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Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
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Retirement
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Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
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Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
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Income Tax Returns (ITR) Filing for FY 2023-24 (AY 2024-25): Key Dates and Consequences
Income Tax Returns (ITR) Filing for FY 2023-24 (AY 2024-25): Key Dates and Consequences
Introduction
As the end of the fiscal year approaches, taxpayers must ensure they adhere to important deadlines for filing their Income Tax Returns (ITR). For the Financial Year (FY) 2023-24, also known as Assessment Year (AY) 2024-25, meeting these deadlines is crucial to avoid penalties and ensure compliance with tax regulations. This blog provides an in-depth look at the ITR filing deadlines, consequences of missing these deadlines, and other related details to help you navigate your tax responsibilities effectively.
Income Tax Return (ITR) Filing Start Date and Key Deadlines
The process for filing Income Tax Returns (ITR) for the Financial Year 2023-24 (Assessment Year 2024-25) began on April 1, 2024. This marks the start of the window during which taxpayers can submit their tax returns for the income earned from April 1, 2023, to March 31, 2024.
Important Due Dates for Filing ITR for FY 2023-24:
Individual / Hindu Undivided Family (HUF) / Association of Persons (AOP) / Body of Individuals (BOI) (without audit requirements): The deadline for these taxpayers to file their returns is July 31, 2024. This applies to those who do not require their books of accounts to be audited.
Businesses Requiring Audit: Businesses whose accounts are required to be audited have until October 31, 2024, to file their returns.
Businesses Requiring Transfer Pricing Reports: For businesses involved in international or specified domestic transactions requiring transfer pricing reports, the deadline is November 30, 2024.
Revised Return: If a taxpayer needs to correct any errors or omissions in their original return, they must file a revised return by December 31, 2024.
Belated/Late Return: If the original due date is missed, a belated return can be filed until December 31, 2024.
Updated Return: Taxpayers can file an updated return until March 31, 2027, which is two years from the end of the relevant Assessment Year.
Consequences of Missing the ITR Filing Deadline
Failing to file your Income Tax Return by the due date can lead to several repercussions. Understanding these consequences can help you stay compliant and avoid unnecessary costs.
Interest on Late Filing:
If you miss the deadline, you will be liable to pay interest on the unpaid tax amount under Section 234A. The interest rate is 1% per month or part thereof, calculated from the due date until the date of actual filing.
Late Fee:
According to Section 234F, if you file your return after the due date, you will incur a late fee. The fee is Rs. 5,000 for returns filed after the deadline, but if your total income is less than Rs. 5 lakh, the late fee is reduced to Rs. 1,000.
Loss Adjustment:
One significant consequence of missing the ITR filing deadline is the inability to carry forward losses. If you have incurred losses from investments, property, or business, these losses can be carried forward to offset future income. However, this provision is lost if the ITR is not filed on time, impacting your ability to reduce future tax liabilities.
What Happens If You Miss the ITR Filing Deadline?
If you miss the initial filing deadline, there are still options available for filing your return, albeit with certain limitations:
Belated Return:
A belated return can be filed if you miss the original deadline. This return must be filed by December 31, 2024. However, penalties and interest charges will apply, and you will not be able to carry forward losses for future adjustments.
Updated Return:
If you miss the belated return deadline of December 31, 2024, you may still file an updated return under specified conditions. This provision allows for corrections or modifications to previously filed returns, but it must be done by March 31, 2027, for FY 2023-24.
Financial Year (FY) vs. Assessment Year (AY)
To understand the deadlines and processes better, it's important to distinguish between the Financial Year (FY) and the Assessment Year (AY):
Financial Year (FY): This refers to the period during which income is earned. For FY 2023-24, this spans from April 1, 2023, to March 31, 2024.
Assessment Year (AY): This is the year following the Financial Year during which the income is assessed, and taxes are paid. For FY 2023-24, the corresponding Assessment Year is AY 2024-25, which runs from April 1, 2024, to March 31, 2025.
Important Due Dates for Paying Advance Tax Instalments for FY 2023-24
Advance tax must be paid in installments throughout the year to avoid interest penalties. The due dates for advance tax payments for FY 2023-24 are as follows:
First Instalment: 15% of the total tax liability is due by June 15, 2023.
Second Instalment: 45% of the total tax liability must be paid by September 15, 2023.
Third Instalment: 75% of the total tax liability is due by December 15, 2023.
Fourth Instalment: The remaining 100% of the tax liability should be paid by March 15, 2024.
Presumptive Scheme: Taxpayers under the presumptive taxation scheme must also pay 100% of the tax liability by March 15, 2024.
TDS Payment Due Dates for FY 2023-24
Tax Deducted at Source (TDS) is collected by the payer at the time of payment, such as salaries, rent, or professional fees. The due dates for depositing TDS and filing the TDS return for FY 2023-24 are as follows:
For the Quarter Ending June 30, 2023:
Due Date for Depositing TDS: 7th July 2023
Due Date for Filing TDS Return: 31st July 2023
For the Quarter Ending September 30, 2023:
Due Date for Depositing TDS: 7th October 2023
Due Date for Filing TDS Return: 31st October 2023
For the Quarter Ending December 31, 2023:
Due Date for Depositing TDS: 7th January 2024
Due Date for Filing TDS Return: 31st January 2024
For the Quarter Ending March 31, 2024:
Due Date for Depositing TDS: 7th April 2024 (for government deductors, otherwise 30th April 2024)
Due Date for Filing TDS Return: 31st May 2024
TCS Payment Due Dates for FY 2023-24
Tax Collected at Source (TCS) is collected by the seller from the buyer on specific sales. The due dates for depositing TCS and filing the TCS return for FY 2023-24 are as follows:
For the Quarter Ending June 30, 2023:
Due Date to File TCS Return (Form 27EQ): 15th July 2023
Due Date for Generating Form 27D: 30th July 2023
For the Quarter Ending September 30, 2023:
Due Date to File TCS Return (Form 27EQ): 15th October 2023
Due Date for Generating Form 27D: 30th October 2023
For the Quarter Ending December 31, 2023:
Due Date to File TCS Return (Form 27EQ): 15th January 2024
Due Date for Generating Form 27D: 30th January 2024
For the Quarter Ending March 31, 2024:
Due Date to File TCS Return (Form 27EQ): 15th May 2024
Due Date for Generating Form 27D: 30th May 2024
Frequently Asked Questions
1. What happens if I miss the ITR filing deadline?
If you miss the deadline, you may incur penalties and interest. You can still file a belated return until December 31, 2024, but you will not be able to carry forward any losses.
2. Can the ITR filing deadline be extended?
For FY 2023-24, the Income Tax Department has confirmed that the due date of July 31, 2024, will not be extended for non-audit taxpayers.
3. What is the difference between FY and AY?
The Financial Year is the period during which income is earned, while the Assessment Year is the period during which the income is assessed and taxes are paid.
4. When are advance tax payments due?
Advance tax payments are due in four instalments throughout the financial year, with specific due dates for each instalment.
5. What are the due dates for TDS and TCS payments?
TDS and TCS payments have specific due dates each quarter for depositing taxes and filing returns. Refer to the detailed tables above for precise dates.
Quick Summary
In summary, ensuring timely filing of Income Tax Returns and payment of taxes is crucial to avoid penalties and ensure smooth compliance. For the Financial Year 2023-24 (Assessment Year 2024-25), the key deadlines are as follows:
ITR Filing Deadline: July 31, 2024
Belated Return Deadline: December 31, 2024
Updated Return Deadline: March 31, 2027
Introduction
As the end of the fiscal year approaches, taxpayers must ensure they adhere to important deadlines for filing their Income Tax Returns (ITR). For the Financial Year (FY) 2023-24, also known as Assessment Year (AY) 2024-25, meeting these deadlines is crucial to avoid penalties and ensure compliance with tax regulations. This blog provides an in-depth look at the ITR filing deadlines, consequences of missing these deadlines, and other related details to help you navigate your tax responsibilities effectively.
Income Tax Return (ITR) Filing Start Date and Key Deadlines
The process for filing Income Tax Returns (ITR) for the Financial Year 2023-24 (Assessment Year 2024-25) began on April 1, 2024. This marks the start of the window during which taxpayers can submit their tax returns for the income earned from April 1, 2023, to March 31, 2024.
Important Due Dates for Filing ITR for FY 2023-24:
Individual / Hindu Undivided Family (HUF) / Association of Persons (AOP) / Body of Individuals (BOI) (without audit requirements): The deadline for these taxpayers to file their returns is July 31, 2024. This applies to those who do not require their books of accounts to be audited.
Businesses Requiring Audit: Businesses whose accounts are required to be audited have until October 31, 2024, to file their returns.
Businesses Requiring Transfer Pricing Reports: For businesses involved in international or specified domestic transactions requiring transfer pricing reports, the deadline is November 30, 2024.
Revised Return: If a taxpayer needs to correct any errors or omissions in their original return, they must file a revised return by December 31, 2024.
Belated/Late Return: If the original due date is missed, a belated return can be filed until December 31, 2024.
Updated Return: Taxpayers can file an updated return until March 31, 2027, which is two years from the end of the relevant Assessment Year.
Consequences of Missing the ITR Filing Deadline
Failing to file your Income Tax Return by the due date can lead to several repercussions. Understanding these consequences can help you stay compliant and avoid unnecessary costs.
Interest on Late Filing:
If you miss the deadline, you will be liable to pay interest on the unpaid tax amount under Section 234A. The interest rate is 1% per month or part thereof, calculated from the due date until the date of actual filing.
Late Fee:
According to Section 234F, if you file your return after the due date, you will incur a late fee. The fee is Rs. 5,000 for returns filed after the deadline, but if your total income is less than Rs. 5 lakh, the late fee is reduced to Rs. 1,000.
Loss Adjustment:
One significant consequence of missing the ITR filing deadline is the inability to carry forward losses. If you have incurred losses from investments, property, or business, these losses can be carried forward to offset future income. However, this provision is lost if the ITR is not filed on time, impacting your ability to reduce future tax liabilities.
What Happens If You Miss the ITR Filing Deadline?
If you miss the initial filing deadline, there are still options available for filing your return, albeit with certain limitations:
Belated Return:
A belated return can be filed if you miss the original deadline. This return must be filed by December 31, 2024. However, penalties and interest charges will apply, and you will not be able to carry forward losses for future adjustments.
Updated Return:
If you miss the belated return deadline of December 31, 2024, you may still file an updated return under specified conditions. This provision allows for corrections or modifications to previously filed returns, but it must be done by March 31, 2027, for FY 2023-24.
Financial Year (FY) vs. Assessment Year (AY)
To understand the deadlines and processes better, it's important to distinguish between the Financial Year (FY) and the Assessment Year (AY):
Financial Year (FY): This refers to the period during which income is earned. For FY 2023-24, this spans from April 1, 2023, to March 31, 2024.
Assessment Year (AY): This is the year following the Financial Year during which the income is assessed, and taxes are paid. For FY 2023-24, the corresponding Assessment Year is AY 2024-25, which runs from April 1, 2024, to March 31, 2025.
Important Due Dates for Paying Advance Tax Instalments for FY 2023-24
Advance tax must be paid in installments throughout the year to avoid interest penalties. The due dates for advance tax payments for FY 2023-24 are as follows:
First Instalment: 15% of the total tax liability is due by June 15, 2023.
Second Instalment: 45% of the total tax liability must be paid by September 15, 2023.
Third Instalment: 75% of the total tax liability is due by December 15, 2023.
Fourth Instalment: The remaining 100% of the tax liability should be paid by March 15, 2024.
Presumptive Scheme: Taxpayers under the presumptive taxation scheme must also pay 100% of the tax liability by March 15, 2024.
TDS Payment Due Dates for FY 2023-24
Tax Deducted at Source (TDS) is collected by the payer at the time of payment, such as salaries, rent, or professional fees. The due dates for depositing TDS and filing the TDS return for FY 2023-24 are as follows:
For the Quarter Ending June 30, 2023:
Due Date for Depositing TDS: 7th July 2023
Due Date for Filing TDS Return: 31st July 2023
For the Quarter Ending September 30, 2023:
Due Date for Depositing TDS: 7th October 2023
Due Date for Filing TDS Return: 31st October 2023
For the Quarter Ending December 31, 2023:
Due Date for Depositing TDS: 7th January 2024
Due Date for Filing TDS Return: 31st January 2024
For the Quarter Ending March 31, 2024:
Due Date for Depositing TDS: 7th April 2024 (for government deductors, otherwise 30th April 2024)
Due Date for Filing TDS Return: 31st May 2024
TCS Payment Due Dates for FY 2023-24
Tax Collected at Source (TCS) is collected by the seller from the buyer on specific sales. The due dates for depositing TCS and filing the TCS return for FY 2023-24 are as follows:
For the Quarter Ending June 30, 2023:
Due Date to File TCS Return (Form 27EQ): 15th July 2023
Due Date for Generating Form 27D: 30th July 2023
For the Quarter Ending September 30, 2023:
Due Date to File TCS Return (Form 27EQ): 15th October 2023
Due Date for Generating Form 27D: 30th October 2023
For the Quarter Ending December 31, 2023:
Due Date to File TCS Return (Form 27EQ): 15th January 2024
Due Date for Generating Form 27D: 30th January 2024
For the Quarter Ending March 31, 2024:
Due Date to File TCS Return (Form 27EQ): 15th May 2024
Due Date for Generating Form 27D: 30th May 2024
Frequently Asked Questions
1. What happens if I miss the ITR filing deadline?
If you miss the deadline, you may incur penalties and interest. You can still file a belated return until December 31, 2024, but you will not be able to carry forward any losses.
2. Can the ITR filing deadline be extended?
For FY 2023-24, the Income Tax Department has confirmed that the due date of July 31, 2024, will not be extended for non-audit taxpayers.
3. What is the difference between FY and AY?
The Financial Year is the period during which income is earned, while the Assessment Year is the period during which the income is assessed and taxes are paid.
4. When are advance tax payments due?
Advance tax payments are due in four instalments throughout the financial year, with specific due dates for each instalment.
5. What are the due dates for TDS and TCS payments?
TDS and TCS payments have specific due dates each quarter for depositing taxes and filing returns. Refer to the detailed tables above for precise dates.
Quick Summary
In summary, ensuring timely filing of Income Tax Returns and payment of taxes is crucial to avoid penalties and ensure smooth compliance. For the Financial Year 2023-24 (Assessment Year 2024-25), the key deadlines are as follows:
ITR Filing Deadline: July 31, 2024
Belated Return Deadline: December 31, 2024
Updated Return Deadline: March 31, 2027
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