ITR Filing Last Date FY 2023-25 – Eligibility, How to File and Penalty for Late Filing!

The Income Tax Return (ITR) filing last date for Financial Year 2023-24 (Assessment Year 2024-25) is July 31, 2024.

ITR Filing Last Date FY 2023-24 (AY 2024-25)

The key dates for ITR filing for FY 2023-24 (AY 2024-25) are:

• July 31, 2024: Last date to file ITR for individuals, HUFs, AOPs, and BOIs without late fees.
• October 31, 2024: Last date to file ITR for businesses that require audit.
• November 30, 2024: Last date to file ITR for businesses that require transfer pricing reports.
• December 31, 2024: Last date to file a revised or belated ITR.
• March 31, 2027: Last date to file an updated ITR (within 2 years from the end of the relevant Assessment Year).

Eligibility to File ITR

All individuals, Hindu Undivided Families (HUFs), Association of Persons (AOPs), and Bodies of Individuals (BOIs) who have taxable income during the financial year are required to file an ITR. Businesses and professionals whose accounts are subject to audit must also file ITR.

How to File ITR

Taxpayers can file their ITR electronically using the e-filing portal of the Income Tax Department. The process involves:

1. Gathering all necessary documents and information.
2. Selecting the appropriate ITR form.
3. Calculating the tax liability and claiming eligible deductions.
4. Verifying the ITR and submitting it electronically.
5. Paying any outstanding tax dues.

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Penalty for Late Filing of ITR

If the ITR is filed after the due date, the following penalties may apply:

• Section 234A: Interest at the rate of 1% per month on the unpaid tax amount.
• Section 234F: Penalty of up to ₹5,000 for taxable income exceeding ₹5,00,000, and up to ₹1,000 for taxable income below ₹5,00,000.

It is important to file the ITR on time to avoid these penalties and maintain compliance with the Income Tax Act.