Filing your Income Tax Return (ITR) is a crucial aspect of fulfilling your tax responsibilities. Staying informed about the latest deadlines and regulations ensures a smooth filing process and helps avoid penalties. As 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)?
Filing your Income Tax Return (ITR) is a crucial aspect of fulfilling your tax responsibilities. Staying informed about the latest deadlines and requirements ensures compliance and helps avoid penalties. In the 2025 Budget, the government extended the timeframe for filing updated income tax returns from 2 years to 4 years following the end of the relevant assessment year. For the Financial Year 2024-25 (Assessment Year 2025-26), the due date for non-audit taxpayers to file their ITR is July 31, 2025. If this deadline is missed, a belated return can be filed by December 31, 2025.
Income Tax Filing Due Dates for FY 2024-25 (AY 2025-26)
Category of Taxpayer |
ITR Filing Deadline (Unless Extended) |
Individuals, HUFs, AOPs, and BOIs (not requiring an audit) |
31st July 2025 |
Businesses requiring audit |
15th October 2025 |
Businesses requiring transfer pricing reports (for international/specified domestic transactions) |
30th November 2025 |
Revised return |
31st December 2025 |
Belated/late return |
31st December 2025 |
Updated return |
31st March 2030 (4 years from the relevant Assessment Year) |
Income tax return (ITR) filing extended date for FY 2023-24 (AY 2024-25)
The Income Tax department extended the deadline for filing belated or revised income tax returns to January 15, 2025. However, some taxpayers may have missed this deadline. They still have the option to file 'updated returns' until March 31, 2027, for the assessment year 2024-25 (financial year 2023-24). This option is subject to penalties and restrictions.
Also, these dates are sometimes extended by the government under certain circumstances, such as technical glitches in the filing system or unforeseen events affecting taxpayers. The income tax return extended due date is mostly announced through official notifications from the Central Board of Direct Taxes (CBDT) to provide relief to taxpayers.
Let’s examine the income tax return extended due date for FY 2023-24 (AY 2024-25), understand the filing process, and see what penalties are levied if you miss the deadline.
Did you miss the extended January 15 deadline? Know the new ITR filing deadline for AY 2024-25 (FY 2023-24)
The Income Tax department had extended the deadline for filing belated or revised income tax returns for Assessment Year (AY) 2024-25 (financial year 2023-24) to January 15, 2025. However, if you missed this extended deadline, you still have an option to file your tax return.
Under current regulations, you can file an "updated return" until March 31, 2027, for AY 2024-25. It's important to note that this option comes with penalties and restrictions.
While the specifics may vary depending on your situation, filing an updated return after the deadline typically incurs a late filing fee. The amount of the penalty can depend on the delay and your tax liability. Additionally, there may be limitations on claiming certain deductions or exemptions if you file outside the standard filing window.
To make an informed decision, it's advisable to consult with a tax advisor who can assess your specific situation and advise you on the best course of action. They can help you determine if filing an updated return is the right choice for you and guide you through the process to minimize any potential penalties.
What is section 87A?
Section 87A of the Income Tax Act provides a rebate for resident individuals, effectively reducing their tax liability. Under the new tax regime for the financial year 2023-24 (assessment year 2024-25), individuals with a total income up to Rs. 7 lakh are eligible for a rebate up to Rs. 25,000. In the old tax regime, the rebate is available for incomes up to Rs. 5 lakh, with a maximum rebate of Rs. 12,500. This provision ensures that individuals within these income brackets have minimal or no tax liability.
What is the matter?
The Income Tax Department has extended the deadline for filing Income Tax Returns (ITR) to provide relief to taxpayers facing challenges in meeting the original due date. This extension allows additional time for accurate filing, ensuring compliance without incurring penalties. Taxpayers are advised to utilise this extended period to gather necessary documents and complete their filings promptly to avoid last-minute hassles.
High Court order
The High Court has issued an order addressing the concerns of taxpayers regarding the ITR filing deadline. Recognising the difficulties faced by individuals and businesses, the court has directed the Income Tax Department to extend the due date, providing taxpayers with additional time to fulfill their obligations. This judicial intervention aims to alleviate the burden on taxpayers and ensure a fair compliance process.
Key benefits of the extended deadline
The extension of the income tax filing deadline offers several significant benefits to taxpayers:
- Additional time for accurate filing
An extended deadline provides taxpayers with extra time to gather necessary documents, verify information, and ensure accurate completion of their tax returns. This reduces the likelihood of errors that could lead to audits or penalties. Accurate filing is crucial for compliance and to avoid future complications. - Reduced last-minute rush
Taxpayers often experience a surge in filing activity as deadlines approach, leading to increased stress and potential mistakes. An extension alleviates this pressure, allowing individuals and tax professionals to manage workloads more effectively and submit returns without the haste that can compromise accuracy. - Opportunity to maximise deductions and credits
With additional time, taxpayers can thoroughly review their financial activities over the year to identify all eligible deductions and credits. This careful assessment can result in significant tax savings, as individuals can claim benefits they might have overlooked in a rushed filing. - Enhanced compliance and reduced penalties
Meeting the extended deadline ensures compliance with tax laws, thereby avoiding late-filing penalties and interest charges. Timely filing within the new timeframe demonstrates a commitment to legal obligations and financial responsibility. - Flexibility for complex financial situations
Taxpayers with complex financial circumstances, such as multiple income sources, investments, or business operations, benefit from the extra time to accurately report all relevant information. This flexibility helps in preparing comprehensive and precise tax returns. - Improved access to professional assistance
Tax professionals often face high demand during peak filing seasons. An extended deadline allows taxpayers better access to professional services, ensuring they receive the necessary guidance to navigate their tax obligations effectively.
What happens if the new deadline is missed? Penalties and restrictions
Key limitations of filing updated returns:
- No tax liability reduction: Updated returns cannot be used to lower your original tax liability and claim refunds. You cannot reduce income or offset losses to minimize your tax burden.
- Ineligible during scrutiny/assessment: If your return is under scrutiny by the tax authorities, or you've received an intimation or demand notice, you cannot file an updated return.
Penalties for filing updated returns:
- A penalty of 25-50% of the total tax and interest payable will be levied.
- The penalty is 25% if filed within 12 months of the assessment year's end.
- The penalty increases to 50% if filed within 24 months of the assessment year's end.
Important Note: These limitations and penalties highlight the importance of timely and accurate tax filing to avoid potential complications and financial burdens.
Income tax filing due dates for FY 2023-24 (AY 2024-25)
Filing income tax returns by the due date helps avoid penalties and ensure compliance. This date varies based on the type of taxpayers and the nature of returns they file. Let’s know about the various due dates as stipulated under the Income Tax Act for FY 2023-24 (AY 2024-25):
Here's a remake of the table in the image, with some minor formatting adjustments:
Category of Taxpayer |
Due Date for Tax Filing - FY 2023-24 (*unless extended) |
Individual / HUF / AOP / BOI (books of accounts not required to be audited) |
31st July 2024 |
Businesses (Requiring Audit) |
15th November 2024 |
Businesses requiring transfer pricing reports (in case of international / specified domestic transactions) |
30th November 20241 |
Revised return |
- 31st December 2024 – Others - 15th January 2025 - Resident Individuals |
Belated / Late return |
31st December 2024 to 15th January 2025 in the case of resident individuals |
Updated return |
31st March 2027 (2 years) |
Important things to keep in mind while filing late return
Filing your Income Tax Return (ITR) after the due date, known as a belated return, is permissible but comes with certain implications. Here are key considerations to keep in mind:
1. Penalties for late filing
- Late filing fee: Under Section 234F of the Income Tax Act, a penalty is levied for filing returns after the due date. For the financial year 2023-24, the penalties are:
- Rs. 1,000 if the total income is up to Rs. 5 lakh.
- Rs. 5,000 if the total income exceeds Rs. 5 lakh.
- Interest on tax due: In addition to the late filing fee, interest under Section 234A is charged at 1% per month or part thereof on any unpaid tax amount from the original due date until the date of filing.
2. Loss of certain benefits
- Carry forward of losses: Filing a belated return disqualifies you from carrying forward specific losses (e.g., business or capital losses) to subsequent years, potentially increasing future tax liabilities.
- Interest on refunds: Delayed filing may result in the loss of interest on any tax refunds due, as the interest is calculated from the date of filing the return.
3. Deadline for belated returns
For the assessment year 2024-25, the deadline to file a belated return is January 15, 2025. Missing this extended deadline means you cannot file the return unless the Income Tax Department issues a notice, leading to further complications.
4. Revised returns
If you discover any errors after filing a belated return, you have the option to file a revised return by January 15, 2025. However, it's advisable to file the original return accurately to avoid the need for revisions.
5. Compliance and legal implications
Consistent late filing or non-filing can attract scrutiny from the Income Tax Department, leading to assessments and potential legal consequences. Timely filing ensures compliance and minimizes the risk of penalties or legal actions.
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. However, senior citizens are eligible for certain exemptions from this requirement. This tax must be paid in four different instalments. Let’s see the schedule for FY 2024-25:
| Due date | Instalments | Advance tax to be paid |
| June 15th 2024 | First instalment | 15% |
| September 15th 2024 | Second instalment | 45% |
| December 15th 2024 | Third instalment | 75% |
| March 15th 2025 | Fourth instalment | 100% |
| 15th March 2025 | Presumptive scheme | 100% of tax liability |
Taxpayers who fall under sections 44AD and 44ADA, which pertain to “Presumptive Income”, must pay their advance tax by March 15 of the previous year. It is worth noting that any tax paid by March 31 is considered “advance tax”.
TDS Payment Due Dates for FY 2024-25
This table outlines the due dates for depositing TDS (Tax Deducted at Source) for the financial year 2023-24. 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 2023-24) |
30th June 2024 |
April 2024 |
7th May 2024 |
31st July 2024 |
May 2024 |
7th June 2024 |
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June 2024 |
7th July 2024 |
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30th September 2024 |
July 2024 |
7th August 2024 |
30th October 2024 |
August 2024 |
7th September 2024 |
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September 2024 |
7th October 2024 |
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31st December 2024 |
October 2024 |
7th November 2024 |
31st January 2025 |
November 2024 |
7th December 2024 |
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December 2024 |
7th January 2025 |
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31st March 2025 |
January 2025 |
7th February 2025 |
31st May 2025 |
February 2025 |
7th March 2025 |
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March 2025 |
7th April 2025 (for TDS deducted by govt. offices)<br>30th April 2025 (for other deductors) |
Essential tips for first-time ITR filers in 2025
As per the Income Tax Act, individuals earning above the basic exemption limit must file their returns by January 15, 2025 or the income tax return extended due date. However, for first-time taxpayers, this task can seem daunting. But, by understanding basic tax laws, deductions, and exemptions, first-time filers can easily furnish their returns and remain compliant.
Let’s check out some essential tips that can help you accurately file income tax returns for FY 2023-24:
1. Total taxable income
First-time filers should calculate their total taxable income by subtracting tax deductions and exemptions from their gross income. Some common deductions available under Chapter VI-A of the Income Tax Act are:
- Health insurance premiums
- Home loans
- Education loans
- Donations
- Investments made in tax-saving instruments
Also, you can claim exemptions for allowances received like House Rent Allowance (HRA) and Leave Travel Allowance (LTA).
2. New vs. Old tax regime
While filing their income tax returns, taxpayers have a choice between the old and new tax regimes. It must be noted that the old tax regime offers several exemptions and deductions like HRA and those available under sections 80C, 80D, 80G, and more.
On the other hand, the new tax regime charges lower tax rates but offers fewer deductions and exemptions. From FY 2020-21, the new tax regime has become the default tax option unless the taxpayer opts for the old tax regime.
3. Form 16
For salaried individuals, Form 16 is important as it details the TDS (Tax Deducted at Source) deducted by the employer from the salary. Furthermore, it includes all the necessary information for filing an ITR. Usually, it is provided by the employer by late May or mid-June.
You must refer to Form 16 while filing your income tax returns, as it ensures you accurately report your income and claim any deductions you are eligible for. Additionally, Form 16 provides the TAN of your employer, which is necessary for filling out the ITR forms correctly.
4. Review of Form 26AS
For those unaware, Form 26AS is an annual tax statement. It details:
- Tax deducted/ collected on your behalf
and - Lists your various income sources
You must use this form to accurately fill out your income and tax details in your ITR form. Follow these steps to use Form 26AS while filing taxes:
- Download it from the income tax e-filing portal.
- Then, review the details of
- Tax deducted at source (TDS)
- Tax collected at source (TCS)
- Any advance tax payments made throughout the year
- Compare these details with your financial records.
- If you find any discrepancy, report it to the relevant deductor for correction.
- Finally, use this verified information to file your return.
5. Annual information statement (AIS)
Like Form 26AS, AIS is another statement provided by the Income Tax Department to facilitate income tax return filing. It provides a comprehensive summary of your financial transactions, including TDS, TCS, interest, dividends, and stock market activities. AIS usually extends the information available in Form 26AS and helps ensure accurate tax filing.
6. Choosing ITR forms
It is worth stating that The Income Tax Department provides various ITR forms to cover multiple sources of income and taxpayer categories. Each form addresses:
- Specific types of income, such as salary, business profits, or capital gains and
- Different taxpayer types, like individuals, companies, or Hindu Undivided Families (HUFs)
Hence, while filing the ITR, it is important to select the correct form. By choosing the right form, you can accurately declare all your income types under appropriate heads and avoid processing delays.
7. Requirement of documents
You will need the following documents at the time of filing:
- PAN
- Aadhaar
- Form 16
- Interest certificates
- Annual Information Statement
- Form 26AS
- Details of capital gains, and
- Proof of tax-saving investments like insurance premiums and PPF contributions.
8. ITR Verification
After filing the ITR, it needs to be verified. This verification can be done:
- Online using Aadhaar OTP
or - Offline by sending a signed physical copy of ITR - V (Verification) to the Income Tax Department.
What are the penalties for missing the ITR deadline?
Missing the ITR filing deadline or the income tax return extended date can result in several penalties and repercussions.Firstly, as per Section 234F of the Income Tax Act, a late filing fee of Rs. 5,000 is imposed. However, if the total income is below Rs. 5 lakh, this penalty is reduced to Rs. 1,000.
Secondly, under Section 234A, interest on the unpaid tax amount is charged at 1% per month or part of the month from the due date until the return is filed. This significantly increases the tax liability, especially if a substantial amount is due. Also, you lose the benefit of carrying forward losses and offsetting them against your future income. This disqualification increases future tax liabilities.
How to file the missed returns for FY 2023-24
If you miss the original deadline for filing your Income Tax Return (ITR), you can still file a belated return by 31st December of the assessment year. However, if this deadline is also missed due to valid reasons, you may request the Income Tax Department to condone the delay.
Steps to File a Missed ITR:
1) Request for Condonation of Delay:
- Submit a request to the Income Tax Commissioner or the prescribed authority, explaining the reason for missing the deadline.
- The officer may approve your request based on the following conditions:
- The claim is legitimate and valid.
- There is a genuine hardship or strong merit in the case.
- A refund is due because of excess tax deduction, TDS, advance tax, or self-assessment tax.
- No other person is liable to assess the tax under the Income Tax Act.
2) Payment of Taxes & Interest:
- If you haven’t paid your taxes for FY 2023-24, you must clear the outstanding amount along with interest under Sections 234A, 234B, or 234C.
- Tax payment is mandatory even if the ITR filing is delayed.
3) Missed Filing Despite Tax Payment:
- If you have paid your taxes on time but failed to file your return, you cannot file a delayed return or request condonation.
- The Income Tax Department may issue a notice under Section 271F, imposing a penalty of up to ₹5,000.
- However, if you provide a valid reason, the officer may waive the penalty.
4) Legal Consequences of Not Filing ITR:
- The Income Tax Department may issue notices and impose penalties for failure to file returns.
- In extreme cases, prosecution could lead to imprisonment of up to seven years.
5) Responding to Notices:
- If you receive a notice, you must respond through the income tax e-filing portal and file your pending return.
6) Penalty for Under-Reporting Income:
- A penalty of up to 200% of the tax payable may be imposed for under-reporting income.
- If taxes are paid with interest but income has been under-reported, the assessing officer may waive the penalty.
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Key reasons why you should not delay filing your ITR
Filing your Income Tax Return (ITR) promptly is crucial for several reasons. Firstly, timely submission avoids late fees and penalties, which can add a significant financial burden. Secondly, it helps maintain a good compliance record with the tax authorities, potentially simplifying future financial transactions or loan applications. Additionally, delaying your ITR can result in the loss of certain benefits and deductions, reducing your potential refunds. Filing on time also minimises the risk of facing scrutiny or audits from the tax department. Lastly, early filing ensures peace of mind, reducing stress and allowing you to manage your finances more effectively.
Conclusion
Filing your income tax returns (ITRs) on time is important to avoid penalties and interest charges. For FY 2023-24, the deadline for most taxpayers is January 15, 2025. Missing this deadline results in a late fee of Rs. 5,000 (Rs. 1,000 if your taxable income is less than Rs. 5 lakhs), interest charges under section 234A, and disqualification from carrying forward losses.
If you are filing an income tax return for the first time, you must use forms like Form 16, AIS, and Form 26AS for accurate reporting. Also, you must select the correct ITR form applicable to you and wisely choose between the old and new tax regimes.
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