An individual must file an ITR if their annual income exceeds the basic exemption limit set by the government, which is ₹2.5 lakh for individuals below 60 years. This threshold may vary for senior citizens and super senior citizens.
Registration Fee
₹999/-
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About Individual Tax Filing
Filing your Income Tax Return (ITR) is an essential part of managing your tax obligations, and it’s important to stay updated with the latest deadlines and requirements. This guide highlights the ITR filing due dates for different categories of taxpayers, helping you navigate the tax filing process with ease.
When is the Last Date to File ITR?
ITR filing last date for non audit tax payers is on July 31. However, if you miss filing within the due date, you can still file a belated return before December 31.
Income Tax Filing Due Dates
| Type of return | Due Date for Tax Filing *(unless extended) |
|---|---|
| Original return | 31st July |
| Revised return | 31st December |
| Belated/late return | 31st December |
| Updated return | 2 years from the end of the relevant Assessment Year |
Consequences of Missing the ITR Filing Deadline
- Interest :
- If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.
- Late fee :
- In case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.
- Loss Adjustment :
- In case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.
What is Advance Tax?
Advance tax is the income tax that is paid in advance instead of lump sum payment at the end of the financial year. It is the tax that you pay as you earn. These payments have to be made in installments as per due dates provided by the income tax department.
Additional Documents
- Salaried individuals :
- If your total tax liability is Rs 10,000 or more in a financial year, you have to pay advance tax. The advance tax applies to all taxpayers, salaried individuals, freelancers, and businesses.
- Senior citizens :
- People aged 60 years or more who do not run a business are exempt from paying advance tax. So, only senior citizens (60 years or more) having business income must pay advance tax.
Advance Tax Due Dates
| Due Date | Advance Tax Payment Percentage |
|---|---|
| On or before 15th June | 15% of advance tax |
| On or before 15th September | 45% of advance tax (-) advance tax already paid |
| On or before 15th December | 75% of advance tax (-) advance tax already paid |
| On or before 15th March | 100% of advance tax (-) advance tax already paid |
Which ITR to File?
ITR-1 OR SAHAJ
This Return Form is for a resident individual whose total income for the AY includes:
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Income from Salary/ Pension;
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Income from One House Property (excluding cases where loss is brought forward from previous years);
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Income from Other Sources (excluding Winning from Lottery and Income from Race Horses);
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Agricultural income up to Rs 5000.
Who cannot use ITR-1 Form?
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Total income exceeding Rs 50 lakh
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Agricultural income exceeding Rs 5000
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If you have taxable capital gains
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If you have income from business or profession
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Having income from more than one house property
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If you are a Director in a company
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If you have had investments in unlisted equity shares at any time during the financial year
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Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India
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If you are a resident not ordinarily resident (RNOR) and non-resident
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Having any foreign income
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If you are assessable with respect to the income of another person with respect to which tax is deducted from the hands of the other person
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If tax has been deducted under Section 194N
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If in case payment or deduction of tax has been deferred on ESOP
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If you have any brought forward loss or loss needs to be carried forward under any income head
ITR-2
ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY includes:
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Income from Salary/Pension
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Income from House Property
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Income from Other Sources (including Winnings from Lottery and Income from Race Horses)
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If you are an Individual Director in a company
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If you have had investments in unlisted equity shares at any time during the financial year
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Being a resident not ordinarily resident (RNOR) and non-resident
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Income from Capital Gains
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Having any foreign income
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Agricultural income more than Rs 5,000
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Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India
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If tax has been deducted under Section 194N
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If in case payment or deduction of tax has been deferred on ESOP
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If you have any brought forward loss or loss needs to be carried forward under any income head
Further, in a case where the income of another person like one’s spouse, child etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
The total income can be more than Rs 50 Lakhs.
Who cannot use ITR-2?
This Return Form should not be used by an individual whose total income for the AY includes Income from Business or Profession. For declaring these types of Income, you may have to use ITR-3 or ITR-4
ITR-3
The current ITR-3 Form is to be used by an individual or a Hindu Undivided Family who have income from a proprietary business or is carrying on a profession. The persons having income from the following sources are eligible to file ITR-3:
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Carrying on a business or profession not opting for presumptive income
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Carrying on a business or profession who is required to maintain the books of accounts and/or required to get them audited
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If you have had investments in unlisted equity shares at any time during the financial year
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The return may include income from House Property, Salary/Pension, and Income from Other Sources
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Income of a person as a partner in the firm
In short, individuals or HUFs who are not eligible to file ITR-1, ITR-2, and ITR 4, should file ITR-3
Frequently Asked Questions
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Who needs to file an income tax return (ITR)
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What is the last date for ITR filing
The deadline to file your Income Tax Return (ITR) for 2024 is July 31 every year. It is essential to complete your filing before this date to avoid any late fees or penalties
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What is the Income Tax Refund?
If excess tax has been paid or deducted (TDS), you are eligible for a refund. The refund can be claimed while filing your return and is typically credited to your bank account after the assessment is completed
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How do I link my Aadhaar with my PAN?
You can link your Aadhaar with PAN online on the Income Tax e-filing portal. It’s necessary for filing returns and for various tax-related procedures.
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Do I need to file an income tax return if I have no taxable income?
If your income is below the taxable limit (₹2.5 lakh), you are not required to file, but if TDS has been deducted or you wish to claim a refund, you must file an ITR.
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Can I file ITR without a PAN card?
No, a PAN card is mandatory for filing an income tax return in India
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What if I have made a mistake in my filed return?
If you notice a mistake in your filed return, you can file a Revised Return within 3 years from the end of the assessment year in which the return was filed.