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Filing Income Tax Returns (ITR) is an essential duty for every eligible taxpayer in India. To ensure timely submission of the ITR and other compliance, one must stay informed of the various tax-related deadlines in a fiscal year.
To help you, here’s a guide on key dates in the income tax calendar, helping you understand when to file ITR and avoid any last-minute rush.
Understanding the Difference Between FY and AY
First, let’s understand the distinction between two important terms: Financial Year (FY) and Assessment Year (AY).
The Financial Year refers to the year in which you earn your income. In India, the FY starts on April 1st and ends on March 31st of the following year. For example, the period from April 1, 2023, to March 31, 2024, is the FY 2023-24.
The Assessment Year is the year following the Financial Year, in which the authorities assess and tax the income earned in the previous year. For instance, the authorities will assess the income earned in FY 2023-24 in FY 2024-25. Knowing this distinction is vital to understanding when to file your ITR.
Last Date for Filing Tax Calendar
One of the most crucial dates for taxpayers is the last date for filing IT Returns.
- For individuals, the usual deadline is July 31 following the end of the Financial Year.
- For FY 2023-24, the ITR filing started on April 1, 2024, and the last date to file ITR is July 31, 2024.
- However, the government may extend this date. One must always stay updated through reliable sources, like the income tax department’s website and its official social media channels.
- For businesses and taxpayers requiring an audit, the deadline is October 31, 2024. For businesses requiring transfer pricing reports, the last date to file ITR extends to November 30, 2024.
One must mark these dates and keep all the documents handy to avoid last-minute hassles.
The Tax Calendar: Some Important Dates
Beyond the last date to file ITR, several other significant dates require attention:
1. June 15, 2023: Date for paying the first instalment of advance tax payment.
2. September 15, 2023: Date for the second instalment of advance tax payment.
3. December 15, 2023: Date for paying the third instalment of advance tax payment.
4. March 15, 2024: Last instalment of advance tax payment.
5. March 31: End of the Financial Year and the deadline for making any last-minute investments to save tax for the current FY.
6. April 1, 2024: This date marks beginning the new Financial Year and the start of a new tax cycle. This is the perfect time to organise your financial documents and plan for the year ahead.
7. December 31, 2024: Last date for filing a revised IT Return. Also, the last date to file a belated/late ITR.
8. March 31, 2027: Last date to file an updated return.
Staying aware of these dates ensures compliance and helps avoid penalties, which can make the entire process of IT return filing smoother.
Also Read: Importance of Tax Planning in Building Long-Term Wealth and Maximising Savings
Conclusion
Whether you are an individual taxpayer, a business owner, or a salaried employee, knowing the last date for filing IT Returns is imperative for a smooth tax filing experience. Remember, timely compliance not only saves you from penalties, it also keeps your financial health in check.
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Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
