Income Tax Return Deadlines for FY 2024–25: Avoid Late Fees

Filing Income Tax Returns (ITRs) on time is not just a legal obligation for Indian taxpayers, it is also a way to safeguard your financial health. As the Financial Year (FY) 2024–25 progresses, staying informed about the ITR filing due dates becomes critical to avoid unnecessary penalties and interest charges. In this guide, we’ll walk you through everything you need to know — from important deadlines, late filing fees, exceptions, consequences of delay, and expert guidance from CA in Delhi, ADY & Company, led by CA Yogesh Kumar, a leading name in tax compliance and advisory since 2012.

Why Timely ITR Filing is Crucial

Filing your Income Tax Return before the due date allows you to:

• Claim refunds (if any) on time
  
  
• Avoid interest and penalty under Section 234A, 234B & 234F
  
  
• Maintain clean financial records for loans and visa applications
  
  
• Ensure compliance to avoid scrutiny from the Income Tax Department
  
  

ITR Filing Deadlines for FY 2024–25 (AY 2025–26)

Consequences of Missing the ITR Deadline

Failing to file your ITR on time results in the following repercussions:

1. Late Filing Fee under Section 234F

• ₹5,000 if filed after the due date but before 31st December 2025
  
  
• ₹1,000 if total income is below ₹5 lakh
  
  

2. Interest on Tax Due (Section 234A & 234B)

• Simple interest at 1% per month or part thereof
  
  
• Calculated from due date till actual date of filing
  
  

3. Loss of Carry Forward Benefits

• Business and capital losses cannot be carried forward if ITR is not filed by the due date
  
  

4. No Interest on Refund

• You lose the benefit of interest on refunds under Section 244A if return is delayed
  
  

Who Must File ITR for FY 2024–25?

Individuals with:

• Gross total income above the basic exemption limit (₹2.5 lakh for individuals below 60 years)
  
  
• Holding foreign assets or signing authority in any foreign account
  
  
• Deposited ₹1 crore or more in a current bank account
  
  
• Spent ₹2 lakh or more on foreign travel
  
  
• Paid ₹1 lakh or more in electricity bills
  
  

Others:

• Companies and LLPs (regardless of income)
  
  
• Partnership Firms
  
  
• Freelancers and consultants earning above exemption limits
  
  

Exemptions and Extensions (If Any)

The Central Board of Direct Taxes (CBDT) may, in some cases, extend deadlines, especially in cases of natural calamities or technical failures on e-filing portals. However, relying on extensions is not advisable. It’s better to consult a qualified CA in Delhi like ADY & Company, with a decade-long reputation in seamless tax filing and compliance.

Types of ITR Forms and Their Applicability

Documents Required to File ITR

• PAN and Aadhaar
  
  
• Form 16 from employer
  
  
• Bank statements
  
  
• TDS certificates (Form 16A, 16B)
  
  
• Capital gains statement
  
  
• Investment proofs (ELSS, PPF, LIC, etc.)
  
  
• Home loan details, rent receipts
  
  

ADY & Company helps you organize and file accurate ITRs based on these documents, eliminating the risk of future notices or mismatches.

Why Choose ADY & Co. Chartered Accountants for ITR Filing?

Established in 2012, ADY & Co. is one of the most Trusted CA firms in Delhi, spearheaded by CA Yogesh Kumar, renowned for:

• Expert handling of individual and business ITRs
  
  
• Compliance with the latest Income Tax rules
  
  
• Seamless e-filing and refund assistance
  
  
• Personalized consultation for tax planning
  
  
• Representation for scrutiny or assessment matters
  
  

Our clientele spans across startups, salaried individuals, NRIs, freelancers, MSMEs, and large corporates. The trust placed in us over the years makes ADY & Company your reliable CA office in Delhi.

How to Calculate Tax and Avoid Late Fees

Use the Income Tax Calculator provided by the Income Tax Department or consult professionals at ADY & Co. to estimate:

• Gross Total Income
  
  
• Eligible Deductions (Section 80C, 80D, etc.)
  
  
• Taxable Income
  
  
• Net Tax Payable
  
  
• Advance Tax liability
  
  

By planning ahead, you can avoid penalties, especially if your tax due exceeds ₹10,000, where advance tax becomes mandatory.

Penalties for Non-Filing or Misreporting

1. Penalty for Underreporting Income (Section 270A)

• 50% of tax payable on underreported income
  
  

2. Penalty for Misreporting (e.g., Fake Deductions)

• 200% of the tax payable
  
  

3. Prosecution Under Section 276CC

• Imprisonment up to 7 years (if tax evaded > ₹25 lakh)
  
  
• Applicable in case of wilful evasion
  
  

Get Professional Help Before It’s Late

Do not wait till the last day. Avoid portals crashing, incorrect form submissions, and hefty fines. Contact ADY & Company, your experienced CA in Delhi, for a hassle-free, accurate and timely filing of ITR for FY 2024–25.

Contact the Experts at ADY & Co. Chartered Accountants

Office Address:
ADY & Company – Chartered Accountants
CA Yogesh Kumar
Delhi, India

Services Offered:

• ITR Filing
  
  
• GST Registration & Returns
  
  
• Company Incorporation
  
  
• Bookkeeping & Audit
  
  
• Tax Consultancy
  
  

For seamless tax compliance and financial clarity, trust ADY & Co., a top-tier CA office in Delhi committed to your success since 2012.

Frequently Asked Questions (FAQs)

Q1. What happens if I file my ITR after 31st July 2025?

You’ll be liable to pay a late fee up to ₹5,000, lose interest on refund, and won’t be able to carry forward losses.

Q2. Can I revise my ITR after submission?

Yes. You can revise your return any time before 31st December 2025 or completion of assessment, whichever is earlier.

Q3. Is Aadhaar mandatory for filing ITR?

Yes. Linking PAN with Aadhaar is compulsory for filing returns.

Q4. Can salaried employees skip filing if taxes are already deducted?

No. Even if TDS is deducted, you must file ITR if your income exceeds exemption limit.