Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has started from 1st April 2024 and the last date to file ITR for FY 2023-24 is discussed below.

Income Tax Return Filing Last Date for FY 2023-24 (AY 2024-25)

The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) will start in April 1, 2024. The last date to file Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) is July 31 2024 without any late fee. If you have missed filing your return before July 31, you can file a late return for the same financial year before December 31, 2024.

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

The below-mentioned table lists down the ITR last dates 2024-

Benefits of filing income tax return on time:

Certainly! Filing your Income Tax Return (ITR) on time offers several advantages, even if your income is below the basic exemption limit. Here are the top benefits:

1. Easy Loan Approval: ITR Filing on time can make obtaining a loan from a bank or other financial institution easier. Banks require ITR documents as proof of income and tax paid for loan approval. If the ITR is not filed or filed late, it can negatively impact the loan approval process.
   
2. Claim Tax Refund: If tax has been deducted (TDS) from your income, even if your total taxable income is below the basic exemption limit, filing an ITR allows you to claim a refund of the TDS.
   
3. Income & Address Proof: Your ITR serves as proof of both your income and address.
   
4. Quick Visa Processing: Embassies and consultants often require copies of your tax returns from the past couple of years when applying for a visa. These documents are mandatory for visa processing.
   
5. Carry Forward Losses: By filing your return within the original due date, you can carry forward losses to subsequent years. These losses can offset future income, reducing your tax liability.
   
6. Avoid Penalty: Filing Income Tax Returns on time helps taxpayers avoid late fees and penalties. If the ITR is not filed on time, a penalty of Rs. 5000 can be levied. This penalty can increase further if the delay persists.
   
7. For Buying Term Insurance: Insurance providers often require applicants to submit their ITR records as proof of annual income when approving term insurance plans.
   
8. Claim Refund of Excess Tax Payments: Even if your income is below the taxable threshold, taxes may be deducted from sources like salary or fixed deposits.
   
9. Better Financial Planning and Investment : Filing Income Tax Returns on time helps taxpayers plan their finances better. The ITR document contains details about income, tax paid, and deductions claimed. This information can be used to make informed investment decisions and financial planning.