{"id":26707,"date":"2024-05-26T13:17:17","date_gmt":"2024-05-26T07:47:17","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=26707"},"modified":"2024-06-08T16:15:27","modified_gmt":"2024-06-08T10:45:27","slug":"itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/","title":{"rendered":"ITR Filing, Audit Report Deadline for FY 2023-24(AY 2024-25)"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d0174e7b3ba\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d0174e7b3ba\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Income_Tax_Return_Filing_Audit_Report_Deadlines_for_FY_2023-24_AY_2024-25\" title=\"Income Tax Return Filing &amp; Audit Report Deadlines for FY 2023-24 (AY 2024-25)\">Income Tax Return Filing &amp; Audit Report Deadlines for FY 2023-24 (AY 2024-25)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Firms_and_Hindu_Undivided_Family\" title=\"Firms and Hindu Undivided Family :\">Firms and Hindu Undivided Family :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Businesses\" title=\" Businesses\"> Businesses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Association_of_Persons_and_Body_of_Individuals\" title=\" Association of Persons and Body of Individuals \"> Association of Persons and Body of Individuals <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Individuals\" title=\" Individuals\"> Individuals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Trusts_Colleges_Political_Parties\" title=\" Trusts, Colleges, Political Parties\"> Trusts, Colleges, Political Parties<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Report_to_be_Filed_Under_Section_92E_InternationalSpecified_Domestic_Transactions\" title=\" Report to be Filed Under Section 92E (International\/Specified Domestic Transactions)\"> Report to be Filed Under Section 92E (International\/Specified Domestic Transactions)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Transfer_Pricing_Case\" title=\" Transfer Pricing Case\"> Transfer Pricing Case<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Revised_Return\" title=\" Revised Return\"> Revised Return<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#BelatedLate_Return\" title=\" Belated\/Late Return\"> Belated\/Late Return<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Opting_to_discard_the_Income_tax_Return_Discard_Income_tax_ReturnITR\" title=\"Opting to discard the Income tax Return: Discard Income tax Return(ITR)\">Opting to discard the Income tax Return: Discard Income tax Return(ITR)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#What_are_the_Consequences_of_Missing_the_Deadline_for_filing_ITR_in_India\" title=\"What are the Consequences of Missing the Deadline for filing ITR in India?\u00a0\">What are the Consequences of Missing the Deadline for filing ITR in India?\u00a0<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Consequences_of_Missing_the_Deadline\" title=\"Consequences of Missing the Deadline\">Consequences of Missing the Deadline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Other_Consequences_for_Not_Filing_at_All\" title=\"Other Consequences for Not Filing at All\">Other Consequences for Not Filing at All<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/itr-filing-audit-report-deadline-for-fy-2023-24ay-2024-25\/#Kind_attention_taxpayers_related_to_AIS\" title=\"Kind attention taxpayers related to AIS\">Kind attention taxpayers related to AIS<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26714\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/due-date-1.jpg\" alt=\"ITR due date \" width=\"1080\" height=\"858\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/due-date-1.jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/due-date-1-300x238.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/due-date-1-1024x814.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/due-date-1-768x610.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/due-date-1-800x636.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Income_Tax_Return_Filing_Audit_Report_Deadlines_for_FY_2023-24_AY_2024-25\"><\/span><span style=\"color: #000080;\"><strong><a href=\"http:\/\/Income tax Return (ITR) filing for FY2023-24\">Income Tax Return Filing<\/a> &amp; Audit Report Deadlines for FY 2023-24 (AY 2024-25)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In order to ensure compliance with income tax law and avoid penalties, certain deadlines are essential. To properly fulfil these deadlines, Income tax taxpayers should prepare their financial accounts and Tax return well in advance. Here&#8217;s a summary of the Income Tax Return (ITR) filing due dates and audit report filing deadlines for various categories of taxpayers for the Financial Year (FY) 2023-24 (Assessment Year (AY) 2024-25):<\/p>\n<ol>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Firms_and_Hindu_Undivided_Family\"><\/span><span style=\"color: #000080;\"><strong>Firms and Hindu Undivided Family :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Return Filing Due Date: 31st July 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26715\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/2.jpg\" alt=\"ITR due date 2\" width=\"1080\" height=\"834\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/2.jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/2-300x232.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/2-1024x791.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/2-768x593.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/2-800x618.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<ol start=\"2\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Businesses\"><\/span><span style=\"color: #000080;\"><strong> Businesses<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Audit Cases (including Private Limited Companies, One Person Company, Limited Liability Partnership (LLP), and firms):<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Return Filing Due Date: 31st October 2024<\/li>\n<li>Audit Report Filing Due Date: 30th September 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Non-Audit Cases (including Private Limited Companies, One Person Company, Limited Liability Partnership and firms):<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Return Filing Due Date: 31st July 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"3\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Association_of_Persons_and_Body_of_Individuals\"><\/span><span style=\"color: #000080;\"><strong> Association of Persons and Body of Individuals <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Return Filing Due Date: 31st July 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"4\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Individuals\"><\/span><span style=\"color: #000080;\"><strong> Individuals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Return Filing Due Date: 31st July 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"5\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Trusts_Colleges_Political_Parties\"><\/span><span style=\"color: #000080;\"><strong> Trusts, Colleges, Political Parties<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Audit Cases:<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Return Filing Due Date: 31st October 2024<\/li>\n<li>Audit Report Filing Due Date: 30th September 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26717\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/4.jpg\" alt=\"ITR due date 3\" width=\"1080\" height=\"830\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/4.jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/4-300x231.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/4-1024x787.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/4-768x590.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/4-800x615.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Non-Audit Cases:<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Return Filing Due Date: 31st July 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"6\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Report_to_be_Filed_Under_Section_92E_InternationalSpecified_Domestic_Transactions\"><\/span><span style=\"color: #000080;\"><strong> Report to be Filed Under Section 92E (International\/Specified Domestic Transactions)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Return Filing Due Date: 31st October 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"7\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Transfer_Pricing_Case\"><\/span><span style=\"color: #000080;\"><strong> Transfer Pricing Case<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Return Filing Due Date: 30th November 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26718\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/5.jpg\" alt=\"ITR due date 4\" width=\"1080\" height=\"644\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/5.jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/5-300x179.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/5-1024x611.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/5-768x458.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/5-800x477.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<ol start=\"8\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Revised_Return\"><\/span><span style=\"color: #000080;\"><strong> Revised Return<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Due Date: 31st December 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"9\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"BelatedLate_Return\"><\/span><span style=\"color: #000080;\"><strong> Belated\/Late Return<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Due Date: 31st December 2024<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"10\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Opting_to_discard_the_Income_tax_Return_Discard_Income_tax_ReturnITR\"><\/span><span style=\"color: #000080;\"><strong>Opting to discard the Income tax Return: Discard <a href=\"http:\/\/Income tax Return (ITR) filing for FY2023-24\">Income tax Return(ITR)<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Tax Department&#8217;s introduction of &#8220;Discard Income Tax Returns&#8221; option for unverified Original\/Belated\/Revised ITRs from AY 2023-24 is a significant development. By enabling the &#8220;Discard ITR&#8221; option, the Tax Dept aims to enhance user experience &amp; streamline the process of ITR filing for taxpayers.<\/p>\n<p style=\"padding-left: 40px;\">The &#8220;Discard Income Tax Returns&#8221; option allows taxpayers to retract unverified ITRs, treating them as if they were never filed. This feature provides flexibility for correcting errors or making changes to returns that have not yet been finalized. This update about the Income Tax Portal introducing a &#8220;Discard Income Tax Returns&#8221; option for unverified original\/belated\/revised Income Tax Returns (ITRs) starting from Assessment Year 2023-24 is crucial for taxpayers to be aware of.<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Opting to discard the Income Tax Returns is akin to not filing the return at all. It allows taxpayers to retract their submitted returns that have not yet been verified.<\/li>\n<li>Submission of New Income Tax Returns: After discarding the Income Tax Returns, taxpayers can submit a fresh return. However, it&#8217;s important to note that if the new return is filed after the due date, late fees and other associated consequences may apply.<\/li>\n<li>Once the discard option is exercised, it cannot be reversed. Therefore, taxpayers should use this feature cautiously and only if necessary.<\/li>\n<li>The discard feature is available until the ITR filing deadline, which is typically until December 31 following the end of the financial year. Timely action is advised to avoid any last-minute issues.<\/li>\n<li>This update provides taxpayers with added flexibility and an opportunity to rectify any errors or omissions in their returns before the filing deadline, albeit with some limitations and considerations. Taxpayers should familiarize themselves with this new feature and use it judiciously as part of their tax compliance strategy.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_Consequences_of_Missing_the_Deadline_for_filing_ITR_in_India\"><\/span><span style=\"color: #000080;\"><strong>What are the Consequences of Missing the Deadline <\/strong><\/span><span style=\"color: #000080;\"><strong>for filing ITR in India?\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Missing the deadline for filing your Income Tax Return (ITR) in India can have various consequences, but it&#8217;s not an irreversible situation. Here\u2019s a detailed overview of what happens if you miss the deadline, including potential penalties and subsequent steps you can take:<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Consequences_of_Missing_the_Deadline\"><\/span><span style=\"color: #000080;\"><strong>Consequences of Missing the Deadline<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Late Filing Penalty:<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Income exceeding Rs. 5 lakh:<\/strong> You may incur a penalty of up to Rs. 5,000.<\/li>\n<li><strong>Income below Rs. 5 lakh:<\/strong> The penalty is reduced to Rs. 1,000.<\/li>\n<li><strong>Income below the taxable limit:<\/strong> No penalty is levied if your income is below the taxable limit.<\/li>\n<li><strong>Interest on Tax Owed:<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">If you owe any tax, you will need to pay interest under Section 234A of the Income Tax Act. The interest is calculated at 1% per month or part of a month on the unpaid tax amount, starting from the due date until the date you file the return.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Delay in Refunds:<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>If you are due for a tax refund, it will be delayed until you file your return. Filing late can result in a longer wait time for receiving your refund.<\/li>\n<li>Filing a Belated Return<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Deadline for Belated Return:<\/strong><\/span> You can file a belated return by December 31st of the relevant assessment year. For instance, for the financial year 2023-24, the deadline to file a belated return is December 31st, 2024.<\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Penalties Still Apply:<\/strong> <\/span>Even if you file a belated return, you will still be subject to the late filing penalties mentioned above.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Other_Consequences_for_Not_Filing_at_All\"><\/span><span style=\"color: #000080;\"><strong>Other Consequences for Not Filing at All<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Prosecution: The income tax department has the authority to initiate prosecution proceedings against you for not filing your ITR. This can lead to imprisonment for a term ranging from three months to seven years, along with a fine.<\/li>\n<li>Many banks and financial institutions require ITR filings for processing loan applications. Not having filed your ITR can complicate or delay loan approvals.<\/li>\n<li>Failure to file your ITR can prevent you from claiming certain tax benefits and exemptions, such as carrying forward and setting off losses against future income.<\/li>\n<li>If you have missed the deadline, file your ITR as soon as you can to minimize penalties and interest.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Kind_attention_taxpayers_related_to_AIS\"><\/span><span style=\"color: #000080;\"><strong>Kind attention taxpayers related to AIS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26685\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/03\/Attention-Taxpayers-on-Tr-Feedback-on-AIS-.jpg\" alt=\"Kind attention taxpayers related to AIS\" width=\"1280\" height=\"669\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/03\/Attention-Taxpayers-on-Tr-Feedback-on-AIS-.jpg 1280w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/03\/Attention-Taxpayers-on-Tr-Feedback-on-AIS--300x157.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/03\/Attention-Taxpayers-on-Tr-Feedback-on-AIS--1024x535.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/03\/Attention-Taxpayers-on-Tr-Feedback-on-AIS--768x401.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/03\/Attention-Taxpayers-on-Tr-Feedback-on-AIS--800x418.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26678\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/List-of-Information-covered-under-AIS-Annual-Information-Statement.jpg\" alt=\"List of Information covered under AIS (Annual Information Statement)\" width=\"829\" height=\"1581\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/List-of-Information-covered-under-AIS-Annual-Information-Statement.jpg 671w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/List-of-Information-covered-under-AIS-Annual-Information-Statement-157x300.jpg 157w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/05\/List-of-Information-covered-under-AIS-Annual-Information-Statement-537x1024.jpg 537w\" sizes=\"(max-width: 829px) 100vw, 829px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Income Tax Return Filing &amp; Audit Report Deadlines for FY 2023-24 (AY 2024-25) In order to ensure compliance with income tax law and avoid penalties, certain deadlines are essential. To properly fulfil these deadlines, Income tax taxpayers should prepare their financial accounts and Tax return well in advance. Here&#8217;s a summary of the Income Tax &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10055],"tags":[10145],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26707"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=26707"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26707\/revisions"}],"predecessor-version":[{"id":26830,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26707\/revisions\/26830"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=26707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=26707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=26707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}