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ITR Filing’s last date for FY 2022-23 (AY 2023-24) without late fees is July 31 2023. Failure to file the return on time will result in interest under Section 234A and a penalty under Section 234F. Taxpayers are expecting the ITR Filing Last Date of 2023 to be extended. However, will the ITR Filing Last Date be extended?
It is expected that no such extension will be made this year. As per the Income Tax Department, around six crore people have already filed their ITRs for FY 2022-23 (AY 2023-24). The recent reports reflect that the Government has no intention to extend the deadline for ITR Filing beyond July 31. Taxpayers other than those whose accounts have to be audited must ensure to file their returns by July 31.
Table of Contents
An Income Tax Return (ITR) is a form or a document that individuals, businesses, and other entities use to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a declaration of taxable income and taxes owed or eligible to receive as a refund.
It serves as a means for taxpayers to provide comprehensive information about their financial transactions, sources of income, and expenses to the tax authorities. It also helps determine the taxpayer’s liability and enables the Government to assess and collect taxes effectively. ITR filing is required to be done annually by taxpayers. In an ITR, the taxpayer provides details of income and relevant financial information for a specific period, i.e., a financial year. The Financial year begins on April 1 and closes on March 31 in the succeeding year.
By ITR filing, taxpayers fulfil their legal obligation to report their income and pay the applicable taxes. It is important to file ITR correctly and within the prescribed time frame to avoid penalties, comply with tax laws and maintain good standing with the tax authorities.
The Financial Year is the year the return is being filed. FY is filed. The income earned in FY 2022-23, i.e., between April 1 2022 and March 31 2023, will be taxed in the AY 2023-24. The AY is the FY 2022-23 review year, where you file your returns and declare your investments. For the income earned in the FY (2022-23 in this case), the assessment year would be the immediately succeeding year, i.e., April 1 2023 to March 31 2024.
Timely ITR filing is a legal obligation imposed by the Government. Individuals and entities must fulfil their tax obligations by accurately reporting income, claiming deductions and exemptions and paying the appropriate amount of tax within the prescribed timelines. Timely ITR filing enables the Government to assess and collect taxes efficiently, ensuring the smooth functioning of public services and welfare initiatives.
The ITR e-filing for AY 2023-24 (FY 2022-23) has begun. The last date for ITR filing for FY 2022-23 has been discussed below.
If you fail to submit your return on time, you will be liable to pay interest at the rate of 1% per month or part month on the unpaid tax amount as per Section 234A.
Section 234F imposes a late fee of INR 5000 in case of late filing, which shall be reduced to INR 1,000 if your total income is below INR 5 lakh.
If you have incurred losses from sources like the stock market, properties, mutual funds, or any of your business, you can carry it forward and offset it against your income in the subsequent year. This provision reduces your tax liability substantially in future years. However, you are barred from carrying forward these losses if you miss your ITR filing.
If you miss your ITR filing due date, you can file a return after the due date, called a belated return. But, you will still have to pay late fees and interest charges and will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is December 31 of the AY (unless extended by the Government). Therefore, for this year, please submit the belated return by December 31, 2023, at the latest.
Certain income tax formalities need to be followed within specific due dates, such as filing income tax returns, timely payment of advance tax1, etc. The due dates for payment of advance tax are:
In conclusion, the ITR filing should be done timely within the prescribed time to avoid interest and penalties. For the FY 2022-23 (AY 2023-24), the last date to file an Income Tax Return is July 31, 2023.
The last date for ITR filing in 2023 is July 31.
No, the Government has not extended the deadline for ITR filing.
Yes, you can file your ITR in April 2023, as the last date for filing an ITR without a late fee is July 31 2023.
The late fee for individuals with a total income above INR 5 lakh is INR 5000, whereas, for those with income up to INR 5 lakh, the late fee is INR 1000.
The new change to the income tax portal is that it provides quick access links to e-verify returns, link Aadhaar, no refund and ITR status, etc., under the ‘Our Services’ tab.
The change in income tax filing in 2023 is that the basic exemption threshold has increased to INR 3 lakhs, and the tax rebate for salaried individuals and taxpayers has been increased to INR 7 lakhs from its earlier limit of INR 5 lakhs.
The time limit for filing an updated return is two years from the close of the relevant assessment year.
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