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ITR filing Last Date FY 2022-23 (AY 2023-24) - Income Tax Return Due Date

 

Filing an Income Tax Return (ITR) is a crucial obligation for individuals, businesses, and other entities to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It serves as a declaration of taxable income and the taxes owed or eligible for a refund. In this comprehensive guide, we will explore the importance of filing ITR on time, the due dates for different categories of taxpayers, and the consequences of late filing.

Why is it important to file Income Tax Returns on time?

Filing income tax returns on time is not only a legal obligation but also essential for individuals and entities to fulfill their tax responsibilities. Timely filing of ITR ensures:

  1. Complying with tax laws: Filing ITR within the prescribed timelines is a legal requirement imposed by the government. By doing so, taxpayers comply with tax laws and avoid any penalties or legal complications.
  2. Assessing tax liability: Filing ITR enables the tax authorities to assess the taxpayer's tax liability accurately. It provides a comprehensive picture of the taxpayer's financial transactions, sources of income, and expenses, allowing the government to determine the appropriate amount of tax owed.
  3. Smooth functioning of public services: The taxes collected through ITR filings are crucial for the government to fund public services, infrastructure development, and welfare initiatives. Timely filing ensures the efficient collection of taxes, enabling the government to provide essential services to its citizens.

ITR Filing Due Dates for FY 2022-23 (AY 2023-24)

The due dates for filing ITR vary depending on the taxpayer category. Here are the important due dates for different categories:

Businesses (Audit cases including Private Limited Company, LLPs, firms, and OPC)

  • ITR filing last date: 31st October 2023
  • Due date to file audit report: 30th September 2023

Businesses (Non Audit cases including Private Limited Company, LLPs, firms, and OPC)

  • ITR filing last date: 31st July 2023

Association of Persons (AOP)

  • ITR filing last date: 31st July 2023

Body of Individuals (BOI)

  • ITR filing last date: 31st July 2023

Individual

  • ITR filing last date: 31st July 2023

Trusts, colleges, political parties (Audit Cases)

Trusts, colleges, political parties (Non-Audit Cases)

  • ITR filing last date: 31st July 2023

Report to be filed u/s 92E

  • ITR filing last date: 31st October 2023

Income Tax Return for Transfer Pricing

  • ITR filing last date: 30th November 2023

Revised Return

  • ITR filing last date: 31st December 2023

Belated/Late Return

  • ITR filing last date: 31st December 2023

It is crucial to adhere to these due dates to avoid penalties and maintain good standing with the tax authorities.

Advance Tax Payment Due Dates

Taxpayers may need to make advance tax payments. Here are the due dates: 

Installment Due Dates 

Installment

Due Date (except presumptive schemes)

Due Date (presumptive schemes 44AD / 44ADA)

1st

Until 15th June of FY

advance tax amount 15%

2nd

Until 15th September of FY

advance tax amount 45%

3rd

Until 15th December of FY

advance tax amount 75%

4th

Until 15th March of FY

advance tax amount 100%

 

Note: Advance tax payments are required if the total tax liability is Rs. 10,000 or more in a financial year. Payments made on or before 31st March of the same FY are treated as advance tax.

Due Dates for Monthly TDS Payments

Tax Deducted at Source (TDS) is a mechanism through which tax is deducted by the payer while making certain payments and remitted to the government. The due dates for monthly TDS payments are as follows:

Government Assessees TDS Payment Due Dates 

Month

Due Date

April 2022 to February 2023

Last date of the month in which TDS/TCS is deducted or collected

March 2023

7th April 2023

Non-Government Assessees TDS Payment Due Dates 

 

Month

Due Date

April 2022 to February 2023

7th of next month

March 2023

30th April 2023

Note: Tax deducted by a Government assessee without challan should be deposited on the same day of deduction. However, in the case of deduction under section 192(1A), it must be deposited on or before seven days from the end of the month in which such deduction is made.

Due Dates for Quarterly TDS Payments 

Certain types of TDS payments are required to be made quarterly. Here are the due dates for quarterly TDS payments: 

Quarter

Due Date

For the quarter ending 30th June

7th July

For the quarter ending 30th September

7th October

For the quarter ending 31st December

7th January

For the quarter ending 31st March

30th April

Note: The due date for payment under section 192(1A) is within seven days of the last day of the month in which the deduction is made or income tax is due.

.

Due Dates for Submission of Quarterly TDS Returns 

TDS deductors are required to submit quarterly TDS returns in various forms. Here are the due dates for submission of quarterly TDS returns for FY 2022-2023: 

Quarter

Period

Due Date

1

01 April 2022 to 30 June 2022

31st July 2022

2

01 July 2022 to 30 September 2022

31st October 2022

3

01 October 2022 to 31 December 2022

31st January 2023

4

01 January 2023 to 31 March 2023

31st May 2023

Note: Form 24Q is a quarterly statement for TDS details on salary payments. Form 26Q is a quarterly statement for TDS details on other than salary payments (domestic). Form 27Q is a quarterly statement for TDS details on other than salary payments (NRI/foreign). Form 27EQ is for TCS returns.

Due Dates for Issuing TDS Certificates (Form 16)

Form 16, as a part of TDS certificates, must be issued within certain deadlines. Below are the due dates:

Form No.

Due Date

Periodicity

Form 16 (TDS on salary)

31st May 2023 (for FY 2022-23)

Annual

Form 16A (TDS on income other than salary)

Within 15 days from the due date of furnishing TDS return

Quarterly

Form 16B (TDS on sale of property u/s 194IA)

Within 15 days from the due date of furnishing challan in Form No. 26QB

Each transaction

Form 16C (TDS on Rent)

Within 15 days from the due date of furnishing challan in Form No. 26QC

Each transaction

Form 27D (TCS)

Within 15 days from the due date of furnishing TCS return

Quarterly

Note: Form 16A and Form 27D are issued within 15 days from the due date of furnishing the TDS/TCS return. Form 16A is for TDS deducted on income other than salary, and Form 27D is the Tax Collection Certificate (TCS).

Interest and Penalty for Late Filing of Returns

Late income tax return filing can lead to penalties and interest. Here's what you need to know: 

 

● Penalty for late filing when income exceeds INR 5 Lakhs: Rs. 5,000 

● Penalty for late filing otherwise: Rs. 1,000 

● Monthly interest of 1% on unpaid tax under Section 234A, if filed after due date 

   Penalties for late TDS return filing include: 

● Late filing fee: INR 200/day from due date till actual filing, not more than TDS           

   amount 

 

There's no penalty for returns filed within a year from the due date.

Conclusion

Filing Income Tax Returns (ITR) on time is crucial to meet tax obligations, comply with laws, and support public services. Being aware of due dates for ITR, advance tax, TDS payments, and TDS return submission helps avoid penalties. Timely filing and following guidelines ensure a smooth tax filing experience.

 

The Tax Heaven

Mr.Vishwas Agarwal✍📊, a seasoned Chartered Accountant 📈💼 and the co-founder & CEO of THE TAX HEAVEN, brings 10 years of expertise in financial management and taxation. Specializing in ITR filing 📑🗃, GST returns 📈💼, and income tax advisory. He offers astute financial guidance and compliance solutions to individuals and businesses alike. Their passion for simplifying complex financial concepts into actionable insights empowers readers with valuable knowledge for informed decision-making. Through insightful blog content, he aims to demystify financial complexities, offering practical advice and tips to navigate the intricate world of finance and taxation.

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