Are you worried about the last date to file ITR? Don’t worry; we have got you covered. We'll update you on the due dates and the penalty you must pay if you miss the deadline.
What is a Belated Return?
Life gets busy, and sometimes deadlines slip our minds. If you haven’t filed your income tax return (ITR) by the due date (typically July 31st), don’t panic! You can still file a belated return.
Think of it as a second chance to file your ITR. A belated return is simply an ITR submitted after the original deadline but before a specific later date (usually December 31st of the assessment year). While there might be some consequences for filing late, it’s definitely better than not filing at all.
ITR Filing Last Date: Filing ITR for Previous Years
As per the amendment introduced in the Finance Act of 2021, you are allowed to submit your belated income tax return at any time up to three months before the conclusion of the relevant Assessment Year (AY). For instance, in the case of AY 2023-24, the deadline for filing a belated return is on or before 31 December 2023 (unless the income tax authorities complete the assessment themselves)
The Finance Act 2021 amendment has shortened the timeframe for filing belated returns. Starting from AY 2021-22, you can file a belated return either three months before the end of the applicable assessment year or before the completion of the assessment, whichever comes first.
Drawbacks of Filing Late Return
Here are the drawbacks associated with submitting a belated return:
- Interest charges may apply as per Sections 234A, 234B, and 234C
- A late fee will be imposed when filing a belated return under Section 234F.
| Gross Total Income | Late Fee |
| up to ₹2.5 lakh | No Penalty |
| ₹2.5 lakh – ₹5 lakh | ₹1,000 |
| more than ₹5 lakh | ₹5,000 |
- When losses, such as business and capital losses, are incurred, they cannot be carried forward and offset in future years if you file your returns late. However, an exception exists for losses related to house property, which can still be carried forward even if you submit your returns after the due date
- Additionally, deductions and exemptions under Sections 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID, and 80-IE will not be available if you delay filing your ITR. These tax-saving benefits are eligible only when the ITR is filed before the original deadline.
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How to File the Missed Returns For FY 2022-23?
If you fail to file your return by the original deadline, you have the option to submit a belated return by December 31 of the relevant assessment year. However, if you miss this deadline due to valid reasons, you can request a condonation of delay from the income tax authorities
To do so, you should formally request the Income Tax Commissioner or the designated authority to permit you to file your income tax returns, while explaining the reasons for the delay. The officer may consider your request based on specific criteria:
- The claim is genuine and accurate
- The case involves legitimate hardships or merits
- A refund has resulted due to excess tax deduction, TDS, advance tax, or self-assessment tax
- No other person can assess the tax under the Income Tax Act.
If you haven’t paid taxes for FY 2022-23, you must settle the tax liability along with applicable interest under Sections 234A, 234B, or 234C. This payment is required even if you can’t file your income tax returns on time
In situations where you’ve paid taxes on time but missed filing returns, you cannot file returns or request a condonation of delay. The income tax department may issue a notice under Section 271F for this non-compliance, potentially resulting in a penalty of up to ₹5,000. However, if you have a valid explanation and the officer is satisfied with the reason, you may avoid paying the penalty
Failure to file returns may lead to legal action by the income tax department, including notices and penalties. In severe cases, you could face prosecution and imprisonment for up to seven years
If you receive a notice from the income tax department, it’s crucial to respond through the income tax e-filing portal and file your ITR to comply with the notice
In instances of under-reported income, a penalty of up to 200% of the tax payable may be imposed. However, if the taxpayer pays taxes with interest after the deadline but has under-reported income, the assessing officer may waive the penalty
While there are provisions for missed ITR filings, it’s advisable to file your returns by the original deadline, such as by July 31, 2024, for the FY 2024-25, to avoid complications.
What to Do If You Receive a Late Payment Notice?
If you’ve received an Income Tax Department notice instructing you to file returns for periods exceeding two financial years, you can reach out to Vakilsearch to prepare your returns. Afterward, you can print the prepared return and submit it to the income tax office in your local ward
Typically, in response to an income tax notice, a taxpayer submits an old return. It’s important to note that delayed returns cannot be amended. However, starting from the financial year 2016-17, a belated return can also be revised if needed
For years in which you didn’t file returns, you may not be able to carry forward certain losses. Nevertheless, an exception exists for losses related to house property, which can still be carried forward even if you file your returns after the due date.
The Income tax return (ITR) is an essential feature of organised rules-based societies. To put it plainly, income tax is a small percentage of your annual income that you pay to the government. Every citizen must pay their taxes within the notified period if their income falls under the criteria set by the government. The government mandates a timely payment of the taxes to utilize them for implementing various schemes and policies.
The government does this by notifying the last date to file ITR, known as the due date. Different due dates are notified based on the category of the assessee and the level of audit required for different institutions. Various types of assessees within the ambit of income tax are Individual, HUF, firm, LLP, trust, BOI, and company.
The audit applicabilities on these assesses are also different, which are notified via gazettes rolled out by the government. It is crucial to note here that assesses that have to go through an extensive audit process have a later deadline than those who can file their taxes without an audit. This article will give you a detailed note on the last date of ITR filing so that you don’t attract a penalty.
Due Dates for ITR Filing for the FY 2023-24(AY 2024-25)
Let’s take a look at the ITR last dates for different assessments. We will also try to cover as many variables as possible to help you out in the best way.
Due Date for Filing of the Return of Income by Individuals and HUF – For the FY 2023-24 (AY 2024-25)
| Class of Assessee | FY 2023-24 (AY 2024-25) | |
| Individual & HUF |
Non-Audit Cases (Individuals, professionals, small businesses, etc.) [ITR-1, ITR-2 or ITR-4 sugam] |
31 July 2024 |
| Working Partner of a Firm or LLP whose audit is required u/s 44AB (ITR-2) | 31 October 2024 | |
| Non-Working Partner | 31 July 2024 | |
|
Audit Cases [ITR-3] |
31 October 2024 (Audit report is required to be filed by 30 September 2024) |
It is clear from the table above that assesses under the category – individuals and Hindu Undivided families – can file their returns by 31st July of the relevant assessment year(AY) in a normal scenario. This means that 31st July shall apply to those entities that don’t have to go through an audit.
This may also include non-working partners of a firm. Conversely, for the entities that have to go through an extensive auditing process, the last date to file ITR is 31 October of the relevant AY. These entities are firms, LLPs, etc.
Due Date for Filing ITR by Firm – For FY 2023-24 (AY 2024-25)
|
Class of Assessee |
FY 2023-24 (AY 2024-25 |
|
| Firm, LLP, AOP, BOI, AJP, Local Authority, Co-operative Society |
Audit Cases [ITR-5] |
31 October 2024 (Audit report is required to be filed by 30 September 2024) |
|
Non-audit cases [ITR-5] |
31 July 2024 |
As discussed earlier, different institutions require different levels of auditing. Hence, the government mandates different due dates. From the table above, it is clear that for Limited Liability partnership firms, artificial judicial persons, BOI, AOP, local authorities, etc., the due date for filing is 31 October 2024, if they are required to undergo an audit and submit the report.
Conversely, for the same class of assessees, the Income tax return the last date is 31 July 2024, if no audit is required.
Due Date for Filing Return of Income by Companies – FY 2023-24 (AY 2024-25)
| Class of Assessee | FY 2023-24 (AY 2024-25) | |
| Company |
All companies [ITR-6] |
31 October 2024 (Audit report is required to be filed by 30 September 2024) |
The company law act requires every registered company to undergo an audit at the end of every financial year. Therefore, it is clear that the income tax return filing due date for the companies is 31 October 2022. It is pertinent to note here that you are required to file the ITR even if you are a foreign company.
Due Date for Filing Return of Income by Trusts, Political Parties, etc. -FY 2023-24 (AY 2024-25)
|
Class of Assessee |
FY 2023-24 (AY 2024-25) |
|
| Trusts, Colleges, Political Parties |
Trusts, colleges, political parties, etc. who are required to file their return u/s 139(4A), 139(4B), 139(4C) or 139(4D) [ITR-7] |
31 October 2024 (Audit report is required to be filed by 30 September 2024) |
| In case the audit is not required | 31 July 2024 |
From the table above, it is clear that political parties, colleges, and trusts are also eligible entities under the Income Tax Act to file returns. Under sections 139(4A), 139(4B), and 139(4C), these assessors are required to file their ITR for the relevant financial year.
The auditing due date rules apply in this case too. The assesses that are required to undergo the auditing process have to submit the audit report by 30 September 2024, and they can file their return by 31 October 2024. In any other case, the due date for filing the return is 31 July 2024.
Penalty
The penalty for missing the due date for ITR filing is ₹5000 for those who have taxable income above ₹5 Lakhs and ₹1000 for people with taxable income less than ₹5 lakhs.
Conclusion
It is crucial to take note of the ITR: https://www.incometax.gov.in/iec/foportal/ due date to avoid penalties. As mentioned earlier, different entities have different due dates due to auditing requirements. If you fall under the category requiring auditing requirements, ensure that you submit the report by 30 September 2024.
FAQs
Do I need to pay a penalty if I file my income tax return (ITR) late?
Yes, you will need to pay a penalty if you file your income tax return (ITR) late. The penalty is calculated based on the total income of the taxpayer and the number of days by which the return is filed late
What are the consequences of missing the ITR filing deadline?
In addition to paying a penalty, there are a number of other consequences for missing the ITR filing deadline. These include: You will not be able to claim any refunds for taxes that you have overpaid You may not be able to process any pending loans or mortgages You may not be able to get a government job or apply for a passport You may be charged with interest on the tax that you owe.
How much is the penalty for filing my ITR after the due date?
The penalty for filing your ITR after the due date is ₹5,000, if your total income exceeds ₹5 lakh. If your total income is below ₹5 lakh, the penalty is ₹1,000.
Who is responsible for paying the penalty for late ITR filing?
The taxpayer is responsible for paying the penalty for late ITR filing.
Can I make an online payment for my ITR penalty, and if so, how?
Yes, you can make an online payment for your ITR penalty. To do this, you can visit the website of the Income Tax Department and login to your account. Once you are logged in, you can select the option to pay the penalty. You will then be able to pay the penalty using a credit card, debit card, or net banking.
What is the penalty for filing ITR after the 31 of July?
The penalty for filing ITR after the 31st of July is the same as the penalty for filing ITR after the due date. This means that the penalty is ₹5,000, if your total income exceeds ₹5 lakh. If your total income is below ₹5 lakh, the penalty is ₹1,000.
What is the late fee for ITR filing after the 31 July 2023?
The late fee for ITR filing after the 31 July 2023 is the same as the penalty for filing ITR after the due date. This means that the late fee is ₹5,000, if your total income exceeds ₹5 lakh. If your total income is below ₹5 lakh, the late fee is ₹1,000.
What happens if I fail to pay my income tax on time?
If you fail to pay your income tax on time, you will be charged interest on the unpaid tax. The interest rate is calculated based on the number of days by which the tax is unpaid. In addition, you may also be charged a penalty for late payment.
Is there a late fee for filing an ITR in 2023?
Yes, there is a late fee for filing an ITR in 2023. The late fee is the same as the penalty for filing ITR after the due date. This means that the late fee is ₹5,000, if your total income exceeds ₹5 lakh. If your total income is below ₹5 lakh, the late fee is ₹1,000.
How many years back can I file my income tax return, and are there penalties for belated returns?
You can file your income tax return for up to six years after the end of the financial year. However, there are penalties for filing belated returns. The penalty for filing a belated return is ₹1,000, if the return is filed within one year of the due date. If the return is filed more than one year after the due date, the penalty is ₹5,000.
