ITR Filing Last Date: Everything You Need to Know About the Deadline and Refunds
Updated: Dec 18, 2023
Previously, the government has extended the due dates for filing Income Tax Returns (ITRs) for miscellaneous reasons. However, the ITR last date might not get extended this time around.
This is especially likely since the Central Board of Direct Taxes (CBDT) has released the new ITR forms for the Assessment Year 2023-24 over a month before the usual time.
Table of Content
ITR filing last date for the financial year 2022-23 (Assessment Year 2023-24) is 31st July 2023. You must adhere to 31st July, 2023 as ITR filing last date to avoid paying late fees.
The due date for tax filing for Individual / HUF/ AOP/ BOI is 31st July 2023. Please note that the books of accounts need not get audited under these categories of taxpayers.
The due date for businesses is 31st October 2023. They are supposed to undergo an audit.
And the due date for businesses that need transfer pricing reports (for international or specified domestic transactions) is 30th November 2023.
What occurs if you fail to file your income tax return by the deadline?
If you file your return after the due date, you will be charged interest at a rate of 1% per month or part month on the unpaid tax amount, as per Section 234A. Additionally, if your total income is above Rs.5 lakh, you will be required to pay a late fee of Rs.5,000 under Section 234F. However, if your income is less than Rs.5 lakh, the late fee will be reduced to Rs.1,000.
To minimize your tax liability, you can carry forward losses from the stock market, mutual funds, properties, or any of your businesses and offset them against next year's income. But, if you miss the deadline, you will not be able to carry forward losses for future adjustments, even if you file a belated return. Nonetheless, you will get accounted to pay the late fee and interest.
While the ITR filing last date without penalties is 31st July 2023, the last date to file the belated return is 31st December 2023 for the current year.
Once your Income Tax Returns (ITR) and the verification process gets processed, it usually takes 20-45 days for the income tax refund to be issued. In case it takes longer than expected, contact the Centralised Processing Centre (CPC) for an update on the status of your refund.
Other than saving yourself the hassle of paying penalties and late fees, filing income tax returns, in general, opens up numerous avenues for you and serves its benefits across various aspects of your life and financial growth.
Primary Benefits of filing ITR
1) Filing Income Tax Returns (ITR) can be helpful for individuals applying for loans, as most banks may require a copy of their tax returns, including the State Bank of India, which asks for the latest salary slip showing all deductions, TDS certificate/Form 16, and a copy of ITR for the last two financial years from the vehicle loan applicants.
2) If you fail to file returns, you won't be able to carry forward any capital losses (short-term or long-term) incurred in a financial year to adjust against capital gains in the subsequent years. Long-term capital losses can be carried forward for up to eight consecutive years succeeding the year in which the loss was incurred and can only get adjusted against long-term capital gains. However, short-term capital loss (STCL) can get adjusted against long-term and short-term capital gains.
3) According to experts, those who plan to start a business and wish to apply for a government tender may be required to submit tax return receipts for the past five years. This is necessary to demonstrate their financial status and ability to meet payment obligations, although the specific requirements may differ depending on the particular government department. Moreover, in general, ITR receipts serve as the sole evidence of income and tax payment for the self-employed in all financial transactions.
4) If you plan to travel abroad, some foreign consulates, especially those in the US, UK, Canada, or Europe, may ask for ITR receipts of the last couple of years, and in some cases, the previous three years, during the visa interview. However, this requirement is usually less stringent for travel to Southeast Asia or the Middle East.
Not Sure Whether You Should File an Income Tax Return?
Do you not know if you are required to file a federal income tax return? We’ll help you. For insights, read our full article! TaxBuddy makes it even easier for you to do an e-file of your IT return.
Filing Made Easy with TaxBuddy
For Salaried Individuals: Just upload your Form 16 if you are getting a salary! TaxBuddy will prepare your return and file it electronically within minutes.
For Freelancers and Small Business Owners: If you are a freelancer, SME, or manage home-based businesses such as Kirana stores that fall under section 44AD or 44ADA, it’s easy for you to file on TaxBuddy to prepare and e-file your ITR-4 Thanks to our team of CAs, we are able to electronically file your tax returns for you. Experience a customized plan with our CA-assisted packages.
Automatic ITR Form Selection: The form that is relevant to your situation will be chosen by TaxBuddy by itself. We are ready to help in filling out such ITR forms as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
ITR Due Dates for FY 2022-23 (AY 2023-24)
For a hassle-free tax-filing experience, take note of the essential ITR due dates for the year 2023:
Individuals/HUF/AOP/BOI: The deadline for submission of ITR is 31st July 2023.
Businesses Requiring Audit: The deadline for ITR filing is on or before October 31, 2023.
Businesses Requiring Transfer Pricing Reports: ITR has to be filed by November 30th, 2023.
Revised Return: Send back any changes made to your return before December 31st, 2023.
Belated/Late Return: Late or belated returns are also due by December 31, 2023.
Due Dates for Paying Advance Tax Instalments for FY 2023-24
Here are the crucial due dates for paying advance tax installments for the financial year 2023-24:
15 June 2023: First Installment – Pay 15 percent of your tax bill.
15 September 2023: Second Instalment – Pay 45% of tax liabilities.
15 December 2023: Third Installation – Pay 75% of your tax.
15 March 2024: Fourth instalment – make the full payment that will cover 100% of your tax liability.
31 March 2024: Pay your tax debt in full before this date.
Income tax filing due dates for FY 2023-24 (AY 2024-25)
Category of TaxpayerIncome tax filing due dates for FY 2023-24 (AY 2024-25) | Due Date for Tax Filing - FY 2023-24 |
Individual / HUF/ AOP/ BOI | 31st July 2024 |
(Books of accounts not required to be audited) | |
Businesses (Requiring Audit) | 31st October 2024 |
Businesses requiring transfer pricing reports (In case of international/specified domestic transactions) | 30th November 2024 |
Revised return | 31 December 2024 |
Belated/late return | 31 December 2024 |
Note:
"The tax department has introduced a new schedule in the notified ITR forms, specifically for reporting the income earned from virtual digital assets, including cryptocurrencies."
I, along with the diverse team of tax experts at TaxBuddy, am here to help you facilitate tax filing and ensure you reap all the benefits of being on time with the last/due dates.
Let's have a look at some recently asked questions about filing income tax return.
FAQs:
Q1. Is there a place to amend an income tax return before the due date?
To amend an income tax return before the due date, the taxpayer can use the revised return option under Section 139(5) and follow the standard procedure for filing an original return. However, the ITR must be submitted under Section 139(5), and the entire e-verification process must get completed for the revised return.
Q2. When is the last date to file ITR for FY 2022-23?
You must file your Income Tax Return (ITR) for the financial year 2022-23 (Assessment Year 2023-24) by the last date, which is 31st July 2023, to avoid paying late fees.
Q3. Which sections offer you the option to claim an income tax return after the due date?
If you miss the due date for filing ITR but still want to claim an income tax refund, you can file a belated return on or before 31st December of the assessment year. However, a penalty of Rs.5,000 for the delay gets charged as a late fee under Section 234F. But, if the person's total income is less than Rs.5 lakh, the late payable fee gets reduced to Rs.1,000.
Q4. Who is required to obtain an income tax audit report?
Businesses with an annual turnover of more than one crore and professionals with receipts greater than Rs. 50 lakhs are required to obtain an income tax audit report.
