All you need to know about Income Tax return Benefits Due Dates
What are the benefits and due dates of filing ITR in 2024?
Filing of income tax returns is a very important aspect of financial responsibility that every individual and business must follow. It is a process through which taxpayers report their income earned during a financial year, account for their duty liability and fulfill their obligations towards the government. Understanding the income tax return, including its due date for the year 2024 and its various benefits, is essential for every taxpayer to ensure compliance with tax laws and avail its benefits effectively.
What is Income Tax Return?
Income tax return is a type of comprehensive document filed by taxpayers with the tax authorities to declare their income earned during a specific period, usually a financial year. This includes details like their salary, wages, interest income, rental income, capital gains and any other sources of income. Additionally, taxpayers should report deductions, exemptions and tax credits for which they are eligible, which can help reduce their overall tax liability.
Income tax returns are an accurate and clear way by which individuals and businesses can accurately disclose their financial affairs to the government. It allows tax authorities to assess a taxpayer's income, verify tax payments made, and ensure compliance with applicable tax laws and regulations.
Types of Income Tax Return forms:-
ITR forms, or income tax return forms, are documents used for filing annual income tax returns in India. There are several types, including:
- ITR-1: For individuals with income from salary, pension or other sources.
- ITR-2: For individuals and HUFs without income from business or profession.
- ITR-3: For individuals and HUFs having income from business or profession.
- ITR-4: For individuals, HUFs and firms with presumptive income from business or profession.
- ITR-5: For firms, LLP, AOP, BOI and other entities.
- ITR-6: For companies other than companies claiming exemption under section 11.
- ITR-7: For entities like trusts, political parties and educational institutions.
Income Tax Return Due Date for all categories for financial year 2023-24 (Assessment year 2024-25).
Categories |
Due Date |
Individuals / HUF/ AOP/ BOI
(books of accounts not required to be audited) |
July 31, 2024 |
Businesses (Requiring Audit) |
October 31, 2024 |
Businesses requiring transfer
pricing reports (in case of international/specified domestic transactions) |
November 30, 2024 |
Revised return |
December 31, 2024 |
Belated/late return |
December 31, 2024 |
Updated return |
March 31, 2027 (2 years from the end of the
relevant Assessment Year) |
Benefits of filing income tax returns:
Filing income tax returns offers many benefits to taxpayers, which go beyond mere compliance with tax laws. Here are some of the key benefits:1. Compliance with Tax Laws:
2. Protection from punishment and legal consequences:
3. Claiming Tax Refund:
4. Financial Documentation and Record-Maintenance:
5. Building Financial Credibility:
Conclusion: