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What Are The Due Date For Filing Tax Returns? FY 2023-24 (AY 2024-25)

Published on Dec 27, 2023Updated on Dec 28, 2023

What Are The Due Date For Filing Tax Returns? FY 2023-24 (AY 2024-25)

The due date for filing tax returns is a crucial aspect for taxpayers to comply with income tax regulations. For the financial year 2023-24 (assessment year 2024-25), understanding these dates is essential. The last date for filing income tax returns, commonly known as ITR, provides a timeframe for taxpayers to submit their financial information to the income tax department. Being aware of the ITR filing last date and any possible date extensions is vital for ensuring a smooth and timely submission and avoiding penalties or late fees. Stay informed about the due date for filing tax returns to fulfill your tax obligations seamlessly.

What is Income Tax Return (ITR)?

The Income Tax Return (ITR) is a document that taxpayers submit to the income tax department, providing details of their income, deductions, and tax liabilities. It serves as a means for individuals, businesses, or entities to report their financial activities to the government. The ITR includes information on various sources of income, such as salary, business profits, capital gains, and other earnings. Filing an accurate and timely ITR is a legal obligation for taxpayers, allowing the government to assess and collect taxes efficiently. It plays a crucial role in maintaining financial transparency and ensuring compliance with tax regulations.

When is the Last Date to File ITR? ( FY 2023-24 (AY 2024-25))

The last date for filing Income Tax Returns (ITR) for the financial year 2023-24 (assessment year 2024-25) is crucial to complying with tax regulations. The deadline is typically July 31 of the assessment year. However, taxpayers should stay updated on any extensions or changes announced by the tax authorities. Filing ITR within the stipulated time is essential to avoid penalties and ensure a smooth tax compliance process. It allows individuals and entities to report their financial details accurately and fulfill their obligations to the income tax department. Staying informed about the due date is crucial for a hassle-free tax filing experience.

Must Read: How to File ITR for Salaried Employees? (FY 23-24)

Why is it Important to File Income Tax Returns on Time?

Filing Income Tax Returns (ITR) on time is crucial for various reasons. Timely filing ensures compliance with tax regulations, avoiding penalties and legal issues. It allows individuals to report their financial transactions accurately, providing a transparent overview for tax authorities. Additionally, timely filing is essential for loan approvals, visa processing, and various financial transactions. It helps build a credible financial history, facilitating a smooth financial journey.

What are Financial Year (FY) and Assessment Year (AY)?

Understanding the fundamental concepts of Financial Year (FY) and Assessment Year (AY) is integral to navigating the taxation landscape. The financial year spans a 12-month period during which income is earned, starting on April 1 and ending on March 31. The subsequent year in which this income is assessed and taxed is termed the assessment year. A clear comprehension of FY and AY is essential for accurate financial reporting and ensuring compliance with tax regulations.

What happens if you miss the ITR filing deadline?

Missing the deadline for filing Income Tax Returns (ITR) can lead to a cascade of undesirable consequences. The primary repercussion is the imposition of penalties, which escalate with prolonged delays. These penalties are in addition to the loss of certain deductions and benefits that taxpayers may have otherwise been eligible for. Hence, being cognizant of the deadline and fulfilling tax obligations promptly is not only a legal requirement but also a prudent financial practice to avert potential financial implications.

What is the interest and penalty for delay in filing returns?

For individuals or entities delaying the filing of Income Tax Returns (ITR), financial consequences come in the form of interest and penalties. Interest, under Section 234A, typically amounts to 1% of the outstanding tax for each month of delay. Additionally, penalties, which can go up to INR 10,000, are levied based on the duration of the delay. The financial implications highlight the importance of adhering to ITR filing deadlines to mitigate additional financial burdens.

What are the Benefits of Filing ITR under Due Date?

Filing Income Tax Returns (ITR) within the stipulated due date offers a myriad of advantages.

  • It ensures compliance with tax laws, shielding individuals from penalties and legal repercussions.
  • Timely filing allows taxpayers to claim eligible deductions and exemptions, optimizing their tax liability.
  • Prompt filing contributes to the establishment of a positive financial record, facilitating various financial transactions such as loan approvals and visa applications.

What is the Due Date to Pay Advance Tax Installments?

The due date for paying advance tax installments is critical for individuals with substantial income. Advance tax, payable in four installments during the financial year, helps taxpayers meet their tax liabilities proactively. Staying informed about these due dates is imperative to prevent interest charges and penalties and ensure a smooth financial planning and tax compliance process.

What is the Due Date to File TDS returns?

Entities responsible for deducting Tax Deducted at Source (TDS) must adhere to specified due dates for filing TDS returns. Typically occurring on a quarterly basis, timely filing is essential to accurately reporting TDS details to the tax department. The deadline for TDS deposits and filing TDS returns is the 7th day of the following month and the final day of the subsequent quarter. Compliance with these deadlines is crucial to avoid penalties and legal complications, showcasing the significance of due date adherence in the realm of TDS.

Must Read: How to Check Income Tax Refund (ITR) Status FY 2023-24

Conclusion

In conclusion, adhering to the due date for filing income tax returns is crucial for individuals and businesses alike. It ensures compliance with tax regulations, avoids penalties, and allows taxpayers to avail themselves of various benefits. Understanding the significance of the financial year, the assessment year, and the consequences of missing deadlines is imperative for a smooth and lawful tax-filing process.

As you navigate the intricacies of tax obligations, SMFG India Credit offers personal loans tailored to your needs. With competitive interest rates and customer-centric services, we empower you to manage your finances effectively.

FAQs

Can I file a Revised Income Tax Return?

Yes, you can file a Revised Income Tax Return if you discover any errors or omissions in your original filing. However, this must be done within the specified timeframe.

What will happen if a salaried person files Income Tax Return after the due date?

Filing after the due date may attract penalties and interest. It's crucial to file on time to avoid financial consequences.

Can we file Income Tax Return after the due date?

Yes, you can file after the due date, but it's advisable to file before the deadline to avoid penalties.

Can I opt for the new regime after the due date?

The option to choose the new tax regime can generally be exercised at the time of filing the return, even if it's after the due date.

What is the due date for filing returns for companies?

The due date for filing returns for companies varies, and it's typically different from individual taxpayers. It's essential to check the specific due date applicable to your company.

Under which section ITR is filed after the due date?

If filing after the due date, taxpayers can file a belated return under Section 139(4) of the Income Tax Act.

How do you make changes to your tax returns after the due date?

Amendments or corrections to tax returns can be made by filing a Revised Return within a specified timeframe.

How to file a zero-income tax return?

Filing a zero-income tax return involves declaring that you have no taxable income. The process is similar to filing a regular return.

What is the due date for filling in the income tax returns?

The due date for filing income tax returns is generally July 31 for individuals, but it may vary based on the assessment year and taxpayer category.

What is the meaning of “due date” as per Income Tax?

The due date refers to the deadline set by the Income Tax Department by which taxpayers must submit their returns for a specific assessment year. It is crucial to comply with this date to avoid penalties and interest.

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