Know your Income Tax Return (ITR) due date for FY 2022-23 (AY 2023-24). File on time to avoid penalties, interest, and loss of benefits. Understand consequences of missing the ITR due date.
As we are approaching July, by this time the salaried persons are having their Form -16 now with them and Income Tax Department has also made available the different ITR Forms to the taxpayers on its e-filing website.
It is better to file your income tax return (ITR) before the due date to avoid unnecessary interest and penalty from the income tax department and if you file your income tax return after the due date you will not get certain benefits from the department. Hence it is necessary to know your ITR due date.
When is your ITR Due date?
Section 139(1) of the Income tax act, 1961 provides the due date of ITR. The due date of a taxpayer depends upon his source of income and nature of constitution of business.
Following table will give you the due dates of ITR for FY 2022-23 (AY 2023-24)
| Category | ITR Filing Due Date |
| Individual/HUF/AOP/BOI | 31st July,2023 |
| Company/Partnership/Proprietorship that require audit | 31st October,2023 |
| Companies/Business that require transfer pricing reports | 30th November,2023 |
From the above table one should understand that, if he is a salaried person/he has let out portion of his house/has a business or profession that does not require audit (i.e., Turnover/Gross receipt of business is <= 1 crore OR Gross receipt of profession is <= 50 lakhs) then his due date for ITR filing would be 31st July,2023.
If taxpayer is a company or has a business or profession that requires audit (i.e., Turnover/Gross receipt of business is more than 1 crore OR Gross receipt of profession is more than 50 lakhs) then his/its due date for ITR filing would be 31st October, 2023. If taxpayer is required to submit transfer pricing report as per section 92E of the income tax act,1961 then his/its due date for ITR filing would be 30th November,2023.
What if you miss the above due dates?
If you miss to file your ITR before the above-mentioned due dates, then also you can file you ITR for FY 2022-23 within 31st December, 2023 but you must pay a prescribed amount of interest and penalty. 31st December,2023 is the last date to file the belated/late return for FY 2022-23.
If you have filed the ITR but later you find some discrepancy/omission in your ITR, then you can revise your ITR within 31st December,2023.
Consequences of missing ITR due date
- A penalty ranging from Rs1000 to Rs 5000 will be imposed under section 234F.
- An interest at the rate of 1% per month or part of the month will be applicable on the unpaid amount of tax due under section 234A.
- Carry forward of certain losses for set-off in future will not be allowed to tax payer.
- He/ She must file ITR under old tax regime as he/she will not be able to opt for new tax regime, if ITR filed belatedly.
- If the taxpayer has a refund of taxes already paid then he would be entitled receive interest on the refund due only after date of filing ITR as against interest from 1st April,2023 (i.e., from the first day of assessment year) if he/she has filed ITR within due date.
- If the taxpayer is entitled to certain exemptions/deductions from tax under the income tax act 1961, then such exemption/deduction will not be available for him.
Keeping all this in mind, it is better to file ITR within the due date to avoid interest & penalty and to get all the benefits available under the act.
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