1. Introduction:

Understanding Income Tax Return (ITR) due dates and penalties is crucial for every taxpayer. This article aims to provide comprehensive guidance on the due dates and penalties applicable for the fiscal year 2023-24 (Assessment Year 2024-25) in India.

2. What is Income Tax?

Income Tax is a direct tax imposed on individuals and entities based on their income. It is a vital component of a country’s financial framework, contributing to governance and economic stability.

3. Types of Income Tax

Income Tax comprises various categories, including Tax Deducted at Source (TDS), Advance Tax, and Self-Assessment Tax, Tax Collected at Source and Corporate Tax.
Here we are explaining TDS and Advance Tax for understanding

  1. Tax Deducted at Source (TDS)TDS is deducted by a third party, such as an employer, on behalf of the taxpayer at the time of income payment.
  2. Advance TaxAdvance Tax is paid periodically by taxpayers throughout the financial year based on estimated income.


4. Advance Taxes of Income Tax for FY 2023-24 (AY 2024-25)

Payment of Advance Tax: Self-employed and businessmen

Due Date Pay Advance Tax
On or Before 15th June 15%
On or Before 15th September 45%
On or Before 15th December 75%
On or Before 15th March 100%

Payment of Advance Tax: Companies

Due Date Pay Advance Tax
On or Before 15th June 15%
On or Before 15th September 45%
On or Before 15th December 75%
On or Before 15th March 100%

Note: The Assessee who are covered under 44AD and 44ADA (i.e. Presumptive Income) are also required to pay Advance Tax on or before 15th March of the previous year. However, any tax paid till 31st March will be treated as Advance Tax.

5. Self-Assessment Tax

What is an Assessment year and Financial Year?
The Financial Year is the current year when an individual or corporation earns income. The Assessment Year, on the other hand, is the following year when the previous year’s income is evaluated.

The Assessment Year involves:

  • Evaluating Income.
  • Paying Taxes on the evaluated income according to the rates and schedule set by the IT Department.
  • For FY 2023-24, the Assessment Year is 2024-25.
  • The deadline for filing Income Tax Returns for FY 2023-24 (AY 2024-25) for taxpayers whose accounts are not audited is July 31, 2024.
  • The deadline for taxpayers whose accounts are audited is October 31, 2024.
  • For all categories of assesses in UTs of J&K and Ladakh, the deadline for filing ITR for accounts not audited is July 31, 2024, and for audited accounts is October 31, 2024.