Income Tax Filing Deadlines for FY 2024-25 & Demystifying the Updated Return!

Over 7.28 Crores ITRs were filed until 31 July 2024 for AY 2024-25. This is a record number in the history of Income Tax Returns. The total number of returns filed in AY 2024-25 is 7.5% more than last year. 

In 2022, Smt. Nirmala Sitharaman, the Finance Minister of India, announced a whole new income tax return, namely ITR(U). With this new ITR form, you can furnish the details of the income that were omitted in the returns filed previously or completely missed to file the return up to two years ago. As a result, more than 90 lakh taxpayers voluntarily updated their returns to avoid legal scrutiny.

Witnessing the success of ITR(U), the time limit to file updated returns for any previous assessment year has been extended to four years from the existing two years, announced in the Union Budget 2025. 

In this blog, we will explore the nitty-gritty of the updated return, ITR(U), and learn the income tax filing deadline for AY 2024-25.

What is ITR(U) or Updated Return?

ITR(U) or Updated Return is a facility provided under Rule 12AC of the Income Tax Act. It enables taxpayers to file/update their tax returns up to 4 years (earlier, it was 2 years) from the relevant assessment year. In other words, you can update or file a FY 2021-22 return in AY 2025-26, with some terms and conditions attached. 

Eligibility Criteria for Filing Updated Return or ITR(U)

The following are the eligibility criteria for filing an updated return: 

• If the return has not been filed previously 
• If the income has not been reported correctly
• In the case where income is under the wrong head
• If the wrong tax rate has been applied
• For the reduction of unabsorbed depreciation.
• For the reduction of carried forward losses.
• For the reduction of tax credit u/s 115JB& 115JC.
• When Updated Return or ITR(U) Cannot be Filed 

In the following cases, one cannot file an updated return: 

• Already filed an updated return 
• Filing a nil or loss return 
• Want to extract a higher refund 
• In cases where tax liability decreases 
• Search or survey under Sections 132, 133A, or 132A has begun
• Tax assessment/re-assessment is either pending or completed
• No additional tax is due

Format of ITR(U) Form 

• PAN
• Aadhaar Number
• Assessment Year
• Whether return previously filed for this assessment year? (Yes/No)
• If yes, Whether filed u/s 139(1) Others
• If applicable, enter form filed, Acknowledgement no. or Receipt No. and Date of filing the original return (DD/MM/YYYY)
• Are you eligible to file an updated return? i.e., a person is not falling in such circumstances wherein an updated return can’t be filed.
• Selecting the ITR form for filing an updated return
• Reasons for updating income. This includes reasons such as returns previously not filed, income not reported correctly, wrong heads of income chosen, etc.
• Are you filing an updated return within 12 months from the end of the relevant AY or between 12 to 24 months from the end of the relevant AY?
• Are you filing an updated return to reduce carried forward loss, unabsorbed dep., or tax credit?

Part B – Computation of updated income and tax payable (ITR-U)

• 1 (A) Head of income under which additional income is being returned as per Updated Return
• 1 (B) Total income as per last valid return (only in cases where the Income Tax Return has previously been filed)
• Total income as per Part B-TI
• The amount payable, if any (To be taken from the ―Amount payable of Part B-TT of the updated ITR)
• Amount refundable, if any (To be taken from ―Refund‖ of Part B-TTI of the updated ITR
• The amount payable on the basis of last valid return (only in applicable cases)
• 6. (i) Refund claimed as per last valid return if any
• 6. (ii) Total Refund issued as per last valid return, if any (including interest u/s 244A received
• Fee for default in furnishing return of income u/s 234F
• Regular Assessment Tax, if any
• Aggregate liability on additional income
• Additional income-tax liability on updated income [25% or 50% of (9-7)]
• Net amount payable (9+10)
• Tax paid u/s 140B
• Tax due (11-12)
• Details of payments of tax on updated return u/s 140B
• Details of payments of Advance Tax / Self-Assessment Tax / Regular Assessment Tax, credit for which has not been claimed in the earlier return (credit for the same is not to be allowed again under section 140B(2) )
• NOTE: Credit for the above is not to be allowed again under section 140B(2)
• Relief u/s 89, which is not claimed in earlier return [relief for the same is not to be allowed under section 140B(2)]

Also, check out our guide on Income Tax Portal login for a step-by-step process.

Income Tax Filing Deadline for FY 2024-25 (AY 2025-26)

The following are the income tax return filing deadlines that you must be aware of in FY 2024-25: 

Category of Taxpayer	Due Date for Tax Filing – FY 2024-25
Individual / HUF/ AOP/ BOI (does not require audit)	31st July 2025
Businesses (requires audit	15th October 2025
Businesses requiring transfer pricing reports	30th November 2025
Revised return	31st December 2025
Belated/late return	31st December 2025
Updated return	31 March 2030 (4 years from the end of the applicable assessment Year)

What Happens if you Miss the ITR Deadline?​

If you miss the income tax filing deadline then under Section 234A of the Income Tax Act, you are liable to pay interest of 1% per month on the total outstanding tax liability.

Also, check out our comprehensive guide on income tax refund to understand the process and eligibility in detail.

Deadline for Paying Advance Tax in Installments for FY 2024-25 (AY 2025-26) 

The income tax filing deadline for advance tax payment and its date of instalment is as follows: 

Due date	No. of Installment	Per. of Tax to be Paid
15th June 2024	First instalment	15% of tax liability
15th September 2024	Second instalment	45% of tax liability
15th December 2024	Third Instalment	75% of tax liability
15th March 2025	Fourth instalment	100% of tax liability
15th March 2025	Presumptive scheme	100% of tax liability

Conclusion

This was all about the income tax filing deadline in FY 2024-25 and updated return, i.e. ITR(U). We hope after reading this blog, you get to know all the income return due dates and also get to know about an additional option to file your ITR. However, missing the tax filing deadline has some serious consequences such as penalties, interest on tax amount and legal proceedings in some serious cases. It is best that file ITR before the due date. 

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FAQs 

1. How do I update the tax paid in ITR? 

Following are the steps that are required to be followed to update the tax paid in ITR: 

Step 1: Log in to your Income Tax e-filing portal with your valid credentials. 

Step 2: On the Dashboard, click Services > Challan Correction.

Step 3: On the Challan Correction page, click on the ‘Click Challan Correction Request’ option to update the tax paid in ITR. 

Step 4: Select the relevant attribute for correction and click on ‘Continue’. 

Step 5: Select the correct assessment year and click on ‘Continue’. 

Step 6: Update the relevant information and verify the details. 

Step 7: E-verify the challan details with either Aadhaar OTP, DSC, or EVC 

Step 8: Now, a success message will appear, which means you have updated your ITR successfully. 

2. Is the ITR due date to update tax returns extended? 

Yes, in the Union Budget 2025, it is announced that the deadline for updating tax returns has been extended from 2 years to 4 years from the end of the applicable assessment year.