Late Filing Return Penalty: Master Income Tax Return Due Dates and Avoid Financial Consequences (2023)
Income Tax Return (ITR) Filing Last Date for FY 2022-23 (AY 2023-24) – July 31 is the Last Date to File ITR. The last date to file the Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) without incurring a late fee is July 31, 2023. Taxpayers who file their returns after the due date will be subject to interest under Section 234A and a penalty under Section 234F, commonly known as the late filing return penalty.
Understanding Financial Year (FY) and Assessment Year (AY):
The return you are currently filing pertains to the income you earned in FY 2022-23, which covers the period from April 1, 2022, to March 31, 2023. The assessment year is the year in which you file your returns and declare your investments for tax assessment. For the income earned during FY 2022-23, the assessment year is AY 2023-24, which spans from April 1, 2023, to March 31, 2024.
Income Tax Returns (ITRs) Filing Start Date for 2023:
The e-filing of Income Tax Returns (ITRs) for AY 2023-24 (FY 2022-23) is expected to commence soon. It is anticipated that ITR filing may start from the first week of June. Currently, the Income Tax Department has released offline utilities for filing ITR-1, ITR-2, and ITR-4.
Income Tax Return (ITR) Filing Due Dates for FY 2022-23 (AY 2023-24):
|Type of Taxpayer/ Assessee:||Due Date|
|Individuals / HUF / AOP / BOI (books of accounts not required to be audited)||July 31, 2023 (late filing return penalty)|
|Businesses requiring audit||October 31, 2023|
|Businesses requiring transfer pricing reports (in the case of international/specified domestic transactions)||November 30, 2023|
|Revised return||December 31, 2023|
|Belated/late return||December 31, 2023 (late filing return penalty)|
Not sure which Income tax return applies to you?
Here are the different Income Tax Return Forms and their applicability :
|ITR-1||Individuals being residents, having income from salaries, one house property, other sources (excluding lottery winnings and income from racehorses), and having total income up to Rs 50 lakh.||Individuals having income from business or profession, capital gains, more than one house property, or income from sources outside India.|
|ITR-2||Individuals and Hindu Undivided Families (HUFs) not eligible to file ITR-1, having income from salary, house property, capital gains, and income from other sources, or having foreign assets/income.||Individuals who are eligible to file ITR-1.|
|ITR-3||Individuals and HUFs having income from business or profession and not eligible to file ITR-4, having income from salary, house property, capital gains, and income from other sources.||Individuals and HUFs who are eligible to file ITR-4.|
|ITR-4||Individuals, HUFs, and firms (excluding LLPs) opting for presumptive taxation scheme under Section 44AD, 44ADA, or 44AE of the Income Tax Act.||Companies, LLPs, and individuals who are not eligible for the presumptive taxation scheme.|
|ITR-5||LLPs, AOPs, BOIs, firms, and artificial juridical persons.||Individuals, HUFs, companies.|
|ITR-6||Companies other than those claiming exemption under Section 11 (income from property held for charitable or religious purposes).||Companies claiming exemption under Section 11.|
|ITR-7||Persons including companies required to furnish a return under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) (charitable or religious trusts, political parties, research associations, news agencies, etc.).||Individuals, HUFs, firms, LLPs.|
Important Points to Note:
If you miss the ITR filing deadline, you will be liable for interest under Section 234A and a late fee under Section 234, which is commonly known as the late filing return penalty.
Filing ITR after the due date will attract a late fee of Rs. 5,000 (late filing penalty if refund due), which may be reduced to Rs. 1,000 if the total income is below Rs. 5 lakh.
Loss adjustment can only be done if you declare the losses in your ITR and file it before the deadline. This helps lower your tax liability significantly.
In case you miss the ITR filing deadline, you can file a belated return until December 31, 2023. (late filing return penalty) However, you will still be subject to the late fee and interest charges, and you won’t be allowed to carry forward any losses for future adjustments.
Important Due Dates for Paying Advance Tax Instalments for FY 2023-24:
To ensure compliance with income tax requirements, it is essential to meet the due dates for advance tax payments.
The due dates for the payment of advance tax are:
|Due date||Nature of compliance||Tax to be paid|
|15th June 2023||First installment||15% of tax liability|
|15th September 2023||Second installment||45% of tax liability|
|15th December 2023||Third Instalment||75% of tax liability|
|15th March 2024||Fourth installment||100% of tax liability|
|31st March 2024 (tax saver scheme)||Presumptive scheme||100% of tax liability|
FAQs: Late Filing Return Penalty: Master Income Tax Return Due Dates and Avoid Financial Consequences
How can I claim an income tax refund after the due date?
An income tax refund can be claimed by filing a belated return on or before December 31, 2023. However, a penalty of up to Rs. 5,000 (late filing return penalty) will be charged for the delay, (late filing penalty if refund due), which may be reduced to Rs. 1,000 if the total income is below Rs. 5 lakh.
How can I pay income tax after the due date?
If you miss the due date for paying taxes and filing your return, you can still do so post the due date. However, a late filing penalty and interest will be levied. The penalty for late filing is Rs. 5,000 (late filing penalty taxes), which can be reduced to Rs. 1,000 if the total income is less than Rs. 5 lakh.
What section under the Income Tax Act allows an individual to file ITR after the due date?
Section 139(4) of the Income Tax Act allows for the filing of a belated return after the due date. A penalty of up to Rs. 5,000 is charged for the delay in filing the return, commonly known as the late filing return penalty.
What is the due date for filing an income tax return?
The due date for filing an income tax return is usually July 31 for individuals and non-audit cases of the relevant assessment year. For audit cases, the due date is October 31. It is recommended to file your return seamlessly using the ClearTax e-filing website.
How can I revise income tax returns before the due date?
If you want to revise the original return before the due date, you can file a revised return under Section 139(5) using the standard procedure for original return filing. Ensure that you complete the e-verification process while revising the return.
How can I revise income tax returns after the due date?
If you wish to revise the original return after the due date, you can still do so by filing a belated return before December 31, 2023, under Section 139(5). Please note that a late filing penalty and interest charges will be applicable.
What happens if I fail to file an income tax return before the due date?
If you fail to file an income tax return within the due date, you can file a belated return. However, a penalty of up to Rs. 5,000 will be charged for the delay in filing the return. If the total income is less than Rs. 5 lakh, the fee payable is Rs. 1,000.
What is the due date of return filing for Trusts?
For trusts whose accounts are not required to be audited, the due date for filing ITR for FY 2022-23 is July 31, 2023.(for tax exemption). If the trust’s accounts are required to be audited, the due date is October 31, 2023. Trusts that need to furnish a report in Form No. 3CEB under section 92E have a due date of November 30, 2023, to file ITR.
What is the due date of return filing for Companies?
For domestic companies, the due date for return filing for FY 2022-23 is October 31, 2023. However, suppose the company is involved in international transactions or specified domestic transactions and is required to furnish a report in Form No. 3CEB under section 92E. In that case, the due date for filing ITR is November 30, 2023.
Income tax return due dates and the potential late filing return penalty can be overwhelming, but staying informed and prepared is the key to success. By staying on top of the deadlines and understanding the consequences of late filing, you can avoid unnecessary stress and financial setbacks. Remember, timely filing is crucial, and seeking assistance from reliable tax filing services can make the process smoother. Be proactive, stay organized, and ensure compliance with the tax regulations. By doing so, you’ll be on your way to a successful and penalty-free tax filing journey. If you have any questions, feel free to contact us.
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