Due Date to File Income Tax Return for AY 2023-24 is 31st of July 2023

Filing an Income Tax Return (ITR) is an important responsibility for taxpayers in India. It helps individuals report their income, claim deductions, and fulfill their obligations under the Income Tax Act. Each year, the due date for filing ITR may vary. For the assessment year 2023-24, the due date for filing the ITR is 31st of July 2023. In this article, we will delve into the significance of the due date and provide essential information for taxpayers to meet their obligations.

Understanding the Due Date to File Income Tax Return for AY 2023-24

The due date for filing the ITR is the deadline by which taxpayers must submit their income details to the Income Tax Department. For the assessment year 2023-24, the due date is set for 31st of July 2023. It is important to note that this due date is applicable to most individuals who are not required to have their accounts audited under the Income Tax Act.

Consequences of Late Filing of Income Tax Return for AY 2023-24

Failing to meet the due date for filing ITR can have consequences for taxpayers. Some key repercussions include:

1. Penalty and Interest: Late filing of ITR may attract a penalty under Section 234F of the Income Tax Act. As per the provision, individuals who file their ITR after the due date but before 31st December of the assessment year are liable to pay a late filing fee. The penalty amount varies based on the timing of filing. Additionally, interest under Section 234A may be charged on any outstanding tax liability.

2. Inability to Claim Refund of tax deducted: Filing the ITR after the due date may result in the loss of certain benefits. Taxpayers may not be able to claim Refund of TDS if the ITR is filed late.

Steps to file Income Tax Return for AY 2023-24

To ensure timely filing of ITR and avoid penalties, taxpayers can follow these steps:

1. Gather Necessary Documents: Collect all the relevant documents, such as Form 16 (issued by the employer), Form 16A (issued by deductors), bank statements, investment proofs, and other supporting documents related to income and deductions.

2. Compute Income and Tax Liability: Calculate your total income from all sources and determine the tax liability by applying the appropriate tax rates. Consider eligible deductions under various sections of the Income Tax Act to reduce your tax liability.

3. Choose the Correct ITR Form: Select the appropriate ITR form based on your income sources, residential status, and other criteria. Ensure that you choose the correct form to accurately report your income and claim deductions.

4. File the ITR: Fill in the required details in the chosen ITR form either manually or using the online platform provided by the Income Tax Department. Verify the information entered and double-check calculations to avoid any errors.

5. E-Verify or Send Physical ITR-V: After filing the ITR, complete the verification process by electronically signing the form using an Electronic Verification Code (EVC) or by sending a physical copy of the ITR-V (Acknowledgment) to the designated address within the specified timeframe.

Conclusion:

The due date for filing the Income Tax Return for AY 2023-24 is set for 31st of July 2023. Taxpayers must ensure they file their ITR on time to avoid penalties and to claim deductions accurately. It is essential to gather the necessary documents, compute income and tax liability, choose the correct ITR form, and file the ITR within the prescribed timeline. By meeting the due date, taxpayers can fulfill their obligations, stay compliant with tax laws, and enjoy the benefits of timely filing.

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The author is an Income Tax and GST Practitioner and can be contacted at 9024915488.