Due Date of Filing of ITR 2024-25

Introduction

Whether you’re a salaried employee, business owner, freelancer, or part of a Limited Liability Partnership (LLP), understanding the due date of filing of ITR 2024-25 can help you avoid penalties and stay compliant with tax laws. This article will help you know more about due date of filing of ITR 2024-25.

What is ITR and Why Filing It On Time Matters?

ITR (Income Tax Return) is a form where taxpayers report their income, deductions, and tax paid to the government. Filing ITR on time helps in:

• • • Avoiding penalties.
    • Availing loans, credit cards, and visa approvals.
    • Claiming tax refunds.
    • Ensuring business credibility for corporate entities.

The ITR process is handled online through the official Income Tax e-filing portal.

Why Was the ITR Due Date Extended?

• • • The notified ITR forms for AY 2025-26 had structural and content changes for better transparency and simplified compliance.
    • The system required more time for development, integration, and utility testing.
    • TDS credits (from statements due on 31st May 2025) will reflect only by early June, which would limit timely return filing without extension.

ITR Filing Due Dates for AY 2024-25 (FY 2023-24)

Note: If you miss the due date, you can still file a belated return till 31st December 2024, with late fees.

Consequences of Missing ITR Filing Deadline

Filing your ITR after the due date can lead to various issues:

1. Late Filing Fee Under Section 234F

2. Interest Penalty

1% interest per month on tax due (Section 234A).

3. Loss of Carry Forward Benefits

Business or capital losses can’t be carried forward if ITR is not filed on time.

What is the process to File ITR for AY 2024-25?

You need to follow these steps for filing an Income Tax Return:

Step 1: Collect Required Documents

• • • PAN and Aadhaar
    • Bank Statements
    • Form 16 (for salaried)
    • TDS certificates
    • Investment proofs (80C, 80D, etc.)
    • Balance Sheet and P&L (for businesses or professionals)

Step 2: Login to Income Tax Portal

Register or log in with your PAN.

Step 3: Choose the Correct ITR Form

• • • Salaried: ITR-1
    • Business: ITR-3 or ITR-5
    • Company: ITR-6

Step 4: Fill in Income Details & Verify

Enter income from salary, business, house property, etc. Include deductions and TDS.

Step 5: Submit and E-verify

Submit return and verify via Aadhaar OTP or bank account.

An Illustrative Example:

Ajit, a salaried employee earning ₹12 lakhs, files his ITR after 31st July 2024. Since he missed the deadline, he pays a ₹5,000 late fee under Section 234F and interest on tax due.

Who Should File ITR?

You must file Income Tax Returns if:

• • • Your total income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60).
    • You have foreign assets or income.
    • You want to claim a refund.
    • You’re applying for a loan or visa.
    • You’re running a company, LLP, or partnership firm (mandatory, even with nil income).

Which Form to Use for ITR 2024-25?

Conclusion

The Government of India has set different due dates based on taxpayer categories. For most individuals, it is 31st July 2024. Missing these deadlines can lead to interest, penalties, and delayed refund processes.

Suggested Read 

ITR Compliance Calendar 2025-2026

7 ITR Disclosures for 2025-2026

How to File ITR Form 5?

Income Tax Verification (ITR-V)

ITR 4 Form Filing

FAQs