Last Date to File Income Tax Return 2024: What You Need to Know (Updated)
The date is approaching quickly, so you better find for the receipt for the revenue on the ITR. The last date for filing your Income Tax Return (ITR) for the financial year 2023-24 (Assessment Year 2024-25) is fast approaching. If you haven’t filed yet, it’s critical to figure updated news likes the new dates-taxation period and tax relief out quickly so that you don’t become liable for late fees.
Key Dates:
July 31, 2024: The last date for filing ITR for most individuals and businesses is not subject to audit whose accounts are not subject to audit.
October 31, 2024: The one day extension is given to the individuals and businesses whose accounts require auditing.
Latest News and Updates:
Extension of Time:
The indemnified assessment will be conducted before the effective assessment date. In the following days or weeks, taxpayers are required to carry out e-verifications if their returns filed for the year 2023-24 period have been picked-up for processing.
Give the Respective Legal Notice to Concerned Person:
The latest development on this case is the service of the notice to the taxpayer, enclosing the Order of Dismissal of its Appeal,
TDS Certificates can also be used to get the correct refunds: In addition, the company can also file revised returns for 2019-20 and 2020-21 together with other information required and related documents.
Consequences of Missing the Deadline:
Late Filing Fees: If praying you will deposit the amount required to cover the fee, you will be the only one who will be charged with a penalty.
Loss of Tax Benefits: A number of tax exemptions and deductions can’t be availed by the default of the free yet the most necessary things when to file your ITR.
Interest on Tax Payable: If you owe any tax money, you are liable to a charge of interest on the amount from the due date until the date of payment.
Who Can File After July 31?
The subsequent group of taxpayers who can still file their ITR after July 31, 2024 are as follows:
Individuals and businesses whose financial statements were subject to an audit (extended deadline of October 31, 2024).
Taxpayers who came to be eligible to file a belated return can do so (until December 31, 2024).
Tips for Last-Minute Filing:
Get all of your records together: The most important documents will be collected together, such as Form 16, TDS certificates, and proof of investments, etc.
Select the correct ITR form: ITR forms should be chosen according to the proper category and income sources.
Check pre-filled data: Make sure that the data filled in the ITR form is correct and that any errors are rectified.
Process of E-verification: You should E-verify your return through one of the following such as Aadhaar OTP or net-banking which is available.
Income Tax Slabs in India for 2024-25 (Assessment Year 2025-26)
The calculation of income tax in India during the fiscal year 2024-25 suffered changes that were introduced by the new tax regime. The new tax regime was launched to streamline the tax structure and ease the taxpaying process thereby assisting taxpayers. Below are the latest slabs of income tax:
New Tax Regime:
| Income Slab (in ₹) | Tax Rate |
| 0 – 3,00,000 | 0% |
| 3,00,001 – 6,00,000 | 5% |
| 6,00,001 – 9,00,000 | 10% |
| 9,00,001 – 12,00,000 | 15% |
| 12,00,001 – 15,00,000 | 20% |
| Above 15,00,000 | 30% |
Key Changes and Benefits:
Increased Tax Exemption Limit: The minimum limit related to income tax under the new tax regime has been raised to ₹3 lakhs, thus granting low-earners with some tax-free money.
New Tax Slabs: The tax slabs have been modified to allocate benefits to salary professionals who could harness up to ₹17,500 as a tax savings this year.
Deduction: The new tax regime enabled the standard deduction to be pegged at ₹75,000 for salaried individuals and pensioners.
It is essential to realize that the old tax regime continues to be in existence with its various deductions and exemptions along with the new tax regime. The contributors will have to decide which one of the two they want to participate in due to the financial decision of each.
Conclusion:
Do not procrastinate anything with the filing of your ITR up to the last minute. The deadline is very near, therefore, the best decision would be to start this process immediately. Do not hesitate to check the information from a tax professional in case you are still unsure. Just remember, the time you file an ITR is due to the fact that for the timely filing of ITR you will be taxed less, besides the fact that then you will be able to use various tax benefits and avoiding penalties.