To avoid a late fee, you must submit your Income Tax Returns (ITRs) for Fiscal Year 2023–24 (AY 2024–25) no later than July 31, 2024. You may submit a late return for the same fiscal year by December 31, 2024, if you failed to file your return by July 31.
ITR Filing 2024
The deadline to submit your Income Tax Returns (ITR) for the financial year 2023-24 (the assessment year 2024-25) without a late fee is July 31, 2024 (unless extended by the government; see the income tax website for the extended date). You have until December 31, 2024, to file a belated return or miss the first deadline.
Category Of Taxpayer | Due Date For Tax Filing – FY 2023-24
(unless extended) |
Individual / HUF/ AOP/ BOI
(Books of Accounts not required to be audited) |
31st July 2024 |
Businesses (Requiring Audit) | 31st October 2024 |
Businesses requiring transfer pricing reports
(In case of international/specified domestic Transactions) |
30th November 2024 |
Revised return | 31 December 2024 |
Belated/late return | 31 December 2024 |
Updated Return | 31 March 2027 (2 years From the end of the relevant Assessment Year) |
Corporations that require audit reports must file income tax filings by October 31, 2024. There are firms, OPCs, LLPs, and private limited corporations.
Audit reports are due by September 30, 2024. Transfer pricing report-requiring companies must submit ITR by November 30, 2024. The last day to file an updated ITR is December 31, 2024.
How to File Your ITR Online?
Filing your ITR online (e-filing) is a streamlined process. To help you along the way, here are the steps:
- Visit the Income Tax Department’s e-filing portal (https://www.incometax.gov.in) and register if you are a new user.
- Please use your credentials to log in, if you are an existing user.
- Based on your eligibility, download the correct ITR form or use the online form available on the portal.
- Enter your details, income details, tax paid, deductions, and other required information.
- Upload Form 16 (for salaried individuals) and other necessary documents.
- The portal provides an automatic calculator to compute your tax liability based on the information provided.
- If there is any additional tax payable, pay it online through the portal and generate the challan.
- Please double-check every piece of information before submitting the form.
Eligibility for ITR Filing
For the assessment year 2024-25, the following categories of taxpayers are required to file an ITR:
- ITR 1:Only normally resident individuals may submit ITR-1. Individuals must have a total income of ₹50 lakh inclusive of any income clubbing. Agricultural revenue should not exceed ₹5,000 post-clubbing.
- ITR 2: Non-residents/residents who are not eligible to file ITR-1, HUF, directors in a company, those holding investments in unlisted equity shares, those with income from salaries, more than one house property, capital gains/losses, and other sources, those with income from sources outside India and holding assets outside India, and those with rent income can file ITR-2.
- ITR 3: Individuals, HUF with business income, professional income, and partners in a company are all eligible to submit an ITR-3. Individuals and HUFs with business or professional income are not eligible to submit an ITR-3.
- ITR 4: Individuals who are residents, HUFs, and firms (other than LLPs) with a total income of up to ₹50 lakh may submit an ITR-4 form. You may also submit an ITR-4 if you have company income or revenue from a profession that is calculated using “presumptive business.”
- ITR 5: Everyone, except individuals, HUFs, corporations, investment funds, business trusts, LLPs, Association of Persons (AOPs), and example businesses. No person, HUF, or business may submit an ITR-5. Additionally, no one else who has to submit an ITR-7 can file an ITR-5.
- ITR 6: ITR-6 may be filed by companies other than those who submit ITR-7. It’s crucial to remember that businesses that must submit ITR-7s are unable to file ITR-6s.
- ITR 7: ITR-7 may be used to submit taxes by charity or religious trusts, political parties, research associations, news agencies, and other organizations listed in the Act.
What Happens If You Miss the ITR Filing Deadline?
- Interest: By Section 234A, you will be required to pay interest on unpaid taxes at a rate of 1% each month or part month if your return is filed after the deadline.
- Late fee: A late fee of Rs. 5,000 is imposed under Section 234F for filings that occur beyond the deadline. You will only be Required to Pay Rs. 1,000 if your annual income is below 5 lakh.
- Loss Adjustment: If you experience losses from investments in stocks, mutual funds, real estate, or any of your enterprises, you may carry those losses forward and deduct them from your income the following year. This clause significantly lowers the amount of taxes you owe in subsequent years. If, on the other hand, you fail to file your ITR before the deadline, you will not be permitted to carry forward these losses.
- Belated Return: You may submit a return after the deadline, known as a delayed return if you miss the ITR filing deadline. You cannot, however, carry over any losses for future adjustments, and you will still be responsible for paying the interest and late fee. Unless the government extends it, the deadline for submitting a late return is December 31 of the assessment year. Consequently, you may file the late return for this year by no later than December 31, 2024.