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When to file ITR for FY 2023-24?
When can I file a belated ITR for 2024?
How many ITRs were filed on 31 July 2024?
When is the last date to file ITR?
Jul 11, 2024 · Over 7.28 crore ITRs have been filed till 31 July 2024, compared to 6.77 crore for the same period last year. This marks an impressive growth of 7.5 percent. On 31 July 2024, 69.92 lakh ITRs were filed, exceeding last year’s count of 64.33 lakh on the same date. Notably, almost 72 percent of the taxpayers filed their ITRs under the New Tax Regime.
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- When Is The Last Date to File Itr?
- Income Tax Returns
- Consequences of Missing The ITR Filing Deadline
- What If ITR Filing Is missed?
- What Are Financial Year (FY) and Assessment Year (Ay)?
- Important Due Dates For Paying Advance Tax Instalments For FY 2023-24
- TDS Payment Due Dates For FY 2023-24
- TCS Payment Due Dates For FY 2023-24
ITR filing last date for non audit tax payers for Financial Year 2023-24 (AY 2024-25) was July 31, 2024. However, if you miss filing within the due date, you can still file a belated returnbefore December 31, 2024.
The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has started from 1st April 2024 and the last date to file ITR for FY 2023-24 is discussed below.
Interest
If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.
Late fee
In case of late filing, Section 234Fimposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.
Loss Adjustment
In case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.
Belated Return
If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government). Therefore, for this year, you may submit the belated return by 31 December 2024 at the latest.
Updated Return
Still, if you miss the 31st December deadline due to unavoidable reasons still you can file the updated (ITR U) return subject to the conditions specified therein. Click here to know more.
The return you will file in the upcoming year is for the income you earned in FY 2023-24, i.e. for the income earned between 1 April 2023 and 31 March 2024. The assessment yearis the review year for FY 2023-2024, where you file your returns and declare your returns by declaring all the incomes, exemptions, deductions, losses etc., already made or i...
Whenever we talk about income tax, there are certain tax formalities that need to be followed within the specified due dates, such as filing income tax returns, paying advance taxon time, etc. The due dates for the payment of advance tax are:
Tax Deducted at Source (TDS)is the tax deducted from the money paid at the time of making specified payments such as salary, rent, commission, professional fees, interest etc. by the persons making such payments The due dates for depositing the tax deducted at source and filing of TDS return for the financial year 2023-24 for deductors is as shown ...
Tax Collected at Source(TCS)is the tax collected by the seller from the buyer on the sale of specified items and deposited by the seller to the Government. For other cases, sellers must deposit the TCS amount within 7 days after the end of the month in which the tax was collected. Tax collectors are required to submit a quarterly TCS return in Form...
- Due date to submit a tax audit report. The last date to submit a tax audit report for a taxpayer is September 30th of the relevant assessment year. The individual should get the book of accounts audited and obtain the audit report by this deadline.
- Due date to file ITR-U. The deadline for submitting ITR-U as of any revisions or amendments to their previously filed returns are: Year. Due Date. FY 20-21 (AY 2021-22)
- Additional tax for filing ITR-U. If you file the updated Income Tax Return (ITR-U): If filed within. Additional Tax. 12 months from the end of the relevant assessment year (AY)
- Upcoming due dates for FY 2023-24 (AY 2024-25) Category of Taxpayer. Due Date. Individuals, HUFs, AOPs, BOIs (not subject to audit) 31st July 2024. Companies, other entities subject to tax audit, and partners in applicable firms.
Apr 8, 2024 · Income tax Return filing New Dates for FY 2023-24 (AY 2024-25) Taxpayers currently have the option to opt for the old tax regime, but this choice is available only until the initial return filing deadline (Section 115BAC (6)). Here are the key points:
Aug 9, 2024 · Last Date to File Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) Without Late Fees was 31st July 2024. If you missed this deadline, you can still file a belated return by 31st December 2024. However, late filing may result in penalties and interest charges.
Jul 19, 2024 · ITR filing last date for AY 2024-25 (FY 2023-24): Due dates for filing income tax returns, TDS, advance tax payments. Stay informed about the important dates and avoid penalties. Act now and...
Dec 23, 2023 · The last date to file ITR for FY 2023-24 (AY 2024-25) is July 31, 2024 (unless this date is extended by the government). The notification was issued by the Income Tax Department on December 22, 2023. Last year, the income tax department notified the ITR forms for FY 2022-23 (AY 2023-24) in February 2023 - just after the Budget 2023.
