Important Income Tax Deadlines for FY 2024-25 (AY 2025-26): Don't Miss These Dates

Important Income Tax Deadlines for FY 2024-25 (AY 2025-26): Don't Miss These Dates!

The financial year 2024-25 has ended, and it’s time to start filing your Income Tax Return (ITR) for the Assessment Year 2025-26. Understanding tax deadlines can be confusing, but knowing these important dates is crucial to ensure you comply on time and avoid penalties, interest, or unwelcome tax notices.

The Income Tax Department has offered some relief this year by extending the deadline for certain taxpayers. However, it’s always wise to prepare well ahead of time. Let’s mark your calendar with the key income tax deadlines for FY 2024-25 (AY 2025-26).

Key Deadlines for Individuals & HUFs (Non-Audit Cases)

This group includes most salaried individuals, freelancers, and small businesses whose accounts are not subject to audit.

Issue of Form 16 by Employer:

• Deadline: June 15, 2025
• What it is: Your employer must provide Form 16 (TDS certificate for salary) by this date. This document is essential for filing your ITR as it shows your salary income and TDS deducted.
• Action: If you haven’t received your Form 16 by this date, check in with your employer's HR or payroll department.

Due Date for Filing Income Tax Return (ITR):

• Extended Deadline: September 15, 2025
• What it is: This is the most important deadline for most individual taxpayers. You must file your ITR for FY 2024-25 (AY 2025-26) by this date.
• Important Note: The original deadline was July 31, 2025. However, the Income Tax Department has pushed this to September 15, 2025, for non-audit cases due to updates in ITR forms and changes in the tax rules.
• Action: Even with the extension, it’s highly recommended to file your ITR well before this date. This helps avoid last-minute server issues, allows for corrections, and speeds up any possible refunds.

Key Deadlines for Businesses & Professionals (Audit Cases)

This group typically includes businesses and professionals whose accounts need to be audited under the Income Tax Act.

Due Date for Filing Income Tax Return (ITR):

• Deadline: October 31, 2025
• What it is: This is the deadline for filing ITR for companies, individuals, and HUFs whose accounts are audited, including working partners of a firm whose accounts must be audited.
• Action: Make sure all your accounts are audited and ready well ahead of this deadline.

Due Date for Filing Audit Report:

• Deadline: September 30, 2025
• What it is: If your accounts need to be audited, the audit report must be submitted to the Income Tax Department by this date.
• Action: Work closely with your auditor to finalize the audit process and submit the report on time.

Other Important Deadlines

Advance Tax Installments:

If your estimated tax liability (after TDS) for FY 2024-25 is Rs. 10,000 or more, you must pay advance tax in installments throughout the year.

• June 15, 2024: 15% of advance tax
• September 15, 2024: 45% of advance tax
• December 15, 2024: 75% of advance tax
• March 15, 2025: 100% of advance tax

Action: Make sure you pay your advance tax installments on time. Missing payments can lead to interest under Sections 234B and 234C.

Due Date for Issuing Form 16A (TDS other than Salary) & Form 16B (TDS on Property Sale):

• Deadline: June 15, 2025
• What it is: Deductors (other than employers) who deducted TDS on your income (e.g., interest, professional fees, rent, property sale) must issue Form 16A by this date. Sellers of property should get Form 16B from the buyer.
• Action: Check these forms against your Form 26AS to ensure all TDS is accurately reported.

Last Date to File Belated or Revised ITR for FY 2024-25 (AY 2025-26):

• Deadline: December 31, 2025
• What it is: If you miss the main ITR filing deadline (Sept 15, 2025 or Oct 31, 2025), you can still file a belated ITR by this date, usually with a late fee. If you filed your original ITR but later found an error, you can file a revised ITR by this date.
• Implication: Filing a belated return often carries a late fee (up to Rs. 5,000 for income above Rs. 5 lakh or Rs. 1,000 for income up to Rs. 5 lakh). Additionally, you might not be able to carry forward certain losses.

Due Date for Filing Updated ITR (ITR-U) for FY 2022-23 (AY 2023-24):

• Deadline: March 31, 2026
• What it is: This is for individuals who missed filing their original or belated ITR or need to correct an error for the previous two assessment years. For AY 2023-24 (FY 2022-23), the last date to file an updated return is March 31, 2026. This allows for fixing errors or reporting previously undeclared income with extra tax and interest.
• Action: If you realize you missed any past income from previous years (up to 2 years), consider filing an ITR-U.

Why is Meeting Deadlines So Important?

• Avoid Penalties: Late filing fees (up to Rs. 5,000), interest on unpaid tax (under Sections 234A, 234B, 234C), and even prosecution in serious cases of tax evasion.
• Carry Forward Losses: If you have losses (e.g., capital losses, business losses), you can only carry them forward if you file your ITR by the original due date.
• Faster Refunds: Filing your ITR early usually means your tax refund (if applicable) gets processed quicker.
• Seamless Loan/Visa Applications: Many banks and embassies require proof of ITR filing for loans, credit cards, and visas.
• Credibility: Timely compliance builds your financial credibility.

Conclusion

The tax calendar for FY 2024-25 (AY 2025-26) includes important dates that all taxpayers, whether salaried or business owners, should know. While the extended ITR filing deadline for individuals provides some flexibility, proactive planning is your best strategy. Gather your documents, compare your Form 16 with Form 26AS, and consider filing your ITR early to ensure a smooth tax season.

Worried about missing a deadline or making mistakes? Let myitronline simplify your tax journey!

At myitronline, we provide expert advice and easy online filing services to help you meet all your Income Tax deadlines for FY 2024-25 (AY 2025-26) with ease. Visit our website at www.myitronline.com or call us at 9971055886 for quick and trustworthy ITR filing solutions.

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