As taxpayers, navigating income tax regulations can feel daunting. Each financial year brings deadlines and obligations, with income tax return filing as pivotal. Amidst fiscal responsibilities, individuals with home loans must grasp how deadlines intersect with their commitments. This guide explores vital deadlines for income tax return filing in India, while shedding light on how individuals with home loans can manage their tax responsibilities.
Staying informed about the latest deadlines and regulations ensures a smooth filing process and helps avoid penalties. Per Budget 2025, the time limit for filing updated income tax returns has been extended from 2 years to 4 years from the end of the relevant assessment year. This guide provides details on the ITR filing deadlines for FY 2024-25 (AY 2025-26) and the extended deadline for FY 2023-24 (AY 2024-25) to help taxpayers comply with the latest provisions effectively.
When is the last date to file ITR for financial year 2024-25 (AY 2025-26)?
The income tax return last date is a critical piece of information for every taxpayer. It marks the deadline by which you must file your ITR to avoid penalties and legal issues. The government sets these dates, and they can vary depending on the type of taxpayer you are. For individual taxpayers, the July 31st of the assessment year. So, for the financial year 2024-25 (assessment year 2025-26), the typical due date is July 31, 2025
It is essential to keep track of these dates to ensure you file your returns on time. Filing late can lead to interest on taxes due and penalties, making it important to mark the income tax filing date on your calendar.
Planning for your tax obligations goes hand-in-hand with managing your financial goals like home ownership. Check your eligibility for a Bajaj Housing Finance Home Loan today. You may already be eligible, find out by entering your mobile number and OTP.
Important deadlines for filing income tax return
| Type of Taxpayer | Due Date |
| Individual | 31st July |
| Businesses requiring audit | 30th September |
| Companies and firms | 30th September |
| Individuals requiring audit | 30th September |
| Revised/Belated Return | 31st December |
Please note: These dates are subject to change by the government, so it is advisable to stay updated with the latest announcements from the Income Tax Department.
Latest updates and changes in ITR deadlines
For the Financial Year (FY) 2023-24, corresponding to the Assessment Year (AY) 2024-25, the Income Tax Return (ITR) filing deadlines in India are as follows:
Category |
Original Due Date |
Extended Due Date |
Individuals, Hindu Undivided Families (HUFs), Association of Persons (AOPs), and Body of Individuals (BOIs) (not requiring audit) |
July 31, 2024 |
Not Extended |
Businesses requiring audit |
October 31, 2024 |
Not Extended |
Businesses requiring transfer pricing reports |
November 30, 2024 |
Not Extended |
Belated/Revised Returns |
December 31, 2024 |
January 15, 2025 |
Advance income tax filing due dates FY 2024-25
According to Section 208 of the Income Tax Act, taxpayers with an estimated tax liability exceeding Rs. 10,000 must pay advance tax in instalments, except senior citizens who are exempted from this requirement. The advance tax schedule for FY 2023-24 (AY 2024-25) is as follows:
Due Date |
Instalment |
Advance Tax to be Paid |
June 15, 2024 |
First instalment |
15% |
September 15, 2024 |
Second instalment |
45% |
December 15, 2024 |
Third instalment |
75% |
March 15, 2025 |
Fourth instalment |
100% |
March 15, 2025 |
Presumptive scheme |
100% of tax liability |
Taxpayers falling under sections 44AD and 44ADA, which relate to “Presumptive Income,” must pay their entire advance tax by March 15. Additionally, any tax paid by March 31 is considered as advance tax.
The Central Board of Direct Taxes (CBDT) extended the deadline for filing belated or revised returns from December 31, 2024, to January 15, 2025.
Filing your ITR within the stipulated deadlines is crucial to avoid penalties and interest charges. For instance, filing after the due date may attract a penalty of up to ₹5,000 under Section 234F of the Income Tax Act. Additionally, taxpayers who miss the original deadlines can file an updated return within two years from the end of the relevant assessment year, i.e., by March 31, 2027, for AY 2024-25.
For the most accurate and up-to-date information, always refer to official communications from the Income Tax Department or consult with a tax professional.
TDS payment due dates for FY 2024-25
TDS is deducted from various payments such as salaries, rent, interest, commissions, and professional fees.
Quarter Ending |
Months of Deduction |
Due dates for depositing TDS |
TDS Return Due Date (FY 2024-25) |
30th June 2024 |
April 2024 |
7th May 2024 |
31st July 2024 |
|
May 2024 |
7th June 2024 |
|
|
June 2024 |
7th July 2024 |
|
30th September 2024 |
July 2024 |
7th August 2024 |
30th October 2024 |
|
August 2024 |
7th September 2024 |
|
|
September 2024 |
7th October 2024 |
|
31st December 2024 |
October 2024 |
7th November 2024 |
31st January 2025 |
|
November 2024 |
7th December 2024 |
|
|
December 2024 |
7th January 2025 |
|
31st March 2025 |
January 2025 |
7th February 2025 |
31st May 2025 |
|
February 2025 |
7th March 2025 |
|
|
March 2025 |
7th April 2025 (for TDS deducted by govt. offices)<br>30th April 2025 (for other deductors) |
|
While managing your tax responsibilities, consider your long-term financial planning as well. Explore your home loan options with Bajaj Housing Finance and take a step toward property ownership. Check your eligibility now. You may already be eligible, find out by entering your mobile number and OTP.
Income tax return (ITR) filing extended date for FY 2023-24 (AY 2024-25)
The Income Tax Department has extended the deadline for filing belated or revised income tax returns to January 15, 2025. Taxpayers who missed this extended deadline can still file "updated returns" until March 31, 2027, for the assessment year 2024-25 (financial year 2023-24), though this is subject to penalties and certain restrictions.
These deadlines may be further extended by the government in cases of technical issues or unforeseen events affecting taxpayers. Such extensions are typically announced through official notifications from the Central Board of Direct Taxes (CBDT) to provide relief to taxpayers.
Let’s review the extended due date for ITR filing for FY 2023-24 (AY 2024-25), understand the filing procedure, and examine the penalties applicable if the deadline is missed.
If you missed the extended January 15 deadline, here’s the new ITR filing deadline for AY 2024-25 (FY 2023-24)
The deadline for filing belated or revised income tax returns for AY 2024-25 was extended to January 15, 2025. If you missed this date, you still have the option to file an "updated return" until March 31, 2027. However, this option carries penalties and restrictions.
Typically, filing an updated return after the deadline involves a late filing fee, which varies based on the delay and tax liability. Additionally, there may be limitations on claiming certain deductions or exemptions when filing outside the standard window.
It is advisable to consult a tax advisor who can evaluate your situation, guide you on whether filing an updated return is beneficial, and help minimize any penalties.
What is section 87A?
Section 87A of the Income Tax Act provides a rebate to resident individuals to reduce their tax liability. For FY 2023-24 (AY 2024-25), under the new tax regime, individuals with total income up to Rs. 7 lakh are eligible for a rebate up to Rs. 25,000. Under the old tax regime, the rebate applies to incomes up to Rs. 5 lakh, with a maximum rebate of Rs. 12,500. This ensures minimal or no tax liability for individuals within these income limits.
What is the matter?
The Income Tax Department extended the ITR filing deadline to ease the burden on taxpayers struggling to meet the original due date. This extension provides additional time for accurate filing and compliance without penalties. Taxpayers should use this period to gather necessary documents and complete their filings promptly to avoid last-minute issues.
High Court order
The High Court has intervened by ordering the Income Tax Department to extend the ITR filing deadline, acknowledging the difficulties faced by taxpayers. This judicial directive aims to provide taxpayers more time to comply, ensuring a fair and manageable filing process.
Steps to file income tax return before the due date
- Collect documents: Gather all necessary documents like Form 16, bank statements, investment proofs, and other relevant documents.
- Register on the income tax portal: If you are a new user, register yourself on the Income Tax Department's e-filing portal.
- Select the correct ITR form: Choose the appropriate ITR form based on your income and category.
- Fill in the details: Enter all required details accurately in the form.
- Verify details: Cross-check the entered details to ensure they are correct.
- Upload documents: Upload the necessary documents as per the instructions.
- Submit the form: After verifying all details, submit the form on the portal.
- E-verify your return: Complete the e-verification process to finalise your filing.
As you organise your tax affairs, this might be the perfect time to evaluate your housing requirements too. Check your eligibility for a Bajaj Housing Finance Home Loan with attractive interest rates starting from 8.25% p.a. You may already be eligible, find out by entering your mobile number and OTP.
Common mistakes to avoid while filing ITR
- Incorrect form selection: Ensure you choose the correct ITR form based on your income type.
- Wrong personal details: Double-check your PAN, name, and other personal details.
- Not reporting all income: Include all sources of income, including interest from savings accounts.
- Ignoring deductions: Claim all eligible deductions under sections like 80C, 80D, etc.
- Skipping verification: Complete the e-verification process to avoid incomplete filing.
Understanding home loans and tax implications
For many individuals, purchasing a home is a significant milestone, often facilitated through home loans. Home loans not only provide financial assistance but also come with tax benefits. Understanding these benefits is essential for homeowners to optimize their tax savings, especially with the income tax filing date approaching each year. Deductions on home loan interest under Section 24 and principal repayment under Section 80C are among the key tax benefits associated with home loans.
Managing income tax obligations with home loans
- Utilising tax benefits: Homeowners can leverage tax benefits such as deductions on home loan interest and principal repayment to lower their taxable income. This not only reduces tax liabilities but also encourages investment in real estate.
- Document management: Keeping track of all relevant documents related to the home loan, including loan statements, interest certificates, and repayment schedules, is crucial for accurate income tax return filing.
- Timely payments: Ensuring timely repayment of home loan EMIs not only helps maintain a good credit score but also ensures compliance with tax regulations. Delayed payments may attract penalties and impact tax deductions.
Benefits of opting for Bajaj Housing Finance Home Loan
Now that you are well-versed in the nuances of filing your income tax return and maximising your tax savings, if you're someone in the market to purchase a new home, consider availing a home loan from Bajaj Housing Finance. Not only does this financial decision pave the way towards your homeownership dreams, but it also presents an opportunity to optimise your tax benefits.
By leveraging the deductions available on home loan interest under Section 24 and principal repayment under Section 80C, you can effectively reduce your taxable income and enhance your overall tax savings.
Here are a few benefits of opting for a Bajaj Housing Finance Home Loan:
- Flexible repayment options: Enjoy extended repayment durations of up to 32 years, allowing you to select a plan that best fits your financial situation and simplifies the repayment process.
- Competitive interest rates: Begin your homeownership journey with appealing home loan interest rates starting at just 7.99%* p.a., and EMIs as affordable as Rs. 722/lakh*, making homeownership more accessible and economical.
- Customisable loan options: Tailor your home loan to meet your specific needs with variable loan amounts, and repayment terms, giving you greater control over the home-buying process.
- Top-up loan facility: Enhance your financial flexibility with a top-up loan facility, providing access to additional funds of Rs. 1 crore* or higher at competitive interest rates and minimal documentation, making it easier to manage a home loan balance transfer.
So, simplify your taxes while fulfilling your homeownership dreams with Bajaj Housing Finance Home Loan.
Ready to begin your journey to homeownership? Apply for a Bajaj Housing Finance Home Loan today and enjoy a hassle-free application process with approval in just 48 hours. You may already be eligible, check your loan offers by entering your mobile number and OTP.
