Last date to file ITR for FY 2023-24 and Penalty under rule

The deadline for filing income tax returns for FY23-24 (Assessment Year 2024-25) is July 31, 2024, which is the end of this month. If you miss this deadline, filing a delayed return by December 31, 2024, is allowed but will incur penalties ranging from ₹1,000 to ₹10,000 depending on the duration of delay.

Additionally, delayed filings may lead to the loss of certain deductions and increase scrutiny from the Income Tax Department. It's mandatory to file income tax returns if your income exceeds the basic exemption limit and if you're a resident of India with assets or investments abroad, among other specified conditions. Understanding these rules and important dates is crucial for filing your income tax returns correctly.

The Income Tax Department released online and offline ITR forms for the financial year 2023-24 in April. Here's how to choose the correct form based on the criteria:

1. **ITR-1 Form**: For individuals with income from salary, one house property, and other sources.

2. **ITR-2 Form**: For individuals and HUFs without business income.

3. **ITR-3 Form**: For individuals and HUFs with income from business or profession.

4. **ITR-4 Form**: For presumptive income from business or profession.

Before filing your ITR, ensure you have the following documents ready as applicable: Form 16 (from current and former employers if applicable), PAN Card, Aadhaar Card (PAN-Aadhaar must be linked), investment proofs (such as bank deposits, PPF deposits, etc.), home loan interest certificate, and insurance premium payment receipts.