Due dates in the month of June & July
- 15th June: Assuming if your income tax liability will be 10000 and more than pay first instalment due date is 15th June
If you miss the advance tax deadlines, there are penalties under Section 234B and Section 234C of the Income Tax Act:
- Section 234B:
- If you haven’t paid at least 90% of your total tax liability by the end of the financial year (i.e., before 31st March), you’ll be charged interest at 1% per month or part thereof on the shortfall amount.
- The interest is calculated from the due date of the first instalment until the actual payment date.
- Section 234C:
- If you miss any of the quarterly instalments, you’ll face interest on the shortfall.
- The interest rate is 1% per month or part thereof for the period of delay.
31st July: for Individual & Non-Audit case due date of filling income tax return is 31st July, 2024
For A.Y.2024-25, NEW TAX REGIME is default regime for Individual, HUF, AOP (other than co-operative society), BOI and Artificial Juridical Person.
If you want to opt for “OLD TAX REGIME ” and you are:
(i) Eligible to file return of income in ITR 1 & 2 , then select relevant option directly in ITR and file return within the applicable due date.
(ii) Eligible to file return of income in ITR 3, 4 & 5 then you MUST file Form 10-IEA before the due date mentioned u/s 139(1).
Please compare the tax liability under the New Tax and Old Tax regime before filing of the return computing tax liability please click on the link ‘Income Tax Calculator‘.
Some specials points while choosing ITR forms
- If you are taxpayer and filling ITR-1/2 for business income by showing business receipts in other sources than there is chances to get notice of “Defective return” for such fundamentally wrong ITRs if tds is deducted u/s 194ia, 194ic,194c, 194b, 194bb, 194ba and still filling ITR-1 so please keep it mind to avoid complex compliances.