In FY 2022-23 (AY 2023-24), the last day to submit an Income Tax Return (ITR) without a late fee is 31st July 2023. Those who file their returns after the due date will have to pay interest under Section 234A and a penalty under Section 234F.
ITR Due Date A.Y. 2023-24 (F.Y.2022-23)
The following table shows the income tax return (ITR) due dates for different categories of taxpayers in the years 2023-24. These due dates are important for taxpayers to be aware of as they need to be sure to submit their returns by the applicable due date in order to avoid penalties. Penalties are applicable if returns are not submitted on time.
| Taxpayer Category | Due Date |
|---|---|
| Individual/HUF/AOP/BOI | 31-07-2023 |
| Businesses (Audited) | 31-10-2023 |
| Businesses requiring transfer pricing reports (International/specified domestic transactions) | 30-11-2023 |
| Revised Return | 31-12-2023 |
| Belated or Late Return | 31-12-2023 |
| Revised Return: The assessee may file a revised income tax return if any mistake has been found in the original return or belated return, before the assessment has been made or before 3 months have passed. | |
| Updated Return: Within 24 months from the end of the relevant assessment year, an assessee can file an updated return whether he has filed an original, belated or revised return. | |
Consequences for Late Filing of Income Tax Returns AY 2023-24
Persons required to file income tax returns must do so on time as specified above. Persons who fail to file income tax returns on time are subject to the following consequences.
Loss Adjustments
- It is mandatory to submit a return by the due date if one wishes to carry forward any business losses or speculation losses, losses from businesses specified under section 35AD, or capital losses or losses incurred while maintaining racehorses. Otherwise, the loss cannot be carried forward.
Interest for No Return or Late Income Tax Return
- If the income tax return for the assessment year 2023-24 is not filed by the specified due date or is filed after the specified deadline, simple interest is payable at 1% for each month or part of a month that the return is late or not filed at all.
- If no return has been filed as of the completion date of assessment u/s 144, 1% interest is payable.
- The interest rate shall be calculated by subtracting the amount of advance tax, TDS, etc. from the amount of tax payable on taxable income.
Penalty for Non-Filing or Delay of ITR A.Y. 2023-24
An individual who fails to file his income tax return by the specified due date will be liable to pay a penalty/fee.
- In case the total income of the person is up to Rs. 5 Lakh – Rs. 1000
- In other cases – Rs. 5000
FAQ on Income Tax Return Filing Due Date
Q. What is the last date to file the Income tax return for A.Y.2023-24?
A. The last date to file an income tax return is 31st July 2023.
Q. When to file ITR for AY 2023-24?
A. You can file your income tax return up to the last date, but you will be penalized and charged interest if you do so after the last date.
Q. Can I file ITR now for AY 2023-24?
A. It is possible to file the ITR for AY 2023-24 from 1st April 2023.
Q. Is there a penalty for delaying an ITR (AY 2023-24)?
The above table indicates that a penalty is imposed on those who are late with their income tax returns for the assessment year 2023-24.