ITR Filing Last Date FY 2022-23 (AY 2023-24), Income Tax Return Due Date: Filing Income Tax Returns (ITR) can be a daunting task, especially for those who are new to the process. However, it is an essential aspect of financial planning and compliance with the law. In this comprehensive guide, we will take you through the step-by-step process of filing ITR for AY 2023-24. We will cover everything from the documents required to the deadlines and penalties, ensuring that you have all the information you need to file your returns correctly.
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| The last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) without a late fee is 31st July 2023. |
What are Financial Year (FY) and Assessment Year (AY)?
When it comes to filing your tax returns, it’s essential to understand the fiscal year (FY) and assessment year (AY) you’re dealing with. The return you’re filing currently pertains to the income earned during FY 2022-23, which spans from April 1, 2022, to March 31, 2023.
The AY for this FY would be the immediately following year, starting from April 1, 2023, to March 31, 2024, during which you’ll file your returns and declare your investments for tax assessment. In other words, the AY for FY 2022-23 would be AY 2023-24.
Now, it’s crucial to keep in mind the last date to file ITR for FY 2022-23. We’ve got you covered. Keep reading to know more.
Income tax filing due dates for FY 2022-23 (AY 2023-24)
| Category of Taxpayer | Due Date for Tax Filing- FY 2022-23 *(unless extended) |
|---|---|
| Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) | 31st July 2023 |
| Businesses (Requiring Audit) | 31st October 2023 |
| Businesses requiring transfer pricing reports (in case of international/specified domestic transactions) | 30th November 2023 |
| Revised return | 31 December 2023 |
| Belated/late return | 31 December 2023 |
What happens if you miss the ITR filing deadline?
ITR Filing Last Date FY 2022-23 (AY 2023-24), Income Tax Return Due Date – Jul 31 is the Last Date to File ITR
The due date for filing your Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) is 31st July 2023, after which a late fee and interest under Section 234F and Section 234A will be applicable.
Understanding Financial Year (FY) and Assessment Year (AY) is crucial to know your tax filing requirements. The return you file currently is for the income you earned in FY 2022-23, i.e., between 1st April 2022 and 31st March 2023. The assessment year is the review year for FY 2022-23 when you file your returns and declare your investments for tax assessment. For income earned during FY 2022-23, the assessment year would be the next year, i.e., 1st April 2023 to 31st March 2024, and hence, the assessment year is AY 2023-24.
Here are the due dates for Income Tax filing for FY 2022-23 (AY 2023-24) based on taxpayer categories:
- Individual/HUF/AOP/BOI (books of accounts not required to be audited) – 31st July 2023
- Businesses requiring audit – 31st October 2023
- Businesses requiring transfer pricing reports – 30th November 2023
- Revised return – 31st December 2023
- Belated/late return – 31st December 2023
Missing the ITR filing deadline can attract interest and late fees, and the income tax department has specified the due date of filing a belated return, which is 31st December of the assessment year. However, filing a belated return also attracts late fees and interest, and you won’t be allowed to carry forward losses for future adjustments.
Therefore, it’s essential to file your ITR before the due date to avoid penalties and interest. Filing your ITR before the due date also allows you to adjust your losses with next year’s income, which can help lower your tax liability.
- Interest: If you submit your tax return after the deadline, you will be required to pay interest at a rate of 1% per month or partial month on the outstanding tax amount, as per Section 234A.
- Late fee: If you file your tax return after the due date, you will be charged a late fee of Rs. 5,000 as per Section 234F. However, if your total income is less than Rs. 5 lakh, the late fee will be reduced to Rs. 1,000.
- Loss Adjustment: One effective way to lower your tax liability is by carrying forward and adjusting losses from sources such as the stock market, mutual funds, properties, or your business with next year’s income. However, it’s important to note that this option is only available if you declare the losses in your income tax return (ITR) and file it with the income tax department before the deadline. By doing so, you can significantly reduce your tax burden. Make sure to keep this strategy in mind when filing your taxes.
- Belated Return: If you miss the due date for filing your Income Tax Return (ITR), you can still file it after the deadline through a process called belated return filing. However, it is important to note that this choice comes with some consequences. You’ll have to pay late fees and interest charges, and you won’t be able to carry forward any losses for future adjustments. Additionally, the Income Tax Department has specified a deadline for filing belated returns, which is December 31 of the assessment year, unless the government extends it. For this year, the latest date for filing belated returns is December 31, 2023. Be sure to keep these factors in mind to avoid any penalties and ensure a smooth tax filing process.
Important due dates for paying advance tax instalments for FY 2023-24
When it comes to income tax, there are specific formalities that must be adhered to within designated due dates. This includes tasks like filing income tax returns and paying advance tax on time, among others. Speaking of advance tax payments, there are certain dates to keep in mind:
- First installment – on or before June 15th, 2023
- Second installment – on or before September 15th, 2023
- Third installment – on or before December 15th, 2023
- Fourth installment – on or before March 15th, 2024
- Presumptive scheme: 31st March 2024
It’s crucial to meet these deadlines to avoid incurring any penalties or interest charges.
| Due date | Nature of compliance | Tax to be paid |
|---|---|---|
| 15th June 2023 | First instalment | 15% of tax liability |
| 15th September 2023 | Second instalment | 45% of tax liability |
| 15th December 2023 | Third Instalment | 75% of tax liability |
| 15th March 2024 | Fourth instalment | 100% of tax liability |
| 31st March 2024 | Presumptive scheme | 100% of tax liability |
1. Collecting Documents: Which form to fill in ITR
Before you begin the ITR filing process, you will need to collect all the necessary documents. These include:
- Form 16: This is a certificate issued by your employer, which contains details of your salary and TDS deductions.
- Form 26AS: This is a statement that shows the details of the tax deducted from your income by your employer and deposited with the government.
- Bank Statements: You will need to provide bank statements for all the accounts you held during the financial year.
- Investments: You will need to keep track of your investments, such as fixed deposits, mutual funds, and stocks.
2. Choosing the Correct ITR Form
The next step is to choose the correct ITR form based on your income sources. The Income Tax Department has released seven different forms for different types of taxpayers. The forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
Step 3: Filling Out the ITR Form
Once you have the necessary documents and have selected the correct ITR form, the next step is to fill out the form. You will need to provide details such as your personal information, income details, deductions, and tax payments.
Step 4: Verifying the ITR
After filling out the ITR form, you will need to verify it. You can verify the ITR electronically using your Aadhaar number or by sending a signed physical copy to the Income Tax Department’s Centralized Processing Center.
Step 5: Filing the ITR
The final step is to file the ITR. The Income Tax Department allows you to file your returns online or offline. If you choose to file your returns online, you can do so on the Income Tax Department’s website or through a tax filing website.
Penalties for Late Filing
It is essential to file your ITR before the deadline to avoid penalties. For AY 2023-24, the deadline for filing ITR is 31st July 2024. If you file your ITR after the deadline, you may have to pay a penalty of up to Rs. 10,000.
Due Date for Filing Income Tax Returns
It is essential for individuals, businesses, and other entities to keep track of the deadlines for filing their Income Tax Returns. The due dates vary depending on the type of tax. Timely submission of tax returns can help avoid penalty charges.
Income Tax Return Filing for FY 2023-24 (AY 2024-25)
| Due Date | Nature of Compliance | Compliance Particulars | Documents |
|---|---|---|---|
| 15 June 2023 | Advance Tax | First installment for financial year 2023-24 | Challan No./ ITNS 280 |
| 31 July 2023 | ITR filing | ITR filing for FY 2023-24 | ITR Application Form |
| 15 September 2023 | Advance Tax | Second instalment for FY 2023-24 | Challan No./ITNS 280 |
| 30 September 2023 | Tax audit report | Tax audit report for FY 2023-24 | Form 3CA/3CB/3CD |
| 31 October 2023 | Transfer Pricing Report (specific domestic transactions or undertaken international transactions) | Submission of reports for FY 2023-24 | Form 3CEB |
| 31 October 2023 | ITR filing (audit cases without transfer pricing) | ITR filing for FY 2023-24 | Applicable ITR Form |
| 30 November 2023 | ITR filing for transfer pricing cases | ITR filing for FY 2023-24 (specified domestic or international transactions) | Applicable ITR Form |
| 15 December 2023 | Advance tax | Third instalment for FY 2023-24 | Challan No. or ITNS 280 |
| 31 December 2023 | Revised return or belated return filing | Revised return or belated return for FY 2023-24 | Revised or belated return |
| 15 March 2024 | Advance tax | Fourth instalment for FY 2023-24, Single and final instalment for taxpayers opting for presumptive taxation scheme | Challan No./ITNS 280 |
Frequently Asked Questions
Q. What is the last date to file ITR?
Ans: For individuals, the deadline to file Income Tax Returns (ITR) is July 31st of the relevant assessment year, while taxpayers whose accounts are subject to audit have until October 31st.
Q. What is an income tax audit?
Ans: Tax audit is an examination and inspection of an entity’s books of accounts to ensure compliance with the Income Tax Act, 1961. However, only certain types of assesses are required to have their tax audit conducted by a Chartered Accountant (CA) or a firm of CAs.
Q. What are tax filing due dates?
Ans: Tax filing due dates refer to the specific dates by which taxpayers must file their taxes with the relevant tax authority.
Q. Why is it important to file taxes on time?
Ams: Filing taxes on time is important to avoid penalties, ensure compliance with tax laws, and maintain a good credit score.
Q. What are some common types of taxes that have due dates?
Ans: Some common types of taxes that have due dates include income tax, goods and services tax (GST), tax deducted at source (TDS), advance tax, and wealth tax.
Q. When is the due date for income tax filing for individuals?
Ans: The due date for income tax filing for individuals is July 31st of every year
Q. How to pay income tax after the due date?
Ans: In case you missed paying taxes and filing your return by the due date, you can still do so after the due date. However, please note that a late filing penalty and interest will be charged while filing the Income Tax Return (ITR). If you file the return after the due date, a penalty of Rs. 5,000 will be charged. If your total income is less than Rs. 5 lakh, the penalty will be Rs. 1,000.
Q. What section under the Income Tax Act allows an individual to file ITR after the due date?
Ans: Section 139(4) permits the filing of a belated return, which is a return filed after the due date. However, a penalty of up to Rs. 5,000 will be charged for filing the return after the due date.
Q. What is the due date for filing an income tax return?
Ans: Typically, the due date for filing an income tax return is July 31st for individuals and non-audit cases, and October 31st for audit cases of the relevant assessment year. ClearTax provides a seamless e-filing option for income tax returns that can be completed in under 3 minutes.
Q. What is the filing date for ITR 2023?
Ams: The due date for the return filing of domestic companies for FY 2022-23 is 31st October 2023
Q. What is the start date of ITR filing?
Ans: ITR from April Last week or May first week. The filing will be done for the income earned in FY 2022-23, i.e., 1st April 2022 and 31st March 2023
Q. Can I file ITR without Form 16?
Ans: Form 16 is a document issued on behalf of salaried individuals, i.e., employees, as a certificate of tax deduction at source (TDS) by their employer. If an individual does not receive Form 16, they can still file an income tax return (ITR).
Q. What are TDS returns?
The idea of TDS (Tax Deducted at Source) was introduced to collect taxes directly from the source of income. This means that a person (the deductor) who is obligated to make payments of a certain nature to another person (the deductee) must deduct tax at the source and deposit it into the Central Government’s account.
Q. What is the due date of return filing for Companies?
Ans:For the financial year 2022-23, domestic companies must file their tax returns by October 31, 2023. However, companies engaged in international transactions or specified domestic transactions and are required to furnish a report in Form No. 3CEB u/s section 92E have until November 30, 2023, to file their ITR. Keep in mind these important dates to avoid penalties and ensure compliance.
Q. Is ITR Due Date Extension Possible?
Ans :Yes, an ITR Filling last date extension is possible.
Q. Can we file ITR in advance?
Ans: You can make advance tax payments until March 31st of the year.
Q. Can we file income tax return for last 3 years?
Ans: Are you eligible to file ITRs for the last 3 years? Unfortunately, you cannot file all three years’ returns together in one go. Filing returns after the due date is not permitted by law. However, if you have valid and compelling reasons, you may be eligible for a special condonation in specific cases. Make sure to provide convincing evidence to support your request.
Q. How do I file a zero Income Tax Return?
Ans: Filing a nil ITR is a simple process that doesn’t require any special request. The procedure is the same as filing a regular ITR, and you can easily file a nil ITR online through e-filing. Before you start, ensure that you have the necessary details ready, including your PAN, Aadhaar, bank account and salary details, Form 16, and investment details (if any). So, file your nil ITR hassle-free today!
