Discover the due date to file Income Tax Return (ITR) for AY 2023-24 in India. Get insights on penalties for late filing and understand the types of taxpayers.
Due date to file Income Tax Return for AY 2023-24
The due date for filing the Income Tax Return (ITR) for Assessment Year (AY) 2023-24, which is for the income earned during the financial year 2022-23, is usually July 31, 2023, for most taxpayers.
However, taxpayers who are required to get their accounts audited under the Income Tax Act, such as companies, LLPs, and some individuals, the due date for filing the ITR is usually October 31, 2023.
Types of tax payers
In India, taxpayers are classified into different types based on their nature of income and the type of entity. The following are the different types of taxpayers in India:
1. Individuals: Any person who earns income in India and falls under the criteria specified in the Income Tax Act, 1961, is considered an individual taxpayer. This includes salaried employees, self-employed individuals, and professionals.
2. Hindu Undivided Family (HUF): An HUF is a separate entity created by Hindu law and is considered a separate taxpayer under the Income Tax Act. The HUF can have its source of income, and its income is taxable separately from the income of its members.
3. Companies: Companies are legal entities registered under the Companies Act, 2013, and are taxed as a separate entity under the Income Tax Act.
4. Partnership firms: Partnership firms are entities registered under the Partnership Act, 1932, and are taxed as a separate entity under the Income Tax Act.
5. Limited Liability Partnership (LLP): LLPs are entities registered under the Limited Liability Partnership Act, 2008, and are taxed as a separate entity under the Income Tax Act.
6. Association of Persons (AOPs) and Body of Individuals (BOIs): AOPs and BOIs are groups of individuals who come together for a common purpose and generate income. They are taxed as a separate entity under the Income Tax Act.
7. Trusts: Trusts are legal entities created for charitable or religious purposes, and their income is taxed separately under the Income Tax Act.
It’s essential to understand the classification of taxpayers, as the tax laws, rules, and regulations applicable to each type of taxpayer may vary.
Penalty for not filing ITR within due date.
The following are the penalties for non-filing or late-filing of ITR:
1. If the ITR is not filed within the due date (i.e., July 31 for most taxpayers), but filed between August 1 and December 31 of the relevant Assessment Year (AY), the penalty amount is Rs. 5,000.
2. If the ITR is filed after December 31 of the relevant AY, the penalty amount increases to Rs. 10,000.
3. However, if the total income of the taxpayer does not exceed Rs. 5 lakh, the penalty for late filing of ITR is limited to Rs. 1,000.
4. In case of a delay in filing the ITR, interest under Section 234A, 234B, and 234C of the Income Tax Act may also be levied.
It’s essential to file the ITR within the due date to avoid the imposition of penalties and other adverse consequences, such as disallowance of certain deductions and loss of carry-forward benefits.
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The author is a GST and Income Tax Practisioner and can be contacted at 9024915488.
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Hi sir, I want to file my ITR for this year. Can you please help me in filing my ITR
Yes, you can contact us at 9024915488 for filing your ITR
(If the ITR is filed after December 31 of the relevant AY, the penalty amount increases to Rs. 10,000.)
comment :
Late filing is allowed upto 31st December , then updated return is to be filed. Kindly clarify.
Updated return is filed with penalty.
yes, updated return is to be filed after 31 dec. As of now penalty is Rs.1000 if income is less than 5 lakhs, Rs.5,000 if income is more than 5 lakhs.
Hii Sir, I want to file my ITR for this year can you please help me in file my ITR