The last date to file the Income Tax Return (ITR) for the earnings of FY 2023-24 (AY 2024-25) is July 31, without a late fee.
It must be noted that this last date is applicable on the income earned in the financial year 2023-2024—till March 31—and the ones that don't require an audit.
If an income earned requires a tax audit report, then it needs to be filed before October 31.
However, in case you miss the ITR filling on July 31, you can file a late return for the same financial year before December 31. But in such a scenario, the person will have to pay some penalties.
The financial year 2023-24, covers the period between April 1, 2023, and March 31, 2024.
The assessment year (AY) is the year of review for FY 2023-24, during which you file your returns and declare your investments for tax assessment.
Here are a few ways to save your income tax, in case you will be filing ITR under the Old Tax Regime.
Public Provident Fund (PPF)
Public Provident Fund (PPF) is one of the most preferred investment options, as it is backed by the government. Under Section 80C of the Income Tax Act, 1961, tax exemptions can be claimed for PPF investments up to ₹1.5 lakh. In addition, there will be no tax liability on the interest earned and the maturity amount.
Open NPS account
The long-term retirement saving schemes, the National Pension System offer tax benefits as well. In a bid to build the retirement corpus, you can make regular contributions and on maturity 60 per cent of the amount can be withdrawn. Under section 80CCD under Section 80CCD (1), an investment can be made by a salaried employee for up to 10 per cent of the basic salary and DA.
Section 80TTA
Under section 80 TTA, tax exemption on interest up to Rs 10,000 can be received on the amount deposited only in the savings account. This is not applicable to the amount deposited in the fixed deposit and recurring deposit.
Rebate on house allowance
Of the interest that you are paying to the bank in your total EMI, an amount of Rs 2,00,000 is tax-free.
Exemption on health insurance
If you are below the age of 60 years and are paying for a health insurance policy for yourself, your wife and children, you will get an income tax exemption on an amount up to Rs 25,000. However, you can get an additional rebate of up to Rs 50,000, if your parents are above 60 years of age, and you are paying a premium for them too.
Rebate on 80 DD
If any of your dependents are especially abled, you can get income tax exemption on the expenses incurred on them.
Exemption of 80DDB
Under Section 80DDB of the Income Tax Act, a tax exemption is given on the amount spent on the treatment of a particular disease of a dependent. These diseases include dementia, aphasia, Parkinson's, cancer, AIDS, renal failure, haemophilia and thalassemia.