Income Tax Return (ITR) Filing Last Date FY 2022-23 (AY 2023-24) in India

Income Tax Return (ITR) Filing Last Date 2023

The final date for filing Income Tax Returns (ITR) for FY 2022-23 (AY 2023-24) without incurring late fees is July 31, 2023, specifically for Indian taxpayers.

Should you miss this deadline, it's essential to note that there will be additional financial implications. Taxpayers filing their returns after this due date will be subject to interest charges under Section 234A and penalties as prescribed under Section 234F of the Income Tax Act.

Therefore, timely filing is crucial to avoid these additional charges and maintain compliance with Indian tax regulations.

Latest Update for ITR filing Date:

The original deadline to file ITR-7, Form 10B, and Form 10BB was September 30, 2023. Now, this due date has been extended to October 31, 2023. Taxpayers can now submit these forms by the revised date to meet the updated filing requirements.

What is the Deadline for ITR Filing?

The deadline for filing ITR for Financial Year 2022-23 (AY 2023-24) was July 31, 2023. If missed, a belated return can still be filed until December 31, 2023.

For the upcoming tax season of Financial Year 2023-24 (AY 2024-25), the last date for ITR filing is July 31, 2024.

About the Financial Year (FY) and Assessment Year (AY)

The return you'll file in the upcoming year concerns the income you earned during FY 2023-24, covering earnings from April 1, 2023, to March 31, 2024. The assessment year, involving return filings and investment declarations for tax assessment, relates to the review period for FY 2023-24.

Consequently, the assessment year would be the subsequent year, encompassing April 1, 2024, to March 31, 2025, identified as AY 2024-25.

Important to File Income Tax Returns on Time

Meeting the deadline for filing income tax returns isn't just a task; it's a responsibility laid down by the government. It's crucial for everyone to play their part by honestly reporting their income, claiming deductions, and paying the correct taxes on time. Doing so doesn't just comply with the law; it helps the government effectively collect taxes, ensuring better public services and community welfare. It's our contribution to the nation's growth!

Start Date for Filing Income Tax Returns (ITR) 2023

E-filing for Income Tax Return (ITR) AY 2024-25 (FY 2023-24) has commenced. Delve into the details about the last filing date for FY 2023-24 below.

Income Tax Filing due dates for FY 2023-24 (AY 2024-25)

What Happens if You Miss the Income Tax Return (ITR) Filing Deadline?

1. Interest: Late filing of Income Tax Returns (ITRs) in India leads to interest charges levied under Section 234A of the Income Tax Act, 1961. The interest is calculated at a rate of 1% per month or part thereof on the due tax amount until the return is filed. This accrued interest must be paid along with the tax liabilities.
2. Late Fee: Taxpayers failing to file their ITR within the due date (usually July 31st) but submitting it before December 31st face a penalty of up to ₹5,000. For returns filed after December 31st, the penalty can go up to ₹10,000. However, if the taxpayer's total income does not exceed ₹5 lakh, the maximum penalty is limited to ₹1,000.
3. Loss Adjustment: Delayed filing affects loss adjustments. Taxpayers are unable to carry forward certain losses, such as business losses or capital losses, for set-off in subsequent years if the return is not filed within the due date.
4. Belated Return: A return filed after the due date is considered a belated return. Such returns have limitations. For instance, one cannot revise a belated return, restricting opportunities for corrections or adjustments in the original filing.

What is the interest and penalty structure for late filing of returns?

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Benefits of Filling ITR under Due Date

The following are the advances of ITR filing before the due date:

• Compliance: Timely filing ensures adherence to tax laws, avoiding penalties.
• Financial Credibility: Showcases financial stability for easier loan processing.
• Quicker Refunds: Expedited processing leads to faster refunds, if eligible.
• Proof of Income: Essential documentation for financial transactions and visa applications.
• Error Rectification: Allows ample time for rectifications or amendments, if needed.
• Efficient Tax Planning: Facilitates better planning for the upcoming financial year, ensuring smooth financial management.

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