When to file income tax return?
For individual taxpayers, the due date for income tax return filing is 31st July of the following financial year. If the individual is subject to tax audit as per the provisions of section 44AB of the income tax act, 1961, then the due date for income tax return filing is 31st October.
For the financial year 2023-24
Income tax return filing due date of the financial year 2023-24 (assessment year 2024-25) was 31st July 2024. In tax audit cases, the due of filing was 31st October 2024. If you have not filed your return, you can file by paying late fee on or before 31st December 2024.
For the financial year 2024-25
For the financial year 2024-25 (assessment year 2025-26), the due date of filing is 31st July 2025. If your books of account are to be audited due to your business income, then due date of filing is 31st October 2025. In case you missed due dates, then last date of filing is 31st December 2025 with late fee.
Why to file income tax return before the due date?
Taxpayers who do not file their income tax return on or before the due date of filing are subject to penalty and interest on the late payment of income tax.
The penalty for late filing income tax return is now as follows:
- Late Filing between 1st August and 31st December – 5,000 rupees.
- Late Filing After 31st December – 10,000 rupees
- Penalty if taxable income is less than 5,00,000 rupees – 1,000 rupees
As an individuals you must file your income tax returns for each financial year if your income exceeds 2,50,000 rupees per annum.
How can we help you in filing your income tax return?
BIGYAN MISHRA & CO is a Chartered Accountant firm based out of Bhubaneswar, Odisha. We at BIGYAN MISHRA & CO can help you in filing your personal tax return. We provides income tax efiling services with dedicated tax expert support.
You need to email your Form-16 and certain additional documents. We will file your income tax return and provide you the acknowledgement within 1 – 2 business days.
We suggest you contact us to have more clarity on the process. You can contact us via email at bigyanmishra[at]gmail[dot]com or call us @ +91-94371-64365 to find out how we can help your business.
When tax audit is a must?
In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.
In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.
If a person is enrolled under the presumptive taxation scheme under section 44AD? and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.
Frequently Asked Questions
Who an individual must file income tax return in India?
Every Individual must file an income tax return if gross total income for the financial year exceeds the basic exemption limit. If a taxpayer has opted for old tax regime, then the basic exemption limit is 2.5 Lakhs. In the case of new tax regime the basic exemption limit is 3 lakhs.
Basic exemption limit for a senior citizen who is aged 60 years or more but below the age of 80 years is 3 lakh rupees. If the senior citizen is 80 years or more then basic exemption limit is 5 lakh rupees.
Income tax return filing is also required irrespective of gross total income if following conditions are satisfied;
- Over 1 crore rupees deposited in one or more current accounts maintained with a bank or a co-operative bank.
- Foreign travelling expenses in aggregate is over 2 lakhs.
- Electricity bill payment is over 1 lakh.
- Business turnover for a year exceeds 60 lakhs INR.
- Professional receipts for a year exceeds 10 lakhs INR.
- TDS or TCS for a year exceeds 25,000 INR (50,000 INR for senior citizen).
- INR 50 Lakhs or more deposited in one or more saving accounts in a year.
What is the due date of filing income tax return for the financial year 2023-24?
For the financial year 2023-24, an Individual who is not subjected to tax audit is required to file his/her income tax return by 31st July 2024. If the individual misses the due date of filing income tax return, then it can be filed by 31st December of the relevant assessment year.
For instance, for the financial year 2023-24 (assessment year 2024-25), you may file your income tax return on or before 31st December 2024.
However, a belated return can only be filed by filing a late fee under section 234F of the income tax act, 1961. In addition to the late fee, you may be liable to pay penal interest depending on your income and tax due.
What if i missed the due date of filing my income tax return?
Missed the filing deadline? You can file your belated return on or before 31st December. For instance, if you have missed the deadline for the financial year 2022-23 (assessment year 2023-24), then you can file your income tax return on or before 31st December 2023.
What is e-filing of income tax return (ITR)?
In India, individuals, except senior citizens, require to mandatorily file their tax return through the online mode, i.e. e-filing of the income tax return.
An income tax return (ITR) is a form prescribed by the government that a person is required to submit online to the Income Tax Department. These ITRs contains information related to individual’s income and taxes paid, starting from 1st April to 31st March of the financial year. This means if you are filing your income tax return for the financial year 2023-24 (assessment year 2024-25), then your ITR will have income and taxed paid starting from 1st April 2023 to 31st March 2024.
As on today, we have 7 ITR forms prescribed by the Income Tax Department according to the amount of income, income source and the category to which the taxpayer belongs.
We can help you in filing your income tax reurn in a smooth and simple manner.
My employer deducts tax from my salary (TDS). Do I still have to file my income tax return?
Yes, deducting tax from your salary (TDS) and filing a income tax return are two separate legal compliances.
Income tax is paid on your taxable income. Therefore, you need to file your tax return by declaring your taxable income and taxes that you have paid for the financial year.
Where to file Income tax return in India?
Income tax return can be filed online via the e-filing portal developed by the government. First you need to register as a taxpayer to create your login ID and password. After registration, taxpayers require to select the ITR form as applicable to them, fill it up and submit online to complete the process of filing.