DUE DATES OF ITR
| Category of Taxpayer | Due Date for ITR Filing – FY 2023-24 *(unless extended) |
| Individual / HUF/ AOP/ BOI (books of accounts not need to be audited) | July 31st, 2024 |
| Businesses (Needing Audit) | October 31st, 2024 |
| Businesses needing transfer pricing reports (in case of international/specified domestic transactions) | November 30th, 2024 |
| Revised ITR | December 31, 2024 |
| Belated/late ITR | December 31, 2024 |
Consequences on missing ITR filling deadline
- INETREST(234A) – you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount.
- LATE FEE(234F) – Imposition of a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.
- Best Judgement Assessment (144) – In case you fail to file your return of income, the department can presume your income and proceed with the computation of your tax liability in the manner as deemed fit by the department.
- Loss Adjustment – If you have incurred losses from sources like stock market, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.