The last Date To File ITR for the assessment year 2023-24 is July 31 for income earned in the financial year 2022-23. The new assessment year will begin on April 1. Typically, the due date for filing ITR is July 31, which is expected to remain the same this year.
While in the past, the Government has extended ITR filing deadlines for various reasons, it is expected that there will be no extension this year. This is because the Central Board of Direct Taxes (CBDT) has already notified the new ITR forms for AY 2023-24 more than a month in advance. These forms were released on February 10 and can be accessed on the Income Tax website.
Last Date To File ITR for (AY 2023-24) – FY 2022-23
|Category of Taxpayer||Due Date for Tax Filing- FY 2022-23 (If not extended)|
|Individual AOP/ HUF/ BOI (no audit required)||31st July 2023|
|Businesses requiring audit||31st Oct 2023|
|Businesses transfer pricing reports required (in case of international/specified domestic transactions)||30th November 2023|
|Revised return T||31st December 2023|
|Belated/late return||31st December 2023|
Steps To File an Income Tax Return FY 2022-23 (AY 2023-24)
- Visit the official website, incometax.gov.in.
- Log in using your user ID and password. Sign up as a new user, If you are filing for the first time, and create login details.
- Click on the e-file menu on the homepage.
- Select the direct link for Income Tax Return.
- Fill in the required details in the online ITR form.
- Go to the ‘Taxes Paid and Verification’ section.
- Choose whether to e-verify or not.
- Preview and submit your details.
It is important to pay taxes before the deadline to avoid penalties. According to the Income Tax India, violators may have to pay a penalty of Rs. 5,000 or Rs. 1,000 depending on their income, and may even face imprisonment as per section 234F of the Income-tax Act, 1961. The deadline for the ITR filling date for the FY 2023-24 is July 31, and taxpayers can file their returns from April 1 onwards.
Who Needs to File ITR
- When your income exceeds the limit of basic exemption of Rs 2.5 lakh, you are required to file an income tax return (ITR). Currently, those with taxable income up to Rs 5 lakh don’t have to pay any tax.
- Starting from the assessment year 2023-24, the basic exemption limit under the New Tax Regime will be raised to Rs 3 lakh.
Consequences For Missing ITR Filing Deadline
If you miss the income tax return (ITR) filing deadline, there are several consequences that you may face:
- Interest: You will have to pay calculated interest under Section 234A that is 1% per month or the past month on the unpaid tax amount.
- Late fee: You will be required to pay a late fee amount of Rs.5,000 under Section 234F. However, if your total income amount is less than Rs.5 lakh, the late fee shall be reduced to Rs.1,000.
- Loss Adjustment: If you have incurred significant losses from mutual funds, stock markets, properties, or in any of your businesses, then you can carry your tax forward and adjust them with next year’s income. However, loss adjustment is allowed only when you declare the losses in your ITR form and file it with the IT department before the deadline.
- Belated Return: If you miss the ITR form filing due date, you can still file a return after the provided due date, also called a belated return. But you will still have to pay the given late fee amount and interest, and in that condition, you cannot be allowed to carry forward the losses for future adjustments. The income tax department has specified its due date for filing the belated return amount, which is 31st Dec of the assessment year 2023-24 (unless extended by the government). And for this year, the latest date to file a belated return is 31 December 2023.
Advance Tax Instalments Due Dates
When it comes to income tax, there are certain formalities that taxpayers need to follow within specified due dates given, such as filing IT returns, paying advance tax on time, etc. For FY 2022-23, the due dates for the payment of advance tax are as follows:
- June 15, 2022 – First instalment – 15% of tax liability
- September 15, 2022 – Second instalment – 45% of tax liability
- December 15, 2022 – Third instalment – 75% of tax liability
- March 15, 2023 – Fourth instalment – 100% of tax liability
- March 31, 2023 – Presumptive scheme – 100% of tax liability