31st October: Deadline for Filing Company Income Tax Returns
Key Income Tax Return Filing Deadlines for FY 2023-24 (AY 2024-25)
With the ongoing e-filing season, it’s essential for every taxpayer to be mindful of income tax return (ITR) filing deadlines to avoid penalties under the Income Tax Act of 1961. This post outlines the critical due dates for filing ITR for the financial year 2023-24 (assessment year 2024-25), ensuring compliance with the tax regulations.
Chartered Accountants(CAs), Company Secretaries (CSs), and tax professionals can also take note of important deadlines for filing advance tax, as well as revised and updated ITRs. The Central Board of Direct Taxes (CBDT) has enabled ITR filing for AY 2024-25 from April 1, 2024.
What is Income Tax?
Income tax is a direct tax levied on the income of an assessee. It is calculated on income generated from various sources, including salaries, property, businesses, capital gains, and other sources. If an individual’s or entity’s income exceeds the taxable limit, after considering deductions under Chapter VI-A, they are required to file an income tax return.
ITR Filing Due Dates for FY 2023-24 (AY 2024-25)
| Category of Taxpayer | Due Date (Original Return) |
|---|---|
| Companies (regardless of tax audit applicability) | 31/10/2024 |
| Non-company entities subject to tax audit | 31/10/2024 |
| Partners in firms requiring tax audit | 31/10/2024 |
| Taxpayers requiring an audit under Section 92E | 30/11/2024 |
| Non-audit cases | 31/07/2024 |
| Revised or Belated Returns | 31/12/2024 |
| Updated Return (ITR-U) | 31/03/2024 |
Key Deadlines for ITR Filing Based on Taxpayer Category
Different types of taxpayers—individuals, HUFs, firms, LLPs, companies, trusts, and AOPs/BOIs—have different ITR due dates. These dates depend on whether a tax audit is required under section 139(1).
1. Non-Audit Cases (AY 2024-25)
For taxpayers whose books of accounts are not subject to an audit, the deadline to file ITR is 31st July 2024.
2. Audit Cases (AY 2024-25)
For taxpayers whose accounts require an audit, the ITR filing deadline is 31st October 2024.
3. Tax Audit Report Filing (3CA-3CD/3CB-3CD)
For taxpayers whose accounts are subject to an audit, the tax audit report must be submitted one month prior to the ITR filing deadline, by 30th September 2024.
4. Revised and Belated ITR Filing Deadlines
If you need to file a revised or belated ITR for AY 2024-25, the deadline is 31st December 2024. A penalty of INR 5,000 applies for late filing, but if your total income does not exceed INR 5 lakh, the penalty will be capped at INR 1,000.
5. Updated Return Filing (ITR-U)
You can file an updated return (ITR-U) by 31st March 2026, allowing you to correct any errors in previously filed returns.
File Tax Returns for A.Y. 2024-25 by 31st December to Avoid INR 5,000 Penalty
The Income Tax Department has informed taxpayers that filing tax returns for A.Y. 2024-25 after the due date will result in a penalty of INR 5,000. However, for individuals with a total income not exceeding Rs 5 lakh, the maximum penalty will be capped at INR 1,000.
SEPTEMBER 2024 INCOME TAX & TDS DUE DATES
| Date | Description |
|---|---|
| 7/9/2024 | “Due date for deposit of tax deducted/collected for the month of August 2024. However, all sums deducted/collected by a government office shall be paid to the credit of the Central Government on the same day where tax is paid without production of an income tax challan.” |
| 7/9/2024 | “Declaration under sub-section (1A) of section 206C of the Income-tax Act, 1961 to be made by a buyer for obtaining goods without collection of tax for declarations received in the month of August 2024.” |
| 14/9/2024 | “Due date for issue of TDS certificate for tax deducted under section 194-IA, 194-IB, 194M and 194S (by specified person) in the month of July 2024.” |
| 15/9/2024 | “Due date for furnishing Form 24G by an office of the government where TDS/TCS for the month of August 2024 has been paid without the production of a challan.” |
| 15/9/2024 | “Due date for furnishing statement in Form No. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of August 2024.” |
| 15/9/2024 | “Due date for furnishing statement in Form No. 3BC by a recognised association in respect of transactions in which client codes have been modified after registering in the system for the month of August 2024.” |
| 15/9/2024 | “Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194M and 194S (by specified person) in the month of August 2024.” |
| 30/9/2024 | “Application for the exercise of option under clause (2) of the Explanation to sub-section (1) of section 11 of the Income-tax Act, 1961 (if the assessee is required to submit return of income on November 30, 2024).” |
| 30/9/2024 | “Statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of the Explanation 3 to the third proviso to clause (23C) of section 10 or under clause (a) of sub-section (2) of section 11 of the Income-tax Act, 1961 (if the assessee is required to submit return of income on November 30, 2024).” |
| 30/9/2024 | “Due date for filing of audit report under section 44AB for the Assessment Year 2024-25 in the case of a corporate assessee or non-corporate assessee (who is required to submit his/its return of income on October 31, 2024).” |
| 30/9/2024 | “Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961 (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section 12A of the Income-tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section 12A of the Income-tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution which is required to be furnished under clause (b) of the tenth proviso to clause (23C) of section 10 or a trust or institution which is required to be furnished under sub-clause (ii) of clause (b) of section 12A (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Audit report under sections 80-I(7)/ 80-IA(7)/ 80-IB/ 80-IC/ 80-IAC/ 80-IE (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Report under section 80JJAA of the Income-tax Act, 1961 (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Report under section 115JB of the Income-tax Act, 1961 for computing the book profits of the company (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Report under section 115JC of the Income-tax Act, 1961 for computing Adjusted Total Income and Alternate Minimum Tax of the person other than a company (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Due date for filing audit report under section 33AB(2), 33ABA(2), 35D(4)/35E(6) of Income-tax Act, 1961 (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Statement regarding preliminary expenses incurred to be furnished under proviso to clause (a) of sub-section (2) of section 35D of the Income-tax Act, 1961 by the assessee (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Audit report under sub-section (2) of section 44DA of the Income-tax Act, 1961 (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Report of an accountant to be furnished by an assessee under sub-section (3) of section 50B of the Income-tax Act, 1961 relating to computation of capital gains in the case of slump sale (if due date of submission of return of income is October 31, 2024).” |
| 30/9/2024 | “Report under section 10AA of the Income-tax Act, 1961 (if due date of submission of return of income is October 31, 2024).” |
Income Tax Return Filing Deadline for AY 2024-25
(For Assessees Required to Submit a Report Under Section 92E)
- The deadline for filing Income Tax Returns for assessees required to furnish a report under Section 92E is 30th November 2024.
- The due date for furnishing a Report from an Accountant by persons entering into an international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2023-24, is at least one month before the due date of filing of return u/s 139(1)
Consequences of Missing the ITR Deadline
Failing to file your ITR by the deadline can result in several penalties and consequences:
- Increased scrutiny: Filing late may attract attention from the Income Tax Department, increasing the chances of your return being reviewed.
- Interest on unpaid tax: Late filing results in interest charges on unpaid tax from the original deadline until payment.
- Loss of carry-forward benefits: Missing the deadline may prevent you from carrying forward certain tax deductions and losses to future years.
Advance Tax Filing Deadlines for FY 2024-25
If your tax liability exceeds INR 10,000 in a financial year, you’re required to pay advance tax according to the following schedule:
| Due Date | Compliance | Tax Paid |
|---|---|---|
| 15th June 2024 | First Instalment | 15% |
| 15th September 2024 | Second Instalment | 45% |
| 15th December 2024 | Third Instalment | 75% |
| 15th March 2025 | Fourth Instalment | 100% |
For taxpayers under sections 44AD and 44ADA (Presumptive Income), advance tax must be paid by 15th March 2025. Payments made by 31st March will still be treated as advance tax.
Staying compliant with the ITR deadlines helps avoid penalties, ensures smoother processing of returns, and allows you to claim applicable benefits. Whether you’re a salaried individual, business owner, or involved in international transactions, mark these key dates to meet your tax obligations on time.
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