ITR Filing Due Date 2023: July 31st is the Last Date to file the Income Tax Return for AY 2023-24 (FY 2022-23)
What is the Due Date to File ITR?
31st July is the last date for filing Income Tax Returns for FY 2022-23 (AY 2023-24) and the inability to file ITR on time can lead to heavy penalties and fines. Here is a list of important ITR due dates for FY 2022-23,
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Taxpayer Category
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ITR filing Due Date for FY 2022-23
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Individual / HUF/ AOP/ BOI, Business (Non-Audit cases including LLPs, and firms)
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31st July 2023
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Businesses (Audit cases including Private Limited Companies, OPC, LLPs, and firms)
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31st October 2023
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Furnishing of Income Tax Return in case of Transfer Pricing
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30th November 2023
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Revised Return
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31st December 2023 or before assessment, whichever is earlier.
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Belated/Late Return
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31st December 2023 or before assessment, whichever is earlier.
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Is ITR due date extended?
As the due date for ITR filing is nearing, over 4Cr ITR have been filed already and nearly 2Cr have been processed. To date, the government has not offered any extensions for filing Income Tax Returns after the due date of 31st July 2023.
Can we file ITR after the due date?
Yes, a taxpayer can file a belated return u/s 139(4) in case of failure to file ITR before the deadline. However, the taxpayer will have to pay interest and penalties under Sections 234A and 234F.
Moreover, the taxpayer will also face the following consequences,
- The new Income Tax Regime cannot be selected.
- Few losses cannot be carried forward.
- Exemptions under sections 10A, and 10B, shall not be available.
- Deductions relating to certain incomes under Part-C of Chapter VI-A shall not be available.
Interest on delay in filing ITR u/s 234A
Under section 234A, if the taxpayer fails to file ITR before the due date, an interest of 1% per month or part of the month will be levied on the amount of tax due. Even 1 day delay, after the due date will mean interest will have to be paid for 1 full month.
Fees for default in furnishing ITR u/s 234F
Section 234F states that if a person fails to furnish the Income Tax Return before the due date, a default fee of Rs. 5,000 shall be payable by the taxpayer. The fee amount shall not exceed Rs. 1000 if the total income of the person does not exceed Rs. 5 Lakh.
Belated Return u/s 139(4)
In case the taxpayer fails to furnish ITR before the prescribed time limit, a belated return can be furnished u/s 139(4) 3 months before the end of the assessment year or before completion of the assessment, whichever is earlier.
How to file ITR after the due date?
Worried about upcoming deadlines? Webtel is here to help with the fastest and most secure ITR filing software in India. Web-e-Tax is the perfect solution to simplify the tax filing process for your business and avoid heavy penalties on tax filing.
To know more, connect with us at: Web-e-Tax
Or talk to an expert at +91 7303393220