their ITR for the assessment year 2024-25. Filing your ITR on time is not just a regulatory requirement but also helps in avoiding penalties. According to tax regulations, failing to file your ITR by the due date will attract a late fee. The penalty amounts to Rs. 500 per month or part of a month, with a maximum cap of Rs. 1,000.
Whether you’re a salaried individual, a business owner, or a freelancer, timely filing of ITR ensures compliance with tax laws and keeps your financial affairs in order. It’s essential to gather all necessary documents, including income statements, investment proofs, and deductions, to accurately file your returns before the deadline. In this article, we will have a look at the last date for filing ITR.
ITR due dates for FY 2023-24 (AY 2024-25)
| 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 Rs.10,000 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.
