At Fincorptax.com, we understand the importance of timely Income Tax Return (ITR) filing. Here’s a comprehensive guide to help you stay on top of your tax obligations for the Financial Year (FY) 2023-24 (Assessment Year – AY 2024-25).
Key Due Dates for FY 2023-24 (AY 2024-25)
- Last Date for ITR Filing:
- For Firms and HUFs: July 31, 2024
- For Businesses (Audit Cases): October 31, 2024
- For Businesses (Non-Audit Cases), AOPs, BOIs, and Individuals: July 31, 2024
- Advance Tax Installments:
- Installments due by June 15, September 15, December 15, and March 15.
- TDS Payments:
- Monthly TDS payments due by the last date of the month.
- Quarterly TDS payments due by July 7, October 7, January 7, and April 30.
- TDS Return Filing:
- Quarterly filing due by May 31, October 31, and January 31.
- TDS Certificate Issuance:
- Form 16 (TDS on salary): May 31, 2024 (Annual)
- Form 16A (TDS on income other than salary): Quarterly within 15 days from TDS return filing.
Consequences of Missing Deadlines
- Late Filing Penalty:
- Up to Rs. 5,000 for incomes exceeding Rs. 5 lakh.
- Rs. 1,000 for incomes below Rs. 5 lakh.
- Interest on Tax Owed:
- 1% per month on unpaid tax under Section 234A.
- Refund Delays: Refunds are processed only upon filing the return.
Filing Options and Assistance
If you miss the deadline, you can still file a belated return until December 31 of the relevant assessment year, though penalties may apply. However, avoiding these penalties and ensuring accurate filing is crucial. At Fincorptax.com, our team of experts is dedicated to maximizing your tax savings and facilitating accurate ITR filing. Don’t wait until the last minute; let us assist you in fulfilling your tax obligations efficiently and effectively.
For any queries or assistance regarding income tax filing, feel free to reach out to our team. Stay ahead of your tax responsibilities with Fincorptax.com!