Income Tax ITR Filing Due Date 2022-2023 AY 2023-24

Income Tax ITR Filing Due Date 2022-2023 AY 2023-24

An income Tax Return (ITR) is a document that individuals, businesses, and other entities must file with the Income Tax Department of India. The form provides information about an individual's income, tax deductions, and liabilities for a particular financial year. The last date for filing income tax returns in India (ITR) for the assessment year 2022-2023 is July 31, 2023, for individuals and September 30, 2023, for businesses and other entities. However, filing your ITR well in advance is always advisable to avoid any last-minute rush or penalty charges. It's also important to note that the dates may be subject to change, so it's best to keep an eye on the latest updates from the Income Tax Department.

ITR Filing Important Due Dates

Filing income tax returns (ITR) is a necessary obligation for individuals and businesses in India. Here are the important last dates for income tax filing for the AY 2022-2023.

Criteria Due Date
Individuals/ HUFs/ AOP/ BOI July 31, 2023
Business October 31, 2023
Business (that require transfer price report) November 30, 2023,
Revised/ Late return December 31, 2023,

What is the Financial Year and Assessment Year?

The financial year (FY) is the 12-month period when a company or an individual's income is calculated for taxation purposes. In India, the financial year begins on April 1 of one year and ends on March 31 of the following year. For example, the financial year 2021-2022 began on April 1, 2021, and will end on March 31, 2022.

On the other hand, the assessment year (AY) is the year in which the income earned during the previous financial year is evaluated and taxed by the Income Tax Department. It is the year following the financial year for which the tax return is being filed. For instance, if you file your tax return for the AY 2021-2022, the assessment year will be 2022-2023.

Therefore, the financial year determines the income earned by an individual or entity, and the assessment year determines the income taxation by the Income Tax Department. Keeping track of the financial and assessment years while filing your tax returns is essential.

Due Date for Filing TDS Returns

Tax Deducted at Source (TDS) is a tax deducted by an individual or business entity while making certain payments such as salary, interest, rent, commission, etc., to another person. The TDS amount is then remitted to the government on behalf of the payment recipient.

In India, entities that are responsible for deducting TDS are required to file TDS returns quarterly. The last date for filing an income tax return for the quarter from January to March is May 31, 2023. Filing TDS returns on time is essential to avoid penalties or legal issues with the tax authorities.

Interest and Penalty for Late Filing of TDS Return

  • Late filing of TDS/TCS returns under Section 234E attracts a fine of Rs 200 per day until the return is filed, up to the amount of TDS to be paid.
  • The Assessing Officer may impose a penalty under Section 271H of Rs 10,000 to Rs 1,00,000 for failure to file the TDS/TCS return.
  • Interest on late deposit of TDS under Section 201(1A) is calculated at 1.5% per month from the date of deduction to the actual date of deposit.
  • Failure to pay TDS to the Central Government under Chapter XVII-B may result in imprisonment for three months to seven years and a fine.
  • Penalty provisions were waived during the COVID-19 lockdown period from March  20, 2020, to June 30, 2020.

What Happens if You Miss the ITR Due Date?

Filing income tax returns (ITR) after the due date can result in penalties and legal issues with the Income Tax Department. Here's what happens if you miss the ITR filing deadline.

  • Filing ITR after the due date will attract interest under Section 234A, which is 1% per month or part month on the unpaid tax amount.
  • A late fee of Rs. 5,000 under Section 234F will also have to be paid. It can be reduced to Rs. 1,000 if the total income exceeds Rs. 5 lakhs.
  • If you have incurred losses that you want to adjust with future income, it is important to declare them in your ITR and file it before the deadline.
  • If you miss the ITR filing due date, you can file a late return, but you will still have to pay the late fee and interest and will not be allowed to carry forward losses for future adjustments.
  • The due date for filing a late tax return for the assessment year 2022-2023 is December 31, 2023, unless extended by the government. 

FAQ's About Income Tax ITR Filing Due Date

How to file an Income Tax Return after the Due Date?

If you miss the due date for filing your Income Tax Return (ITR), you can still file a late return. You can file a late return by logging in to the income tax e-filing portal and selecting the option to file a late return under the ‘e-File’ tab. However, if you file a belated return, you may have to pay the penalty or interest on the tax due.

How to pay income tax after the due date?

If you miss the due date for paying your income tax, you must pay interest under section 234A of the Income Tax Act, 1961. You can pay by logging in to the income tax e-filing portal and selecting the ‘e-Pay Tax’ option. You can also pay offline by visiting the bank authorised to collect income tax.

Under which section income tax return is filed after the due date?

Income tax return filed after the due date is filed under Section 139(4) of the Income Tax Act, 1961.

What is the due date for filing an Income tax return?

The last date for filing income tax returns in India for individuals and Hindu Undivided Families (HUFs) is July 31 of the Assessment Year (AY) for which the return is being filed. However, the due date may vary for other categories of taxpayers.

How to revise Income Tax Returns before the Due Date?

To revise an Income Tax Return (ITR) before the due date, you can log in to the income tax e-filing portal and select the option to revise the return under the ‘e-File’ tab. You can revise the return any number of times before the due date.

What is the Due Date of return filing for Companies?

The due date for filing Income Tax Returns (ITR) for companies is September 30 of the Assessment Year (AY) for which the return is being filed.

Can I file ITR for AY 2022-23 now?

You can now file Income Tax Return (ITR) for AY 2022-23. The ITR forms for AY 2022-23 were released on April 7, 2022.

How do I file my ITR 2022-23?

You can file your Income Tax Return (ITR) for AY 2022-23 online by logging in to the income tax e-filing portal, selecting the appropriate ITR form based on your income source, and filling in the required details. You can also file your ITR offline by submitting a physical copy of the ITR form at the Income Tax Department’s office.

What is the penalty for not filing ITR?

If you do not file your Income Tax Return (ITR) by the due date, you may have to pay a penalty of up to Rs. 10,000 under Section 234F of the Income Tax Act, 1961. The penalty amount may vary depending on the time of filing the return.

Can we file ITR 3 without CA?

Yes, you can file Income Tax Return (ITR) Form 3 without the help of a Chartered Accountant (CA) if you have the necessary knowledge and expertise in tax laws and accounting. However, it is recommended that you seek professional help to avoid any errors or mistakes in the return.

Is ITR Due Date Extension Possible?

The Income Tax Department may extend the last date for filing income tax returns.

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