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OLD AND NEW TAX REGIME DETAILS IN FAQs. By Income Tax Department
The last date for filing the Tax Audit Report
The last date for submitting the tax audit report in India for the financial year 2023-24 (assessment year 2024-25) is typically 30th September 2024. However, this deadline can be extended by the government, so it’s advisable to keep an eye on official notifications for any updates or changes.
The last date for filing the Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) in India is usually:
- 31st July 2024 for individuals and entities not requiring a tax audit.
- 31st October 2024 for taxpayers who are required to get their accounts audited.
These deadlines may be extended by the government, so it’s important to check for any official announcements closer to the due dates.
Individual ITR Filing – Non-Tax Audit
Individual ITR Filing – Non-Tax Audit (i.e., Individual/HUF/AOP/BOI Filing of Income Return u/sec.139 (1)) Due Date 31/07/2024
In the context of Transfer Pricing, taxpayers in India who are involved in international or specified domestic transactions are required to furnish additional documentation and disclosures with their Income Tax Returns (ITR).
Here are the key points:
- Form 3CEB: Taxpayers must file Form 3CEB, which is a report from a Chartered Accountant (CA) that certifies that the taxpayer has maintained the necessary documentation and has complied with the Transfer Pricing regulations under the Income Tax Act, 1961.
- Due Date for Filing: The due date for filing the ITR in cases involving Transfer Pricing is 30th November of the assessment year. For the financial year 2023-24 (assessment year 2024-25), the due date will be 30th November 2024.
- Documentation: Taxpayers must maintain detailed documentation regarding the nature of their transactions, the methods used for Transfer Pricing, and the justification for the prices charged. This documentation is crucial in the event of a Transfer Pricing audit by the Income Tax authorities.
- Penalties: Failure to comply with Transfer Pricing regulations, including not filing Form 3CEB or furnishing incorrect information, can result in substantial penalties.
This extended deadline ensures that taxpayers have sufficient time to prepare and file their returns with the necessary Transfer Pricing documentation.
For Income Tax Return (ITR) filing in India, the deadlines vary depending on whether the assessee is a corporate entity or a non-corporate entity. Here’s an overview:
(a) Corporate Assessee:
- Entities Included: This category includes companies registered under the Companies Act, 2013, including public companies, private companies, and one-person companies.
- Due Date: The due date for filing ITR for a corporate assessee is typically 31st October of the assessment year, if the accounts of the company are required to be audited.
- Transfer Pricing Cases: For companies involved in international or specified domestic transactions requiring Transfer Pricing documentation, the due date is extended to 30th November of the assessment year.
(b) Non-Corporate Assessee:
- Entities Included: This category includes individuals, Hindu Undivided Families (HUFs), partnerships (excluding Limited Liability Partnerships – LLPs), and other non-corporate entities.
- Due Date:
- 31st July: For individuals and other non-corporate assessees who are not required to get their accounts audited.
- 31st October: For non-corporate assessees (like partnerships or LLPs) whose accounts need to be audited.
- 30th November: For non-corporate assessees involved in Transfer Pricing transactions.
Key Points:
- Audit Requirement: If the assessee’s accounts are required to be audited under the Income Tax Act or any other law, the due date for filing the ITR is generally later than the standard due date.
- Penalties for Late Filing: Failure to file the ITR by the due date can lead to penalties, interest on the tax due, and loss of certain benefits like carrying forward losses.
These deadlines are subject to change based on government notifications, so it’s essential to verify closer to the due dates.
Advance Tax due dates for F.Y.2024-25:
| Installment | Advance Tax Due Date | Tax to be paid |
|---|---|---|
| 1st Installment | 15th June 2024 | 15% of Tax liability |
| 2nd Installment | 15th September 2024 | 45% of Tax liability |
| 3rd Installment | 15th December 2024 | 75% of Tax liability |
| 4th Installment | 15th March 2025 | 100% of Tax liability |
Original due dates for filing TDS Return for F.Y.2024-25:
| Quarter | Period | Last Date Of Filing |
|---|---|---|
| 1st Quarter | 1st April To 30th June | 31st July 2024 |
| 2nd Quarter | 1st July To 30th September | 31st October 2024 |
| 3rd Quarter | 1st October To 31st December | 31st Jan 2025 |
| 4th Quarter | 1st January To 31st March | 31st May 2025 |
When it comes to Income Tax Returns (ITR) in India, there are provisions for filing late returns and revising already filed returns. Here’s what you need to know:
1. Late Returns
- Filing After the Due Date: If you miss the original due date for filing your ITR, you can still file a belated return. For the financial year 2023-24 (assessment year 2024-25), you can file a belated return until 31st December 2024.
- Penalties: Filing a belated return attracts a late fee under Section 234F:
- ₹1,000 if your total income does not exceed ₹5 lakh.
- ₹5,000 if your total income exceeds ₹5 lakh.
- Interest: In addition to the late fee, interest under Section 234A may also be applicable on the tax due.
- Loss of Benefits: Certain benefits, such as the ability to carry forward losses (except for house property loss), may not be available if you file a belated return.
2. Revised Returns
- Correcting Errors: If you realize that there was an error or omission in the ITR you have already filed, you can submit a revised return. A revised return can be filed any time before the end of the assessment year (i.e., 31st March 2025 for AY 2024-25) or before the completion of the assessment, whichever is earlier.
- Multiple Revisions: There is no limit to the number of times you can revise your return before the deadline, allowing you to correct mistakes or update information.
- Process: To file a revised return, you need to mention the acknowledgment number and date of filing of the original return in the revised return form.
Key Considerations:
- Audit Requirement: If your ITR is subject to audit, ensure that both your belated or revised returns include the necessary audit reports.
- Verification: Both late and revised returns need to be verified using the same methods as the original return, either electronically or physically.
Filing late or revised returns provides flexibility, but it’s always better to file accurately and on time to avoid penalties and interest.
Filing Transfer Pricing Reports under Section 92E of the Income Tax Act is a critical compliance requirement for entities engaged in certain international or specified domestic transactions. Here’s what you need to know:
1. Requirement under Section 92E
- Applicability: Section 92E of the Income Tax Act mandates that every person or entity who has entered into an international transaction or a specified domestic transaction during a financial year must obtain a report from a Chartered Accountant (CA). This report certifies that the taxpayer has complied with Transfer Pricing regulations.
2. Form 3CEB
- Form Used: The report must be furnished in Form 3CEB, which details all the transactions covered under Transfer Pricing regulations and the methods used to determine the arm’s length price.
- Information Included: Form 3CEB includes details such as the nature of the transactions, the methods applied for determining the arm’s length price, and the justification for these methods.
3. Due Date for Filing
- Deadline: The due date for filing Form 3CEB is 30th November of the assessment year. For the financial year 2023-24 (assessment year 2024-25), the report must be filed by 30th November 2024.
4. Importance of Compliance
- Penalties for Non-Compliance: Failing to file Form 3CEB on time can lead to penalties under Section 271BA of the Income Tax Act, which can be as much as ₹1 lakh.
- Transfer Pricing Scrutiny: Proper filing of Form 3CEB is crucial as it helps avoid detailed scrutiny by the tax authorities and demonstrates that the entity is adhering to Transfer Pricing rules.
5. Role of Chartered Accountant
- Certification: A Chartered Accountant is responsible for reviewing the transactions and ensuring that they comply with Transfer Pricing laws. The CA will sign off on Form 3CEB, certifying its accuracy.
Filing the Transfer Pricing Report under Section 92E is an essential step for businesses engaged in international or specified domestic transactions, ensuring compliance with Indian tax laws and minimizing the risk of penalties.
Income Tax Return & Tax Audit Report due dates for A.Y.2024-25 (F.Y.2023-24)
| Type of Tax Payer | Particular | Due Date |
|---|---|---|
| Individual/HUF/AOP/BOI | Non-Tax Audit | 31st July 2024 |
| 1.Company 2.Other than the company to which the audit applies 3.Partner of Firm to whom appropriate | Tax Audit Report | 30th September 2024 |
| ITR due date | 31st October 2024 | |
| Transfer Pricing under sec.92E | Audit Report | 31st October 2024 |
| ITR due date | 30th November 2024 | |
| Belated/Revised return | ITR Due Date | 31st December 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. For computing tax liability please click on the link ‘Income Tax Calculator‘.