ITR filing 2024 LIVE Updates: Has ITR deadline for FY2024 been extended? (2024)

FAQs

ITR filing 2024 LIVE Updates: Has ITR deadline for FY2024 been extended? ›

The last date to file an income tax return (ITR) or the financial year 2023-24 or Assessment year 2024-24 is July 31, 2024. The deadline applies to those individuals who do not need to audit their income. Has the ITR date been extended? No, the deadline for filing ITR for FY2023-24 has not been extended yet.

For the FY 2021-22, an updated income tax return (ITR) can be filed up to March 31, 2025. “For FY23-24 we can file ITR-U after December 31, 2024. The last date to file ITR-U for FY23-24 is March 31, 2027,” says chartered accountant Pratibha Goyal, partner, PD Gupta & Company, a Delhi-based firm.

When is the Last Date to File ITR? ITR filing last date for non audit tax payers for Financial Year 2023-24 (AY 2024-25) was July 31, 2024. However, if you miss filing within the due date, you can still file a belated return before December 31, 2024. Don't fall behind your taxes!

How to file belated return. You can still file your ITR, but you must pay a late filing fee of up to Rs 5,000. An ITR filed after the deadline is referred to as a belated ITR and is filed under section 139(4) of the Income Tax Act, 1961. An individual with no tax owed must pay a penalty before filing a late ITR.

However, by filing a belated ITR under the new tax regime, his tax liability will be Rs 1,14,400 (including cess) plus a Rs 5,000 penalty. If there is any pending tax payment before filing the belated ITR, penal interest under Section 234A will also be applicable.

In the case of filing an updated return or ITR U, the tax payable is calculated as the tax due, together with interest and the late filing fee payable, for the delay in filing the return. This will also include the additional tax leviable on filing the updated return (25% or 50% of the tax amount).

The tax deadline typically falls on April 15 each year, but can be delayed if it falls on a weekend or holiday. Missing the tax deadline can have consequences like penalties and interest. April 15, 2024 - Deadline to File Form 4868 and request an extension.

For tax year 2024, the standard deduction for married couples filing jointly rises to $29,200, an increase of $1,500 from 2023. For single taxpayers, the standard deduction rose to $14,600, a $750 increase from the previous year.

The 2024 tax season begins on Monday, January 29, 2024, and the deadline to file is Monday, April 15, 2024.

This amount is supposed to be deposited on or before the 7th of the following month. However, for the TDS deducted in March, the amount can be deposited till 30th April. For the TDS deducted on the purchase or rent of property, the due date is 30 days from the end of the month in which the amount is deducted.

Is it OK to file taxes after the deadline? ›

Penalties and interest apply to taxes owed after April 18 and interest is charged on tax and penalties until the balance is paid in full. Filing and paying as much as possible is key because the late-filing penalty and late-payment penalty add up quickly.

Penalty for late filing of ITR

Under Section 234F of the Income Tax Act, 1961, a penalty of up to Rs 5,000 is levied for filing belated ITR. For small taxpayers, the penalty amount is restricted to Rs 1,000 if the taxable income does not exceed Rs 5 lakh.

Can I file electronically after April 15? Yes, electronically filed tax returns are accepted until November. The specific cutoff date in November is typically announced in October in the QuickAlerts Library.

The due date for tax filing for FY 2023-24 (AY 2024-25) is July 31, 2024, for individual taxpayers who do not require to audit their income. For the assessment year 2024-25, the due date for filing income tax returns (ITR) for companies requiring an audit is October 31, 2024.

Taxpayers who don't owe tax or are owed a refund

There's no penalty for filing after the April 15 deadline if a refund is due. However, taxpayers due a refund should still consider filing as soon as possible.

Yes, you can file all three years, but you'll have to get going on 2022. All back tax returns mut be filed. Refunds can only be claimed for up to three years back. 2020 will have to be filed by April 15th, 2024 to get a refund.

Personal income tax. The due date to file your California state tax return and pay any balance due is April 15, 2024. However, California grants an automatic extension until October 15, 2024 to file your return, although your payment is still due by April 15, 2024.

Your tax return covers the income year from 1 July to 30 June. If you need to complete a tax return you must lodge it or engage with a tax agent, by 31 October. When you lodge a tax return you include how much money you earn (income) and any expenses you can claim as a deduction.

Income tax updated return: March 31, 2024 is the last date to file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21). Do note that ITR-U may be used to fix errors like under-reporting or misreporting of income, or any other errors in the previously filed ITR.