ITR Filing Last Date FY 2023-24

Last Updated : 05 Feb, 2024

The last date to file your Income Tax Return (ITR) for the financial year 2023-24 (Assessment Year 2024-25) is July 31, 2024. Remember, this is the deadline for filing without incurring any penalties.

ITR Filing Last Date for FY 2023-24: July 31, 2024

What is Financial Year?

A Financial Year (FY) is a 12-month period used for financial reporting and budgeting purposes by businesses, governments, and other organizations. It is not necessarily aligned with the calendar year and can start and end at any point during the year. The financial year is also known as the fiscal year in some regions. In India, this period runs from 1st April of one year to 31st March of the next. So, when someone mentions “FY 2023-24,” they’re referring to the financial year starting April 1, 2023, and ending March 31, 2024.

What is Assessment Year?

An Assessment Year (AY) is a term primarily used in the context of income tax systems, particularly in countries that follow a system of self-assessment. It is the year immediately following the Financial Year (FY) in which an individual or entity earns income. During the assessment year, taxpayers assess and declare their income for taxation purposes, calculate their tax liability, and file their income tax returns.

Assessment and Financial Year in India for Recent Years

Assessment Year	Financial Year
AY 2024-25	April 1, 2023 – March 31, 2024
AY 2023-24	April 1, 2022 – March 31, 2023
AY 2022-23	April 1, 2021 – March 31, 2022

Here are some resources that you may find helpful for filing your ITR

Types of ITR: Choose the right ITR form based on your income sources and deductions.

How to File ITR: Step-by-step instructions on filing your ITR online.

Tax Deducted at Source (TDS): Understand how TDS credits impact your tax liability.

Documents required to file ITR: Gather all necessary documents like Form 16, salary slips, bank statements, and investment proofs.

Income Tax Slab Rate: Check the current income tax slab rates to calculate your tax liability.

Income Tax Exemptions and Deductions: Know the various tax exemptions and deductions you can claim to reduce your tax burden.

Remember, filing your ITR on time is important to avoid late filing penalties. Start gathering your documents and choose the appropriate ITR form well before the deadline.