ITR Filing Last Date

Filing your Income Tax Return (ITR) is a key responsibility in managing your taxes. Staying informed about the latest deadlines and requirements ensures a smooth filing process. Filing on time also saves the unnecessary penalty that may incur on failure or delayed payment of taxes. The Income Tax Act outlines the due dates for ITR filing across different taxpayer categories, making it easier to meet your tax obligations on time.

The CBDT has extended the deadline for resident individuals to file belated or revised income tax returns for the Assessment Year 2024-25. The new deadline is now 15th January 2025, instead of the earlier 31st December 2024.

Tip

The CBDT has extended the deadline for resident individuals to file belated or revised income tax returns for the Assessment Year 2024-25. The new deadline is now 15th January 2025, instead of the earlier 31st December 2024.

What is the Income Tax Return Due Date?

The due date refers to the deadline for filing taxes without facing late fees or penalties.

ITR Filing Last Date

The CBDT has the authority to extend the due dates for filing income tax returns through official notifications. While you can still file your income tax return after the due date, it will be classified as a belated return under Section 139(4) of the Income Tax Act. Filing a belated return attracts late filing interest under Section 234A and penalties under Section 234F, which can increase your overall tax liability. Therefore, it is always recommended to file your ITR on or before the due date to avoid these charges.

Categories of Taxpayers for whom Tax Audit is mandatory

The following table explains the applicability of Tax Audits for taxpayers according to their earnings.

Income Tax Return due date for previous financial years

The following table explains the due date to file income tax returns for previous financial years.

ITR filing last date for 2022 (AY 2022-23)

ITD extended the due date to file ITR as the taxpayers faced technical issues on the original deadline.

ITR filing last date for 2021 (AY 2021-22)

ITR filing last date for 2020 (AY 2020-21)

ITR due date extension for AY 2021-22 & 2020-2021 was in response to the COVID-19 pandemic, which made it difficult for taxpayers to comply with the original deadline.

Due Date to File Belated Return

If an individual fails to file an income tax return by the due date, they can file a belated return. From FY 2021-22 (AY 2022-23) onwards, belated return u/s 139(4) can be filed on or before 31st December of the relevant assessment year.

Belated Return attracts late filing fees under section 234F.

Let’s take an example to understand better: Mr. Jay forgot to file his ITR before 31st July 2022. His total income for FY 2021-22 was INR 4,50,000. Jay can file his belated return up to 31st December 2022. He files his return on 25th November 2022. Then his return will be considered as a belated return and late filing fees of INR 1,000 will be applicable to him since his income is less than INR 5,00,000.

Due Date to File Revised Return

A taxpayer can revise a return if any mistake, omission, or wrong statement is found in the original return. From FY 2021-22 (AY 2022-23) onwards, Revised Return u/s 139(5) can be filed on or before 31st December of the relevant assessment year.

Further, from FY 2017-18 onwards, a Belated Return can also be revised.  

Due date to file Updated Return

As per Section 139(8A) of the Income Tax Act, a taxpayer who has filed an Original ITR under Section 139(1), Revised ITR under Section 139(5), Belated ITR under Section 139(4), not filed ITR at all or by satisfying any other conditions mentioned can file ITR-U i.e. Updated ITR under Section 139(8A) no later than 24 months from the end of the relevant assessment year.

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Consequences of missing the due date

• Interest- If you file the return after the due date, you will be liable to pay interest u/s 234A @ 1% per month or part month.
• Late Fee- A penalty of up to INR 5,000 is levied u/s 234F if you file the return after the due date.
• Loss Set-off- You can carry over losses from the stock market, mutual funds, real estate, or any of your businesses and offset them against the revenue from the next year. Because of the loss adjustment, your tax liability will be greatly reduced as a result. However, to carry forward the loss, filing the return by the due date is the condition.
• New Regime- If you want to opt for new regime, it is necessary that you file ITR on or before the due date.
• You cannot claim relief u/s 89E or relief under 90/ 90A, 91 if you miss the due date.
• Interest on IT refund– Taxpayers are entitled to 0.5% interest u/s 244A on the eligible refund amount. Hence, if you file the return before the due date, interest will be calculated from 1st April till the date of refund.
  However, if you file the return after the due date, interest will be calculated from the date of the return filed till the date of the refund.

In addition to the above-mentioned points, if you skip filing the return, you might receive an intimation or notice from the ITD which will have unfavorable consequences.

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