Learn About The Income Tax Return (ITR) Due Date

Last updated:
Income Tax Return Filing Due Date - Check Last Date to File ITR

The deadline for submitting ITRs and audit reports is determined by the Central Board of Direct Taxes (CBDT), which may also extend it if needed. Various taxpayer types have various deadlines for filing their ITRs. Individuals, Hindu Undivided Families, Firms, Companies, Associations of Persons, and Bodies of Individuals are the six categories of taxpayers in India. 

Taxpayers who are required to submit to an audit typically have a later deadline than those who are not. For more information on the most recent changes to the deadline for filing an ITR for the 2023–24 fiscal year, continue reading.

What happens if the return filing deadline is missed?

You can file a "belated return" - a return that is filed beyond the original deadline for filing an income tax return - if you miss the deadline. The deadline for filing the delayed return is also mentioned by the income tax agency. The deadline has been rescheduled to December 31st of the assessment year, barring a government extension, by three months. 

On the other hand, you will be required to pay a penalty under Section 234F if you file your ITR after the deadline. Late filing penalties may total up to ₹10,000 for a taxpayer. However, the IT Department charges individuals whose income does not comply with this rule a ₹1,000 fine.

How can I get my refund of income taxes if it's past due?

Refunds of income taxes are only available at the moment an ITR (income tax return) is filed. You have until December 31st of the Assessment Year (AY) to file a belated return if you miss the ITR filing date. The late submission of a return carries a penalty of Rs 5,000. That being said, the payment is just Rs 1,000 if the individual's total income is less than Rs 5 lakh. 

What section of the income tax return is filed after the deadline? 

Section 139(4) permits the filing of a belated return or one that is submitted beyond the deadline. The late submission of a return carries a penalty of Rs 5,000. Having said that, the penalty payable is merely Rs 1,000 if the individual's total income is less than Rs 5 lakh.

After the deadline, how do you amend your tax returns?

Owing to certain modifications, the taxpayer may use a revised return under Section 139(5) to make any necessary revisions to the first return. You may file a revised return by December 31st of the assessment year, at the latest. The taxpayers will not be able to file any returns after this deadline has passed. Should an unanticipated event have caused the return to be overlooked, you may request authorization from your A.O. to submit previous returns in accordance with Section 119.

If not, there is still an alternative: in the Union Budget 2024, the government established the 'ITR-U' form for updating income tax returns. For those who either neglected to file their ITRs or filled them out inaccurately and with misleading information, the 'ITR-U' form is a godsend.

Taxpayers have two years from the end of the appropriate assessment year to amend their returns and fix any mistakes or omissions on their ITRs using the 'ITR-U' form. 

An Updated Return can be filed if:

  • Return previously not filed
  • Income not reported correctly
  • Wrong heads of income chosen
  • Reduction of carried forward loss
  • Reduction of unabsorbed depreciation
  • Reduction of tax credit u/s 115JB/115JC
  • Wrong rate of tax

What does the term "due date" mean in terms of income tax?

Certain individuals must file an income tax return with the income tax department after the end of each fiscal year. The tax department has set a deadline by which an individual can file a return without incurring late costs in order to guarantee that returns are filed on time. The "Income Tax Return Due Date" is this last date. 

The timeframe for submitting an income tax return differs according to the taxpayer type (individual, HUF, firm, LLP, business, trust, and AOP/BOI), as well as whether an audit is necessary. In accordance with Section 234A and Section 234F, taxpayers who file their returns after the deadline will be penalized and liable to interest.

Impacts of Missing the Income Tax Return Deadline

If an individual fails to submit their ITR for FY 2022–2023 by the deadline, they may be subject to the following penalties and charges:

  • There will be a fine of between Rs 1,000 and Rs 5,000.
  • The taxpayers will not be able to carry forward certain losses for future set-offs under the terms of the belated filing requirement.
  • One will not be allowed to choose the new tax regime if they file a late ITR.
  • Interest under Section 234A will be charged at the rate of 1% per month or a fraction of a month on the amount of unpaid tax if the tax return is filed after the deadline.

Conclusion

This brings us to the article's conclusion. You may easily file tax returns by following this guide. Making this process easier and more convenient can be achieved by having a thorough awareness of all tax-related dates. Likewise, being aware of different financial solutions that reduce your taxes might help you save money. Enter your information below to get in contact with a reliable financial advisor right away!

  • What is the deadline for ITR filing?

  • How much money is tax-free?

  • What happens if we do not file ITR?

  • Can I file ITR for the past three years?

Share: