ITR Filing Last Date FY 2023-25 – Eligibility, How to File and Penalty for Late Filing!

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ITR Filing Last Date FY 2023-25: The last date to file your Income Tax Return for the financial year 2023-24 is 31st July 2024 without any late fees. If you miss this deadline, you can still file a late return by 31st December 2024, but you will have to pay a penalty of Rs. 5,000.

ITR Filing Last Date FY 2023-25

The Income Tax Return (ITR) filing last date for FY 2023-25 is 31st July 2024. It is important to file your ITR on time to comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions.

Filing your ITR before the deadline can help get your loans approved quickly. An ITR provides a detailed overview of your income, investments, and tax obligations. Financial institutions review your ITR to assess your loan eligibility.

For the income earned during FY 2023-25, the assessment year will be the following year, ending on 31st March 2025. Therefore, the assessment year will be FY 2024-25. Taxpayers will have sufficient time to submit their returns based on their category.

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ITR Filing Last Date FY 2023-25

Who is eligible for ITR Filing FY 2023-25?

There are specific eligibility criteria for filing an ITR for FY 2023-25:

  1. Under the new regime, individuals must file returns if their gross income exceeds Rs. 3 lakh within a financial year.
  2. Individuals below 60 years must file an ITR if their income exceeds Rs. 2.5 lakh.
  3. Individuals above 60 years must file an ITR if their income is more than Rs. 3 lakh.
  4. Senior citizens must be more than 75 years old.
  5. Senior citizens should have been residents in the previous years.
  6. The interest income earned must be from the same bank where the pension income is received.

How to file ITR FY 2023-25?

You can file your ITR for FY 2023-25 through the e-filing portal using the ITR-1 form and Cleartax. Follow these steps to file your Income Tax Return:

  1. Visit the Income Tax e-filing portal.
  2. Register or log in to your account.
  3. Select e-file and then Income Tax Returns.
  4. Choose the option to File Income Tax Return.
  5. Select the FY 2024-25 and the mode of filing as Online.
  6. Click on Start New Filing.
  7. Select the applicable status.
  8. Choose ITR-1 as the form type.
  9. Click on Let’s Get Started.
  10. Select the appropriate reason and then continue.
  11. Fill in your personal information in the five sections:
    • Enter your full name.
    • Provide your PAN and Aadhar number.
    • Enter your contact information.
    • Fill in your bank account details.
  12. The Tax paid section will show your tax payments from all sources, including TDS, TCS, Advance Tax, and Self Assessment Tax.
  13. Calculate the tax payable on your total income. If the result is negative, you can claim a refund. If it is positive, you need to pay the tax.
  14. Double-check to ensure the summary of tax computations is correct.
  15. Fix any errors and complete the validation.
  16. E-verify your Income Tax Return.
  17. You can also log in to Cleartax to track the status of your ITR. If you are eligible for a tax refund, you can check the status of your refund there.

These steps ensure your ITR filing process is smooth and accurate.

ITR Filing Due Dates for FY 2023-25

Here are the due dates and categories of taxpayers for ITR filing for FY 2023-25:

Category of TaxpayerDue Date for ITR FY 2023-25
Individuals/HUF/AOP/BOI31st July 2024
Businesses31st October 2024
Businesses requiring transfer pricing reports30th November 2024
Revised Return and Late return31st December 2024

What if you miss the ITR Filing Deadline FY 2023-25?

If you file your return after the deadline, you will incur interest at a rate of 1% per month or part of the month on the outstanding tax amount. Late filing attracts a penalty under Section 234F, amounting to Rs. 5,000, which is reduced to Rs. 1,000 if your total income is Rs. 5 lakh.

If you miss the deadline for filing your ITR, you lose the chance to carry forward losses from the stock market, mutual funds, properties, or business activities. You can still submit a return after the due date, known as a belated return, but you will be subject to late fees and interest charges. Additionally, you will lose the ability to carry forward any losses for future adjustments.

FAQs on ITR Filing for FY 2023-25

  1. What is the last date to file the Income Tax Return (ITR) for FY 2023-24?
  • The last date to file your ITR for FY 2023-24 without any late fees is 31st July 2024.
  1. What happens if I miss the ITR filing deadline?
  • If you miss the deadline, you can still file a late return by 31st December 2024, but you will have to pay a penalty of Rs. 5,000. Additionally, you will incur interest at a rate of 1% per month on the outstanding tax amount and lose the ability to carry forward any losses.
  1. Who is eligible to file an ITR for FY 2023-25?
  • Under the new regime:
    • Individuals with a gross income exceeding Rs. 3 lakh within a financial year.
    • Individuals below 60 years with an income exceeding Rs. 2.5 lakh.
    • Individuals above 60 years with an income exceeding Rs. 3 lakh.
    • Senior citizens over 75 years old, who are residents and earn interest income from the same bank where they receive their pension.
  1. How can I file my ITR for FY 2023-25?
  • You can file your ITR through the e-filing portal or using Cleartax. Follow these steps:
    1. Visit the Income Tax e-filing portal and log in.
    2. Select e-file and choose to file Income Tax Return.
    3. Choose FY 2024-25 and the online mode of filing.
    4. Select ITR-1 as the form type and fill in your personal and financial details.
    5. Calculate the tax payable, verify, and e-verify your return.
  1. What are the ITR filing due dates for different categories of taxpayers for FY 2023-25?
  • Individuals/HUF/AOP/BOI: 31st July 2024
  • Businesses: 31st October 2024
  • Businesses requiring transfer pricing reports: 30th November 2024
  • Revised and late returns: 31st December 2024
  1. What are the benefits of filing ITR on time?
  • Filing ITR on time helps you comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions such as loan approvals.
  1. What is the assessment year for income earned during FY 2023-25?
  • The assessment year for income earned during FY 2023-25 is FY 2024-25, ending on 31st March 2025.

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