Your Guide to ITR Filing and Income Tax Deadlines in July 2024

ITR Filing Last Date

The deadline for filing Income Tax Returns (ITRs) for individuals is typically July 31st each year. Its crucial to file your ITR before this date to avoid penalties.

Income Tax Deadlines July 2024

The deadline for second-quarter advance tax payment is July 15, 2024. Individuals and HUFs (not under tax audit) must file their ITRs by July 31, 2024.

Know All Key Due Dates

Apart from ITR filing, key due dates include advance tax payments and TDS filings. Missing these deadlines can lead to penalties and interest charges.

Advance Tax Payments

Quarterly advance tax payments are due on June 15th, September 15th, December 15th, and March 15th.These payments are crucial for taxpayers with tax liabilities exceeding Rs.10,000 in a financial year.

Tax Deducted at Source (TDS) Filings

Quarterly TDS returns must be filed by July 31st, October 31st, January 31st, and May 31st. Non-compliance with TDS filings can result in penalties and notices from the tax department.

GST Return Filing

For businesses registered under GST, monthly or quarterly returns must be filed as per specified due dates. Failure to file GST returns on time attracts penalties and affects compliance status.

Penalties and Consequences

Late filing of ITRs attracts penalties under Section 234F of the Income Tax Act. Delayed tax payments accrue interest under Section 234A, B, and C, increasing financial liabilities.

Consultation and Assistance

Seek guidance from tax advisors or use online resources like the Income Tax e-Filing Portal for accurate filing. Stay updated with tax law changes and announcements to ensure compliance and avoid last-minute rush.