Last Date for ITR Filing: AY 2024–25 Deadlines to Know

As the financial year 2023–24 has concluded, taxpayers across India are gearing up to file their Income Tax Returns (ITR) for the Assessment Year (AY) 2024–25. Timely filing not only helps avoid penalties but also ensures faster processing of refunds and peace of mind. Understanding the last dates, consequences of missing deadlines, and the types of taxpayers affected is essential for every responsible taxpayer.

This comprehensive guide will walk you through the key ITR deadlines for AY 2024–25, the significance of timely filing, and the consequences of delay or non-compliance.

✅ What Is AY 2024–25?

The Assessment Year (AY) 2024–25 refers to the year in which income earned during the Financial Year (FY) 2023–24 (i.e., 1st April 2023 to 31st March 2024) is assessed and taxed. In simpler terms, you file your tax return in AY 2024–25 for the income earned in FY 2023–24.

📅 Important ITR Filing Deadlines for AY 2024–25

Here’s a quick breakdown of all the essential ITR filing deadlines for various categories of taxpayers:

1. Individual / HUF (Non-Audit Cases)

• Last Date: 31st July 2024
• Applicable for: Salaried individuals, pensioners, freelancers, and small businesses not subject to tax audit.

2. Businesses Requiring Audit

• Last Date: 31st October 2024
• Applicable for: Businesses and professionals whose accounts are subject to tax audit under Section 44AB.

3. Businesses Requiring Transfer Pricing Audit (International/Specified Domestic Transactions)

• Last Date: 30th November 2024
• Applicable for: Companies that have entered into international or specified domestic transactions and require transfer pricing reports.

4. Belated or Revised Return (Under Section 139(4)/(5))

• Last Date: 31st December 2024
• Belated return: If you miss the original deadline, you can still file your return with a penalty.
• Revised return: Allows correction of mistakes in the originally filed return.

5. Updated Return (Under Section 139(8A))

• Last Date: 31st March 2027
• You can update your return up to 2 years from the end of the relevant AY. However, an additional tax (up to 50% of tax and interest due) is applicable.

💡 Why Is Filing ITR Before the Deadline Important?

Timely ITR filing offers several key benefits:

• Avoid Late Fees and Penalties: Under Section 234F, a late fee of ₹1,000 to ₹5,000 is levied for delayed filing.
• Interest-Free Refunds: Faster refunds with minimal delay if you’re eligible.
• Loan & Visa Applications: Banks and embassies often ask for ITR receipts as proof of financial credibility.
• Carry Forward of Losses: Filing before the deadline ensures you can carry forward losses (e.g., business or capital losses) to offset future gains.
• Compliance Peace: Reduces chances of receiving income tax notices.

🔍 What Happens If You Miss the ITR Deadline?

1. Late Filing Fee (U/S 234F):
• ₹1,000 if total income is below ₹5 lakh.
• ₹5,000 if total income exceeds ₹5 lakh.
2. Interest on Tax Due (U/S 234A):
• Interest at 1% per month is charged on the tax amount unpaid till the return is filed.
3. Loss of Certain Benefits:
• Inability to carry forward capital or business losses.
• Delay in refund processing.
4. Prosecution in Extreme Cases:
• For deliberate and significant non-compliance, the Income Tax Department can initiate prosecution proceedings.

📌 Who Is Mandatorily Required to File ITR?

While some individuals may fall below the basic exemption limit, the following are required to file ITR irrespective of income:

• Individuals with foreign income or assets.
• Those holding signing authority in any foreign account.
• Individuals who deposited over ₹1 crore in one or more current accounts.
• If total electricity consumption exceeds ₹1 lakh or foreign travel expenses cross ₹2 lakh.
• Professionals earning more than ₹50 lakh and businesses with turnover exceeding ₹1 crore.

📂 Documents Needed for ITR Filing

Though not directly part of the deadline discussion, preparing the following documents in advance will help ensure smooth and timely filing:

• PAN, Aadhaar, and bank account details
• Form 16 (for salaried employees)
• Form 26AS and AIS/TIS (tax credit statements)
• Interest certificates from banks/NBFCs
• Proof of deductions (under Section 80C, 80D, etc.)
• Capital gain statements from brokers
• Audit reports (for applicable taxpayers)

👨‍💻 How to File ITR?

You can file your return via:

• Income Tax Department’s e-filing portal: https://incometax.gov.in
• Authorised ERIs (e-Return Intermediaries)
• Chartered Accountants (CAs)
• DIY ITR software tools and mobile apps

🧾 Conclusion

Filing your ITR before the due date is not just a compliance requirement—it’s a smart financial habit. With the last date for most individuals being 31st July 2024, it is crucial to start collecting documents and initiate the filing process early. Missing deadlines can result in financial loss, legal consequences, and added stress. Stay informed, stay compliant, and avoid the last-minute rush.

📣 Pro Tip: Even if your income is below the taxable limit, file your ITR to maintain a good financial record and for benefits like faster loan approvals and income proof for future use.