Last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24)

Last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24)

Tax & Auditing

Rekha Verma

Rekha Verma

55 week ago — 8 min read

The last day to file an Income Tax Return (ITR) without incurring a late charge for the financial year 2022–23 (AY 2023–24) is July 31, 2023.

The IRS will charge interest under Section 234A and a penalty under Section 234F to taxpayers who file their returns after the deadline. 

 

What are the Financial Year (FY) and the Assessment Year (AY)? 

The return you are now filling is for the tax year 2022–2023 (FY 2022–2023), which covers the period from 1st April 2022 to 31st March 2023. The assessment year is the time period during which you file your returns and declare your investments for tax assessment for the fiscal year (2022–2023). The assessment year for the income received during the FY (in this case, FY 2022-23) would be the year after that, from 1st April 2023 to 31st March 2024. AY 2023–24 would be the assessment year as a result.   

 

Tax filing deadlines for fiscal years 2022-23 (AY 2023-24)

Taxpayer Category

Tax Filing Deadline-FY 2022-23 *(unless extended)

Individual/HUF/AOP/BOI (audited books of accounts are not necessary)

31st July 2023

Businesses (Audit Required)

31st October 2023

Businesses that require transfer price reports (for international/specified domestic transactions)

30th November 2023

Return Revised

31st December 2023

Belated/late return

31st December 2023

 

What happens if you don't file your ITR before the deadline?

Interest: If you file your return after the due date, you must pay interest on the unpaid tax amount at 1% each month or part month under Section 234A. 

Late charge: A late cost of Rs.5,000 is required under Section 234F. If the total income is less than Rs.5 lakh, it will be lowered to Rs.1,000. 

Loss Adjustment: If you have losses from the stock market, mutual funds, real estate, or any of your enterprises, you can carry them forward and offset them with revenue from the next year. This drastically reduces your tax liability. Loss adjustment is only permissible if the losses are declared in your ITR and filed with the income tax department before the deadline. 

Belated Return: If you miss the ITR filing deadline, you can file a delayed return to the deadline. You must still pay the late charge and interest, and you will not be able to carry over the losses for future adjustments. The income tax administration has now set the deadline for filing the belated return as December 31st of the assessment year. (Unless extended by the government). For this year, you must file the belated return by December 31, 2023.

Important dates for making advance tax installments in the financial years 2023-24:

When it comes to income tax, some tax formalities must be performed within the stipulated due dates, such as filing income tax returns, paying advance tax on time, and so on. 
 

The following dates are the deadlines for paying advance tax:

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

 

Frequently Asked Questions

How can I get a tax refund after the deadline?

Only after you file your ITR can you claim an income tax refund. If you miss the ITR filing deadline, you can file a late return on or before December 31st of the assessment year. For the delay, a penalty of Rs.5,000 is levied. However, if the person's total income is less than Rs.5 lakh, the cost is Rs.1,000.

How do you pay income tax after the deadline?

If you have not paid your taxes or filed your return by the due date, you will be able to do so after that day. While filing ITR, however, a late filing penalty and interest will be assessed. A penalty of Rs.5,000 is levied for late submission of returns. If the person's total income is less than Rs.5 lakh, the cost is Rs 1,000.

What part of the Income Tax Act permits a person to file an ITR after the due date?

Section 139(4) permits the submission of a belated return, that is, a return filed beyond the due date. A penalty of up to Rs.5,000 is levied for late submission of returns.

When is the deadline for submitting an income tax return?

The deadline for filing an income tax return is usually the 31st of July for individuals and non-audit cases, and the 31st of October for audit cases in the relevant assessment year.

How can I update my income tax returns before the deadline?

If the taxpayer wishes to update the initial return, he or she may do so by filing a revised return under Section 139(5). The updated return can be submitted using the same method as the original return. However, the taxpayer is required to file the ITR under Section 139(5). While updating the return, the whole e-verification process must be completed.

How can I update my income tax return after the deadline?

If the taxpayer wishes to update the original return beyond the due date, the revised return u/s 139(5). You have until the 31st of December of the assessment year to file a late return. Once this deadline has past, taxpayers will be unable to file any returns. However, if the return was missed due to an unforeseen circumstance, you can apply to your A.O. for authorization to file prior returns under Section 119.

What happens if the income tax return is not filed on time?

If you forget to file your income tax return by the due date, you can file a delayed return. However, for filing late returns, a penalty of up to Rs. 5,000 would be levied. If the person's total income is less than Rs. 5 lakhs, the cost is Rs. 1,000.

What is the deadline for filing trust returns?

The deadline for filing returns for trusts whose finances do not need to be audited for fiscal year 2022–2023 is July 31, 2023. If the trust's finances must be audited, the deadline for filing an ITR is October 31, 2023.

If the trust is required to file an ITR in Form No. 3CEB pursuant to Section 92E, the due date will be November 30, 2023.

What is the deadline for filing corporate returns?

Domestic corporations' return filing deadline for fiscal year 2022–2023 is October 31, 2023. However, if the corporation has any foreign or specified domestic transactions and is obliged to provide a report in Form No. 3CEB u/s Section 92E, the last date to file an ITR is November 30, 2023.

What is the last day for filing an ITR?

Individuals have until July 31st of the relevant assessment year to file their ITR, while taxpayers whose accounts are subject to audit have until October 31st.

What exactly is an income tax audit?

It is the audit and inspection of a company's books of accounts that guarantee that the Income Tax Act of 1961 is followed. Only specific categories of assessors require a tax audit to be performed by a CA or a company of CAs.

Who is required to get an income tax audit report?

Any firm with an annual revenue of more than Rs 1 crore and any professional with receipts above Rs 50 lakh must have their taxes audited.

 

Also read: Guide on how to file an ITR in India

 

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Image source: Freepik

 

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.

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Rekha Verma

Hello, I'm Rekha Verma, fondly known as an education consultant at Tax4Wealth. My mission is to help students in education and to shape and nurture them in the early stages,...