ITR Filing Deadline Revealed! What Happens If You Miss It? Refund Rules Explained!

ITR Filing : The Income Tax Return (ITR) filing season has begun, and millions of taxpayers across India are rushing to file their returns before the deadline. Every financial year, the Income Tax Department sets a specific due date for filing ITRs, and failing to meet this deadline can lead to penalties, loss of refunds, and even legal troubles. In this article, we’ll explain the latest ITR filing deadline for AY 2024–25, what happens if you miss it, refund eligibility, and how to file it correctly to avoid penalties.

What Is the Last Date for ITR Filing for AY 2024–25?

The due date for filing Income Tax Returns for individuals (non-audit cases) for Assessment Year 2024–25 is:

• July 31, 2024

However, this deadline may change if extended by the government. Taxpayers should monitor updates from the Income Tax Department or visit the official portal for real-time notifications.

Who Needs to File an ITR?

You must file your ITR if:

• Your total income exceeds the basic exemption limit.
• You want to claim a tax refund.
• You have foreign assets or income.
• You have earned income through investments, freelancing, or business.
• You want to carry forward losses to future years.

Basic Exemption Limits for FY 2023–24

Taxpayer Type	Old Regime Limit	New Regime Limit
Individual (<60 yrs)	₹2.5 lakh	₹3 lakh
Senior Citizen (60-80)	₹3 lakh	₹3 lakh
Super Senior (>80 yrs)	₹5 lakh	₹5 lakh

What Happens If You Miss the ITR Deadline?

Missing the ITR deadline can lead to multiple consequences depending on your income level and the nature of your delay:

Consequences of Late Filing

• Late Fee under Section 234F
  • ₹1,000 if income is below ₹5 lakh
  • ₹5,000 if income is above ₹5 lakh
• Interest Penalty under Section 234A
  • 1% per month on unpaid tax amount
• Loss of Interest on Refunds
  • Delayed filing reduces refund interest
• Carry Forward of Losses Disallowed
  • Business or capital losses cannot be carried forward
• Prosecution in Extreme Cases
  • If tax evasion is suspected

Late Fee Breakdown Table

Gross Total Income	Date of Filing	Late Fee
Below ₹2.5 lakh	After July 31	No late fee
₹2.5 – ₹5 lakh	After July 31	₹1,000
Above ₹5 lakh	After July 31	₹5,000

Refund Rules – How Do They Work?

Even if you’re filing late, you may still be eligible for a refund if you’ve paid more tax than required. But certain refund rules apply:

Conditions for Claiming a Refund

• Your tax paid (TDS, Advance Tax) is higher than your actual tax liability.
• You file your ITR within the extended due date (usually December 31 for belated returns).
• Your bank account must be pre-validated on the income tax portal.

Refund Scenarios and Interest Applicability

Situation	Refund Applicable	Interest Paid on Refund
Filed on or before July 31	Yes	Yes (under Section 244A)
Filed after July 31 (Belated ITR)	Yes	Yes, but for lesser period
Filed after Dec 31	No refund allowed	Not applicable
No TDS or Advance Tax paid	No refund	Not applicable

How to File ITR Correctly – Step-by-Step

Follow these steps to ensure smooth and accurate ITR filing:

1. Gather Documents: PAN, Aadhaar, Form 16, Form 26AS, AIS, salary slips, bank statements.
2. Select the Correct ITR Form: ITR-1 for salaried, ITR-3 for professionals, ITR-4 for presumptive income.
3. Login to Income Tax Portal: Visit
4. Choose “File ITR” Option: Fill details as per Form 16 and income.
5. Verify Tax Details: Cross-check TDS with Form 26AS and AIS.
6. Calculate Tax Liability or Refund.
7. Submit and e-Verify: Using Aadhaar OTP, bank account, or DSC.

Belated Return vs Revised Return

Taxpayers often confuse belated returns with revised returns. Here’s how they differ:

Feature	Belated Return	Revised Return
Purpose	Filed after due date	Corrections in already filed ITR
Deadline	Dec 31 of AY	Dec 31 of AY
Section	139(4)	139(5)
Penalty	₹1,000 – ₹5,000	No penalty
Refund Impact	May be lower	Adjusted based on correction

How to Avoid Future Penalties?

To avoid issues in the future, consider the following:

• File your ITR well before the deadline.
• Keep all income documents updated throughout the year.
• Use professional help if your income is complex.
• Regularly check Form 26AS and AIS for TDS accuracy.
• Set reminders before July every year.

Missing the ITR deadline can cost you more than just penalties—it may impact your financial credibility and delay your rightful refunds. Filing your ITR on time not only keeps you compliant with tax laws but also ensures smoother financial transactions, faster loan approvals, and better refund management. Whether you’re salaried, self-employed, or a freelancer, make sure to prioritize timely ITR filing this year.

This article is for informational purposes only. For specific tax advice, consult a certified tax professional or chartered accountant.