Introduction

As the fiscal year ends, it's crucial for taxpayers to meet important Income Tax Return (ITR) deadlines for the Financial Year (FY) 2023-24, also known as Assessment Year (AY) 2024-25. Timely filing ensures compliance and avoids penalties. This guide details ITR filing deadlines, consequences of missing them, and essential tax details.

Key Dates for ITR Filing

The ITR filing window for FY 2023-24 starts on April 1, 2024, covering income earned from April 1, 2023, to March 31, 2024.

• Individuals/HUFs/AOPs/BOIs (without audit): July 31, 2024.
• Businesses needing audit: October 31, 2024.
• Businesses needing Transfer Pricing: November 30, 2024.
• Revised Return: Correct errors by December 31, 2024.
• Belated Return: Until December 31, 2024, if original deadline is missed.
• Updated Return: By March 31, 2027, two years post AY.

Consequences of Missing Deadlines

Missing the ITR filing deadline has repercussions:

• Interest on Late Filing: 1% per month under Section 234A for unpaid taxes.
• Late Fee: Rs. 5,000 post-deadline; Rs. 1,000 if income < Rs. 5 lakh.
• Loss Adjustment: Failure to file on time forfeits the ability to carry forward losses.

Options After Missing Deadlines

• Belated Return: File by December 31, 2024, but incur penalties and no loss carry forward.
• Updated Return: Corrections until March 31, 2027, with conditions.

Distinguishing FY and AY

• Financial Year (FY): Income period from April 1, 2023, to March 31, 2024.
• Assessment Year (AY): Income assessment from April 1, 2024, to March 31, 2025.

Advance Tax Instalment Deadlines for FY 2023-24

• 15% by June 15, 2023.
• 45% by September 15, 2023.
• 75% by December 15, 2023.
• 100% by March 15, 2024.
• Presumptive Scheme: 100% by March 15, 2024.

TDS Payment and Filing Dates

• Quarter Ending June 30, 2023: Deposit by July 7, File by July 31.
• Quarter Ending September 30, 2023: Deposit by October 7, File by October 31.
• Quarter Ending December 31, 2023: Deposit by January 7, File by January 31.
• Quarter Ending March 31, 2024: Deposit by April 7/30 (govt./others), File by May 31.

TCS Payment and Filing Dates

• Quarter Ending June 30, 2023: File by July 15, Form 27D by July 30.
• Quarter Ending September 30, 2023: File by October 15, Form 27D by October 30.
• Quarter Ending December 31, 2023: File by January 15, Form 27D by January 30.
• Quarter Ending March 31, 2024: File by May 15, Form 27D by May 30.

FAQs

1. What if I miss the ITR deadline? Penalties and interest may occur. File a belated return by December 31, 2024, but no loss carry forward.
2. Can the deadline be extended? The July 31, 2024 deadline remains firm for FY 2023-24 for non-audit taxpayers.
3. FY vs AY? FY is the income period; AY is when it's assessed.
4. Advance tax due dates? Four instalments within the year, each with its own deadline.
5. TDS and TCS dates? Quarterly due dates for deposits and returns.

Quick Summary

Timely ITR filing and tax payment for FY 2023-24 is vital to avoid penalties. Key dates:

• ITR Filing: July 31, 2024
• Belated Return: December 31, 2024
• Updated Return: March 31, 2027