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Last Date for Filing ITR: Latest Budgetary Developments and TDS Forms

Updated: Jan 4

Let us explore the last date for filing Income Tax Returns (ITR) across different categories, taxes, and compliance obligations. Ensuring timely compliance with these deadlines not only facilitates adherence to regulatory requirements but also enables you to optimize tax deductions, avail rebates, and maintain flexibility in managing your business and investment ventures.

Below elucidated are the definitive timelines for fulfilling your tax obligations under the latest framework of ITR filing, including the crucial last date for filing ITR:

  1. Ensure timely compliance by submitting your income tax return (ITR) for the financial year 2023-24 before the crucial deadline of July 31, 2023, utilizing the appropriate ITR Application Form.

  2. Stay ahead of your tax obligations by making the first installment of Advance Tax for the financial year 2023-24 prior to June 15, 2023, using the designated Challan No./ITNS 280.

  3. Uphold your financial responsibilities by fulfilling the second installment of Advance Tax for the financial year 2023-24 by September 15, 2023, employing the prescribed Challan No./ITNS 280.

  4. Demonstrate your commitment to compliance by providing the Tax Audit Report for the financial year 2023-24 before the significant deadline of September 30, 2023, utilizing the appropriate Form 3CA/3CB/3CD.

  5. Safeguard your financial interests by submitting a comprehensive Transfer Pricing Report for specific domestic or international transactions within the stipulated time frame of October 31, 2023, utilizing the requisite Form 3CEB.

  6. Facilitate a seamless tax filing process by installing your ITR for the financial year 2023-24, particularly for audit cases without transfer pricing, by October 31, 2023, utilizing the designated ITR Form.

  7. Adhere to regulatory requirements by timely filing of your ITR for transfer pricing cases related to the financial year 2023-24 (pertaining to specified domestic or international transactions), no later than November 30, 2023, utilizing the applicable ITR Form.

  8. Fulfill your financial obligations by remitting the third instalment of Advance Tax for the financial year 2023-24 prior to the essential due date of December 15, 2023, utilizing the designated Challan No./ITNS 280.

  9. Rectify any errors or omissions by submitting a Revised or Belated Return for the financial year 2023-24 no later than the deadline of December 31, 2023, employing the prescribed Revised or Belated Return Form.

  10. Conclude the fiscal year 2023-24 on a compliant note by making the fourth and final instalment of advance tax, or the single and final instalment for taxpayers opting for the presumptive taxation system, on or before the pivotal date of March 15, 2024, ensuring timely fulfillment of your tax obligations.

Unfolding a few more updates corresponding to the last date for filing ITR:

Embracing ITR forms ITR-1 and ITR-4 on the e-filing portal now presents an added advantage of pre-filled data, significantly streamlining the filing procedure for taxpayers, and rendering it a more seamless experience.

The Excel utilities for ITR 1, 2, and 4 have been made accessible for taxpayers, rendering the process further efficient. However, it is vital to note that the online forms exhibit differences compared to the Excel utility. With the Excel utility, taxpayers must download the respective form, diligently furnish it with the requisite details, and subsequently upload it on the e-filing website.

Let us take a closer look at the forms that are relevant for TDS return:

Form 24Q is a quarterly TDS statement designed for reporting tax deductions made on salary payments. On the other hand, Form 27Q serves the purpose of reporting tax deductions made on payments to non-resident individuals or foreign companies, excluding corporations. Lastly, Form 26Q is specifically meant for reporting TDS deductions made in various cases, such as professional fees and interest payments. These forms play a crucial role in accurately documenting and submitting TDS information to the income tax authorities. In cases where tax is deducted at source as per Sections 194-IA and 194-IB, the entity responsible for deducting the tax is required to furnish a challan-cum-statement in the form of Form 26QB and Form 26QC, respectively. The deductor needs to submit this statement within 30 days from the conclusion of the month in which the TDS was deducted. It is worth noting that in such instances, there is no need for a separate return to be filed. This streamlined process ensures efficient compliance with the tax regulations pertaining to TDS deductions.

A few variations introduced to the taxation spectrum under the umbrella of Budget 2023:

1) Section 194BA refers to the introduction of Tax Deducted at Source (TDS) on income from online gaming.

2) Section 196A pertains to non-residents earning income from mutual funds in India and the provision of providing a Tax Residency Certificate to avail the benefit of TDS as per the tax treaty rate, instead of the standard 20% rate, effective from April 1st, 2023.

3) Section 192A involves the reduction of the TDS rate on Provident Fund (PF) withdrawals for employees without a PAN to 20% from the previous maximum marginal rate.

4) Section 193 addresses the absence of exemption from TDS on interest earned from listed debentures, necessitating the deduction of tax on the interest received from such specified securities.

5) Section 194N signifies the increase in the threshold for TDS on cash withdrawals by cooperative societies. As of April 1st, 2023, the tax will be deducted on cash withdrawals exceeding Rs 3 crore, as opposed to the previous limit of Rs 1 crore.


What is the methodology for filing an Income Tax Return after the designated due date has passed?

Filing your income tax return is crucial for claiming a refund. If you have not yet filed your ITR, you have the option to submit a belated return by the 31st of December in the assessment year. However, it's important to note that there is a penalty of ₹5,000 for late filing. In the situation where an individual's total income is less than five lakhs, a reduced fee of one thousand rupees is applicable.

Q) Could you guide me to the relevant section and requisites for revising Income Tax Returns prior to the due date?

A) According to Section 139(5), taxpayers behold the option to revise their original return if any amendments are required. The revised return can be filed using the same procedure as the original return. It is important to note that the e-verification process must be completed for the revised return.

Q) Could you let me know if there are penalties for late payment of TDS?

A) Affirmative! As per Section 234E, a penalty of Rs 200 per day is applicable for late payment of TDS. The deductor is responsible for paying this penalty for each day of delay. However, the amount of late fees cannot exceed the TDS amount. Additionally, under Section 271H, the department may levy a penalty ranging from Rs 10,000 to Rs 1,00,000, which is in addition to the late filing fees specified in Section 234E.

Q) What are the consequences of failing to meet the income tax deadline?

Late filing of the Income Tax Return (ITR) leads to the imposition of interest at a rate of 1% per month or part thereof on the outstanding tax amount, as stipulated under Section 234A. Additionally, a late fee of Rs. 5,000 (or Rs. 1,000 in a scenario where the absolute income is below Rs. 5 lakhs) is levied according to Section 234F, serving as a deterrent for delayed filing. It is crucial to declare losses in the ITR within the specified deadline to ensure their potential offset against future income, as failing to do so would hinder this advantageous opportunity. The current deadline for submitting belated returns is 31st December 2023, emphasizing the importance of timely compliance.

Q) How does the Income Tax Act address the filing of a belated return, and what are the consequences for filing the return after the due date?

The Income Tax Act, under Section 139(4), accommodates the filing of a belated return, referring to the submission of a return after the prescribed deadline. Failure to file the return on time attracts a penalty of up to Rs. 5,000.