Table of Contents
- Key Highlights
- What are FY and AY?
- ITR Filing Start Date
- ITR Filing Due Dates
- What Happens If You Miss the Deadline?
- Advance Tax Due Dates
- How to Claim a Refund After the Due Date
- How to Revise ITR Before and After Due Date
The last date to file your Income Tax Return (ITR) without penalty for Financial Year 2022-23 (Assessment Year 2023-24) is 31st July 2023. Read this comprehensive guide on ITR filing last date FY 2022-23 (AY 2023-24) and know all the key dates, avoid penalties, and maximize tax benefits when filing your ITR.
The income tax return filing season is here again!
As an Indian taxpayer, you need to file your ITR every year before the specified due date to report your income and claim tax deductions. This ensures you comply with income tax laws and avoid penalties.
The deadline for filing ITR for FY 2022-23 (AY 2023-24) is 31st July 2023. This means you need to file your return for the income earned between 1st April 2022 – 31st March 2023 before this date.
However, the due date is different for each category of taxpayers like businesses, professionals, and senior citizens. Missing the ITR deadline can result in late filing fees, interest, and even loss of income tax benefits.
This comprehensive guide from filingwala.com will provide complete clarity on all key ITR due dates for FY 2022-23 to help you file on time and maximize tax savings.
Key Highlights of ITR filing last date FY 2022-23 (AY 2023-24)
- Normal ITR filing due date: 31st July 2023
- Due date for audit cases: 31st October 2023
- Due date for transfer pricing cases: 30th November 2023
- Last date for belated ITR: 31st December 2023
- Interest payable for delay: 1% per month
- Late filing penalty: Rs 5,000 (Rs 1,000 for income under Rs 5 lakhs)
Ensure you note down these key dates to avoid any hassles later on. Now let’s understand what financial year and assessment year mean when it comes to income tax.
What are Financial Year and Assessment Year?
- Financial Year (FY): The 12-month period starting April 1 and ending March 31 is known as the financial year. For instance, FY 2022-23 starts from 1st April 2022 and ends on 31st March 2023.
- Assessment Year (AY): The year following the financial year is known as the assessment year. Income earned during a financial year is assessed in the next financial year. For FY 2022-23, the corresponding assessment year is AY 2023-24.
So in simple terms:
- FY 2022-23 ➔ Income earned between 1st April 2022 – 31st March 2023
- AY 2023-24 ➔ Returns filed for FY 2022-23 income
When you file your ITR this year, it will be for FY 2022-23 (AY 2023-24).
Now let’s see when the ITR filing window opens and the different due dates applicable.
ITR Filing Start Date
The Income Tax Department usually opens the ITR filing facility on 1st April of the assessment year.
So for FY 2022-23, the e-filing window opened on 1st April 2023. Taxpayers could start filing their returns from this date.
However, remember that the ITR form allows you to report income earned in the previous financial year only. You cannot file returns for income earned in the current financial year as it is still ongoing.
ITR Filing Due Dates
Here are the ITR filing due dates for different categories of taxpayers:
|Individuals, HUFs, AOPs, Businesses and Trust (no tax audit required)
|31st July 2023
|Businesses and Trust requiring tax audit
|31st October 2023
|Transfer pricing cases
|30th November 2023
|31st December 2023
Individuals, HUFs, AOPs
This covers salaried employees, professionals like doctors, CA, lawyers etc. with income below the tax audit limit of ₹1 crore.
The due date for filing ITR is 31st July 2023.
Businesses Requiring Tax Audit
Businesses with annual turnover exceeding ₹1 crore and any Professional with receipts above Rs 50 lakh are required to get their accounts audited under section 44AB. They need to file their ITR by 31st October 2023.
Transfer Pricing Cases
Businesses that have undertaken international transactions or specified domestic transactions covered under transfer pricing regulations need to file their ITR by 30th November 2023.
If you miss the original ITR due date, you can still file a belated return by 31st December 2023. However, there will be late filing fees and interest implications.
You can also revise your original ITR filed by 31st December 2023 if you made any errors or omissions.
Make sure you mark your calendars with these final dates to avoid any last-minute hassles!
What Happens if You Miss the ITR Deadline?
Here are the repercussions of missing the ITR due date:
- Interest u/s 234A – Interest at 1% per month is payable on the outstanding tax liability until the date you file the ITR.
- Late Filing Fees u/s 234F – A flat ₹5,000 penalty if ITR filed after the due date. This is reduced to ₹1,000 for taxpayers with total income below ₹5 lakhs.
- Carry Forward of Losses Restricted – Losses under the head House Property, Capital Gains, or Business/Profession cannot be carried forward to the next year if ITR is filed post the deadline.
- Additional Liabilities – Non-filing could potentially attract penalties and prosecution provisions under the Income Tax Act in extreme cases.
Hence, you should file your ITR well before 31st July 2023 or other applicable due dates to avoid these consequences.
An easy way to file your ITR on time and correctly is using the user-friendly e-filing platforms like filingwala.com, which make the entire process smooth and hassle-free.
Advance Tax Due Dates
If you have tax liabilities during the financial year, you need to pay advance tax in installments on specified due dates instead of a lump sum at the year-end.
Here are the due dates to pay advance tax for FY 2022-23:
|Advance Tax Payable
|15th June 2022
|15% of total tax liability
|15th September 2022
|45% of total tax liability
|15th December 2022
|75% of total tax liability
|15th March 2023
|100% of total tax liability
Taxpayers having income under presumptive taxation like section 44AD or 44ADA need to pay 100% advance tax by 15th March 2023.
Failure to pay adequate advance tax attracts interest under section 234B and 234C at 1% per month for shortfall and deferment respectively.
How to Claim an Income Tax Refund After the Due Date?
If you have missed the ITR filing deadline but are eligible for a refund, you can still file a belated return to claim it.
Follow these steps:
- File the relevant ITR form and claim your refund before 31st December 2023. This is the last date to file a belated return.
- You will need to pay a late filing penalty of ₹5,000 (₹1,000 if income below ₹5 lakhs).
- Your refund will be processed as per regular timelines after ITR validation. You can track it via the Income Tax e-filing portal.
- However, no interest will be paid on refunds claimed via a belated ITR. interest u/s 244A is payable only on refunds issued against returns filed by the due date.
So in a nutshell, you can file a delayed ITR to claim refunds before 31st December 2023. The only drawback is loss of interest which could have accrued if on-time filing was done.
How to Revise ITR Before and After Due Date?
Sometimes taxpayers realize they have made errors or missed out on disclosing some income/deductions after filing their original return.
In such cases, you can revise your ITR under section 139(5) of the Income Tax Act. Here is the process:
Before Due Date
- File ITR using the same form as original return. Tick the ‘Revised Return’ box this time.
- Revised return can be filed multiple times before due date. Each subsequent return replaces the previous one.
- Pay additional tax liability via self-assessment tax or adjust against refund, if any.
After Due Date
- File belated revised return before 31st December 2023.
- Additional tax and interest needs to be paid as per original due date. Delayed payment attracts further interest.
- Late filing fees of ₹5,000 (or ₹1,000) also applicable even for revised returns.
Revising your ITR ensures errors are corrected and help you avoid penalties and prosecutions later on. Ensure you don’t miss the 31st December deadline for belated revised returns.
Frequently Asked Questions on ITR filing last date FY 2022-23 (AY 2023-24)
What happens if ITR is not filed before the due date?
If you don’t file your ITR within the due date, you will have to pay late filing fees of ₹5,000 (₹1,000 if income below ₹5 lakhs). Interest under section 234A is also payable at 1% per month for delayed filing. Losses incurred cannot be carried forward to next year as well.
What is the last date for filing a belated return?
If you have missed the original ITR due date, you can still file a belated return by 31st December of the assessment year. For FY 2022-23, the belated ITR deadline is 31st December 2023.
Can I file two income tax returns in one assessment year?
No, you cannot file a second ITR for the same assessment year unless it is a revised return. A revised return can be filed multiple times before the due date and even after the due date till 31st December to correct any mistakes or omissions.
Is there any income tax return filing due date extension in 2023?
Usually, the Government extends ITR due dates only in case of exceptional circumstances like natural disasters, pandemics, technical problems on the e-filing portal etc. No extension has been announced yet for FY 2022-23.
Can I file income tax return manually after the due date?
No, manual filing of ITR is not permitted after the due date. You have to e-file your belated return before 31st December and submit the ITR-V acknowledgment form. The tax department only accepts manual filing of original returns by the deadline.
Conclusion on ITR filing last date FY 2022-23 (AY 2023-24)
We have covered all the key ITR due dates for individuals, businesses, and other taxpayers for smooth compliance.
The financial year 2022-23 also marks the first year of new income tax reforms like updated tax slabs, 30% alternate tax regime etc. as per the 2022 Union Budget.
Ensure you take advantage of these changes for maximum tax optimization when filing your returns this year. Avoid any errors or lapses which could lead to scrutiny and penalties later on.
Use trusted e-filing platforms like filingwala.com which make return filing error-free and optimized in just a few minutes through an intuitive question-and-answer format.
Happy return filing season! File your taxes on time and sleep peacefully!