Stay Ahead of the Curve By Mastering the Latest ITR Filing Dates

Navigating the maze of income tax return (ITR) filing can be a daunting task, especially with ever-changing deadlines and requirements. However, with the right guidance and tools, you can make sure a seamless and hassle-free experience. TaxSpanner is here to help you stay updated on the latest ITR filing dates and extensions, guaranteeing you meet all your tax obligations without any stress.

The Importance of Timely ITR Filing

Filing your Income Tax Return (ITR) is not just a legal obligation; it's a crucial step in managing your financial responsibilities. Timely filing helps you avoid penalties, guarantees you receive any refunds due, and maintains your financial credibility. With the recent changes in the tax filing landscape, it's more important than ever to stay informed.

Latest ITR Filing Due Dates for FY 2024-25 (AY 2025-26)

In a significant move, Budget 2025 extended the deadline for filing updated income tax returns from 2 years to 4 years from the end of the relevant assessment year. This extension provides taxpayers with more flexibility and time to make sure their returns are accurate and complete.

Key Due Dates for Different Categories of Taxpayers

Consequences of Missing the ITR Filing Deadline

Missing the ITR filing deadline can lead to several financial and legal repercussions. Here’s what you need to know:

Interest Charges

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

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

If 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. However, if you miss filing your ITR before the deadline, you will not be allowed to carry forward these losses.

What if I Miss the ITR Filing Deadline?

Belated Return

If you miss the ITR filing due date, you can file a return after the due date, known as a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government).

Updated Return

If you miss the 31st of December deadline due to unavoidable reasons, you can still file an updated (ITR U) return subject to the conditions specified therein.

Understanding Financial Year (FY) and Assessment Year (AY)

The return you will file in the upcoming year is for the income you earned in FY 2024-25, i.e., for the income earned between 1st April 2024 and 31 March 2025. The assessment year is the review year for FY 2024-2025, where you file your returns and declare all the incomes, exemptions, deductions, losses, etc., already made or incurred during the year for tax assessment. For the income earned during the FY (here FY 2024-25), the assessment year would be the immediately next year, i.e., 1st April 2025 to 31st March 2026. Hence, the assessment year would be AY 2025-26.

Important Due Dates for Paying Advance Tax Instalments for FY 2025-26

Advance tax is a crucial aspect of your tax obligations. Here are the due dates for the payment of advance tax:

TDS Payment Due Dates for FY 2024-25

Tax Deducted at Source (TDS) is the tax deducted from the money paid at the time of making specified payments such as salary, rent, commission, professional fees, interest, etc. Here are the due dates for depositing TDS and filing TDS returns:

*For government deductors, making the TDS via book entry (Treasury Challan) should be deposited on the same day of deduction, whereas for March month by the 7th of April.

TCS Payment Due Dates for FY 2024-25

Tax Collected at Source (TCS) is the tax collected by the seller from the buyer on the sale of specified items and deposited by the seller to the Government. Here are the due dates for depositing TCS and filing TCS returns:

File Your ITR Hassle-Free with TaxSpanner

With the latest income tax return extended deadlines and updated filing requirements, it’s essential to have a reliable partner to guide you through the process. TaxSpanner offers comprehensive solutions to make sure you meet all your tax obligations on time. Whether you need assistance with the last date for ITR filing, income tax return filing dates, or tax audit due dates, TaxSpanner is here to help you stay ahead of the curve and file your ITR hassle-free.

In conclusion, managing your tax obligations efficiently is crucial for both compliance and financial health. With the latest extensions to the income tax return filing deadlines and the detailed due dates provided, taxpayers now have a clearer roadmap to navigate the complex tax filing process. Whether you are an individual, a business owner, or a professional, staying informed about the last date for ITR filing, the consequences of late filing, and the importance of timely advance tax payments is essential. TaxSpanner is committed to providing you with the tools and guidance needed to file your income tax return hassle-free, guaranteeing you meet all your tax obligations