The due date for filing the Income Tax Return (ITR) for the financial year (FY) 2023-24 (Assessment Year 2024-25) is as follows:
- For individuals and Hindu Undivided Families (HUFs) whose accounts are not required to be audited, the due date is July 31, 2024.
- For businesses and firms whose accounts must be audited, the due date is October 31, 2024.
- For businesses that are required to furnish a transfer pricing report (Form 3CEB), the due date is November 30, 2024.
Taxpayers can file a belated return after the due date, but before December 31, 2024, subject to a late filing fee.[1][3] Revised returns can also be filed within two years from the end of the relevant assessment year if any omission or wrong statement is recognized after the initial filing.
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Failing to file the ITR within the specified deadline can result in late filing penalties, interest charges, and potential loss of certain benefits. Therefore, it is crucial for taxpayers to be aware of the ITR filing due dates and comply with the requirements to avoid any adverse consequences.
The Income Tax Department has made the ITR forms, including ITR-1, ITR-2, and ITR-4, available for e-filing from April 1, 2024, for the FY 2023-24 (AY 2024-25). Taxpayers can now log in to the Income Tax portal and file their returns using these forms.
It is important to note that the central government has the authority to extend the income tax ITR filing due dates if necessary. Taxpayers should stay updated on any such changes or extensions announced by the tax authorities.