As a taxpayer in India, it is important to be aware of the various deadlines related to the filing of Income Tax Returns (ITR). After reading this post, you will know all about the due date for filing ITR.
The last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) without a late fee is 31st July 2023. If a taxpayer fails to file their returns by the due date, they have to pay a penalty as well as interest under the Income Tax Act.
But before filling out your ITR you should know about the Income Tax Slab Rates and Which Tax Regime is the best according to your income Type.
Here are the Infographics Showing the Due Dates for Income Earned in Financial Year 2022-23:
Financial Year Vs Assessment Year
Before moving on let’s quickly check out the Difference between Financial Year (FY) and Assessment Year (AY)-
Example as above-
If you earn income from April 2022 to March 2023 then
2023-24- Financial Year (Income earned)
2024-25 – Assessment Year (Tax paid on previous year’s income i.e. 2022-23)
ITR Filing Due Dates for FY 2022-23 (AY 2023-24)
Due dates for Income earned from April 2022 to March 2023 are as follows:
|Types of Taxpayers||Due Dates|
|Individual / HUF/ AOP/ BOI (Audit Not Required)||31st July 2023|
|Taxpayers (Audit Required)||31st October 2023|
|Transfer Pricing Report Filing||30th November 2023|
|Belated Return and Revised Return||31st December 2023|
ITR Filing Due Dates for FY 2023-24 (AY 2024-25)
Due dates for Income earned from April 2022 to March 2023 will be as follows:
|Types of Taxpayers||Due Dates|
|Individual / HUF/ AOP/ BOI (Audit Not Required)||31st July 2024|
|Taxpayers (Audit Required)||31st October 2024|
|Transfer Pricing Report Filing||30th November 2024|
|Belated Return and Revised Return||31st December 2024|
Who Needs to Audit Their Accounts
- The Turnover exceeds 1 Cr. in the financial year for every business.
- If cash transactions are up to 5% of total gross receipts & payments in the business, then the threshold limits of turnover for Tax Audit will increase from 1 Cr. to Rs. 10 crores.
- turnover exceeds Rs 2 crore for the Business declaring profit under Presumptive Scheme u/s 44AD.
- Declares taxable income less than prescribed limits under Presumptive Scheme.
- Gross receipts exceed 50 lacks in the Profession.
- Professionals claim lower profit in Presumptive Taxation Scheme u/s 44ADA.
What happens if you miss the return filing due date?
If the Taxpayer misses the deadline to file a tax return, they may have to pay a Late fee and interest on the unpaid taxes.
Late Fee: If a person does not file the return on the due date they have to pay a late fee of Rs 5000 u/s 234F of the income tax act. If the total income is less than Rs 5 lakh, the penalty will be reduced to Rs 1,000.
Interest: Interest will be charged @ 1% per month on unpaid amounts u/s 234A of the income tax act.
Loss Carry Forward /Adjustment: if you have losses from the business, property, or any others, then you can carry forward the losses and set off next year. It helps to reduce your tax liability legally.
The Carry forward of losses is allowed only if you file the return before the due date.
File Income Tax Return after the Due Date
Yes, you can file the income tax return after the due date through the Belated return let’s quickly check out what is belated return and the due date for the belated return-
Advance Tax Payment Due Date for FY 2023-24 (AY 2024-25)
If Taxpayers have Rs 10,000 or more tax liability on estimated income, they have to pay an Advance Tax per quarter. here are the due dates of the Advance tax payment-
|For The Quarter||Months||Due Date||Amount of Tax Payable|
|1.||April, May, June||15th June 2023||Minimum 15% of Advance Tax Liability|
|2.||July, August, September||15th September 2023||Minimum 45% of Advance Tax Liability|
|3.||October, November, December||15th December 2023||Minimum 75% of Advance Tax Liability|
|4.||January, February, March||15th March 2024||100% of Advance Tax Liability|
What is the Due Date for TDS Payment & TDS Return
TDS Payment due date is the 7th day of the next month, Example as above-
July month TDS Payment due date- 7th August
August month TDS Payment due date- 7th September
September month TDS Payment due date- 7th October
Let’s check out TDS return due dates for the FY 2023-24 (AY 2024-25) –
|For the Quarter||Month of Deduction||Due Date for Filing TDS Return for FY 2022-23|
|1||April, May, June||31st July 2023|
|2||July, August, September||31st October 2023|
|3||October, November, December||31st January 2023|
|4||January, February, March||31st May 2024|
Check out More-
- Which Tax Regime is the Best? Old Tax Regime vs New Tax Regime.
- what is the GST Registration process?
- How to apply for Food License (FSSAI) online?
Frequently Asked Questions (FAQs)-
Yes, you can file ITR by submitting a Belated Return with interest and penalties on the unpaid tax amount.
Yes, you can revise your ITR multiple times before the due date.
The last date for filing Income Tax Returns (ITR) for the Financial year (FY) 2022-23 and Assessment year (AY) 2023-24 is 31 July 2023.
31st October 2023 is the last date to file a Tax Audit Return and 30th September 2023 is the last date to submit the Audit Report to the Income Tax Department.
No there is no extension of the ITR due date for the FY 2022-23 (AY 2023-24).
The due date for filing an income tax return (ITR) is generally 31 July 2023 and the Belated Return filing due date is 31 Dec. 2023.
Yes, you can revise a belated return as many times as necessary but the last date of the Belated Return is 31 Dec. 2023 so it must be revised before the due date.
30th June 2023 is the last date to link Aadhar with PAN. After the due date, all unlinked PAN Cards shall become inoperative and you can not furnish or intimate your PAN number anywhere.