Income Tax News: July 31, 2024, is the deadline for filing Income Tax Returns (ITR) for FY 2023–24 (AY 2024–25) without incurring a late fee. Taxpayers wishing to use the Old Tax Regime have until the initial filing date to submit their income tax return. If a file is submitted beyond the deadline, there will be a penalty under Section 234F and interest under Section 234A. December 31, 2024, is the last day to file a late return.
Check Dates Here
The following are the due dates for various taxpayer groups for the FY 2023–24 (AY 2024–25):
- Individual / HUF/ AOP/ BOI (Audits of books of accounts are not necessary): 31st July 2024
- Business & Professional (Requiring Audit): 31st October 2024
- Businesses requiring transfer pricing reports: 30th November 2024
- Revised return: 31st December 2024
- Belated return: 31st December 2024
Late Filing Consequences
If you fail to file your ITR by the deadline, you will be charged interest under Section 234A at the rate of 1% per month and a late fee of Rs. 5,000 under Section 234F (which drops to Rs. 1,000 if your total income is less than Rs. 5 lakh). In addition, the possibility to carry forward losses from several sources to deduct from future income may be lost if the paperwork is not filed by the deadline.