Income Tax Return 2024: Essential Deadlines And Details

As the fiscal year 2023-24 draws to a close, taxpayers must prepare to file their Income Tax Returns (ITRs). Timely filing is crucial to avoid penalties and ensure eligibility for certain tax benefits .

Key Dates for ITR Filing 2023-24
The e-filing process for the financial year 2023-24 commenced on April 1, 2024. It's important to be aware of the specific deadlines to avoid last-minute stress and penalties.

General Deadline for Individuals and Entities Without Audit Requirements
For individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs) not requiring audits, the deadline to file returns is July 31, 2024.

D eadline for Businesses Requiring Audits
Businesses that require auditing must file their ITR by October 31, 2024. This extended deadline allows additional time for the necessary auditing processes.

Deadline for Businesses Involving Transfer Pricing Reports
For businesses engaged in international or specified domestic transactions necessitating transfer pricing reports, the due date is November 30, 2024.

Deadlines for Revised and Belated Returns
If you need to correct any filed returns, the last date for submitting revised returns is December 31, 2024. The same deadline applies to belated returns, which are for those who missed the initial filing date.

Deadline for Updated Returns
Taxpayers looking to file updated returns have until March 31, 2027, which is two years from the end of the relevant assessment year.

Consequences of Missing the ITR Deadline
Failing to file your ITR by the stipulated deadline can result in penalties. However, you can still submit a belated return by December 31, 2024, albeit with potential fines and other repercussions.

Filing your ITR on time is essential to avoid penalties and ensure you benefit from any applicable tax advantages. Mark these key dates on your calendar and plan ahead to ensure a smooth and hassle-free filing process.