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When is the last date to file income tax in 2024?
What are the tax due dates & deadlines between January & December 2024?
When to file income tax return in FY 2023-24?
When is advance tax due for FY 2023-24?
Income Tax Calendar 2024. As you step into the new financial year 2024-25, it is vital to keep track of the income tax calendar to manage your taxes effectively and stay compliant. This guide will walk you through all the important dates and deadlines covering tax payments, form submissions and more.
- 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...
Jun 3, 2024 · Here is a month-wise income tax calendar with due dates for the financial year 2024-25 to ensure that you do not forget these important dates under Income Tax. April 2024 *Due date
The due date for the Second instalment of advance tax is 15th September 2024 for FY 2024-25. What is Advance Tax? Advance tax is the income tax that is paid in advance instead of lump sum payment at the end of the financial year. It is the tax that you pay as you earn.
Jan 2, 2024 · June 7: Due date for depositing TDS and TCS for May 2024. June 14: Due date for issuing TDS certificate for tax deducted under Section 194-IA, 194-IB, 194M and 194S in April 2024. June 15: The due date for depositing the first instalment of advance tax for FY 2024-25.
- Preeti Motiani
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.
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:
