Income Tax Returns Filing Due Date

Taxpayers use Income Tax Returns (ITR) to provide reports to the IRS about their earnings and tax payments.

It is essential for individuals, businesses, and even various different entities to file their Income Tax Returns within the stipulated timelines. Filing on time saves the unnecessary penalty that may incur on failure or delayed payment of taxes.

What is the ITR Filing Date?

The due date for filing federal tax returns is the IT return last date without incurring a late charge or extra charge. Taxpayers who file their returns after the due date must incur interest and a levy under sections 234A and 234F.

It is important for all taxpayers to keep in mind the deadline for filing their income tax returns. The due date depends on the taxpayer. Salaried entities, for example, are normally expected to file their income tax returns by July 31st, while corporations subject to audit can file their returns by September 31st of the assessment year.

Income Tax Returns (ITR) Filing Start Date 2023

Income Tax Return e-filing for FY 2022-23 (AY 2023-24) will start soon. It is likely that ITR filing may start in the first week of June. The ITR Filing 2023 start date will be announced officially soon.

ITR Due Dates for FY 2022-23 (AY 2023-24)

The below-mentioned table lists down the ITR last dates 2023-

Due Dates for Paying Advance Tax Instalments for FY 2023-24

Here are the details about the IT filing last date for the payment of advance tax-

Financial Year (FY) and Assessment Year (AY) for Filing ITR

For filing the returns for the income you earned between 1 April 2022 and 31 March 2023, the following will be the financial and assessment years-

Consequences of Missed Income Tax Return Due Date

If someone misses the last date to file ITR for FY 2022-23, the following are some applicable penalties and charges-

• A penalty ranging between Rs 1,000 to Rs 5,000 will be imposed.
• In a condition of belated filing, carrying forwarding certain losses for set-off in the future will not b possible for the taxpayers.
• If someone files a belated ITR, he/she will not be able to opt for the new tax regime.
• If tax return filing is done after the due date, interest will be applicable under Section 234A at 1% per month or part month on the unpaid amount of tax.

Also Read, Penalties for Not Filing Income Tax Returns within the Due Date