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Union Budget 2023 Highlights:

  • No taxes up to Rs 7 Lakhs annual income under the new tax regime
  • The surcharge rate is reduced from 37% to 25%
  • Standard deduction of Rs 52,500 for Rs 15.5 Lakhs or more Income Slabs
  • Increase in CAPEX to Rs 10 Lakh crores, 33% higher compared to 2022-23
  • Tax hiked on Cigarettes by 16%
  • Railways get a big chunk in Budget 2023-24, an allocation of Rs. 2.4 Lakhs crores capital
  • One-time Small Savings Scheme, ‘Mahila Samman Savings Certificate’ is introduced to encourage women to start investing; available for only 2 years
  • ‘Senior Citizen Saving Scheme’ limit increased from 15 lakhs to 30 Lakhs
  • The TDS Rate was reduced to 20% from the current 30% on taxable withdrawal of EPF for people without PAN
  • New Income Tax Regime is now the default for taxpayers, while the old regime is optional
Click here to delve into the main highlights of Union Budget 2023-24.

Due Date of Income Tax Return (ITR) Filing in India

Updated on: 06 Feb, 2023 04:12 PM

For the FY 2022-23 i.e., AY 2023-24
The last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) is 31st July 2023. Avoid paying penalty later and file your return on time.

What is the due date in respect to income tax?

Specified persons are required to file ITR with the income tax department after the end of each financial year. To ensure timely filing of returns, the tax department has defined the last date up to which a person can file the return without paying any late fees. This last date is called the due date of filing an Income Tax returns.
The due date of filing an Income Tax Return varies depending on the type of assessees viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI, and audit applicability.
Generally speaking, individuals and entities, those who have to undergo an audit have a later deadline than those filing Income Tax Return without going through an audit.


What are the due dates of Income Tax Return Filing for FY 2022-23(AY 2023-24)?

Due date of filing return of income by Individuals & HUF - For FY 2022-23 (AY 2023-24)

Class of assessee FY 2022-23 (AY 2023-24)
Individual & HUF Non-Audit Cases (Individuals, professionals, small businesses etc.)
[ITR-1, ITR-2 or ITR-4 sugam]
31st July 2023
Working Partner of a Firm or LLP whose audit is required u/s 44AB (ITR-2) 31st October 2023
Non-Working Partner 31st July 2023
Audit Cases
[ITR-3]
31st October 2023
Audit report is required to be filed by 30th September 20023)

An individual or HUF are required to file ITR up to 31st July of the relevant assessment year in normal case scenarios i.e, in case if no audit is required or if the same belongs to the category of the non-working partner of the firm whereas in case if the audit applies to the assessee or to the firm or LLP to which our assessee is a working partner then the due date would be 31st of Oct of the relevant assessment year.

Due date of filing return of income by Firm - For FY 2022-23 (AY 2023-24)

Class of assessee FY 2022-23 (AY 2023-24)
Firm, LLP, AOP, BOI, AJP, Local Authority, Co-operative society Audit Cases
[ITR-5]
31st October 2023
(Audit report is required to be filed by 30th September 2023)
Non-audit cases
[ITR-5]
31st July 2023

Due date of filing return of income by companies - FY 2022-23(AY 2023-24)

Class of assessee FY 2022-23( (AY 2023-24)
Company All companies
[ITR-6]
31st October 2023
(Audit report is required to be filed by 30th September 2023)

In case of companies it is material that whether the company is a foreign company or a domestic one, it needs to file a return of income upto 31st of October of the relevant assessment year.

Due date of filing return of income by Trusts, political parties etc - FY 2022-23( (AY 2023-24)

Class of assessee FY 2022-23 (AY 2023-24)
Trusts, colleges, political parties Trusts, colleges, political parties, etc. who are required to file their return u/s 139(4A), 139(4B), 139(4C) or 139(4D)
[ITR-7]
If not required to get its accounts audited
31st October 2023<
(Audit report is required to be filed by 30th September 2023)
31st July 2023

Due date of filing return of income in special cases - FY 2022-23 (AY 2023-24)

Class of assessee FY 2022-23 (AY 2023-24)
Furnishing of Income Tax Return in case of Transfer Pricing (if having international or specified domestic transactions) 30th November 2023
Revised Return By 31st December 2023
Belated/Late Return By 31st December 2023

in case of transfer pricing the due date is relaxed up to 30th of November.
However, in case any assessee files his return of income but came to know that the return is filed with some wrong data then he has an option to file a revised return by 31st of December of that year.
Further, it may happen that any assessee forgets to file the return of income on or before the due date in such a case, the return of income can be furnished up to the 31st of December with the payment of late fees as applicable.

Note:

  1. An audit is required for
    1. A Company
    2. An Individual requiring an audit of accounts or
    3. A working partner of a firm Or Firms, LLPs etc., requiring an audit of accounts
  2. As per section 92E, a person who enters into international or specified domestic transactions is required to submit a report u/s 92E.

What are the due dates for making payment of Advance Tax instalments?

The due dates for the payment of advance tax are:

Instalment Due Date For all assessee (except assessee referred in next column) Assessee declaring income under presumptive schemes under 44AD / 44ADA
1st Till 15th June of FY 15% of the amount of advance tax Nil
2nd Till 15th September of FY 45% of the amount of advance tax Nil
3rd Till 15th December of FY 75% of the amount of advance tax Nil
4th Till 15th March of FY 100% of the amount of advance tax 100%

Note:

  • You have to pay advance tax only if your total tax liability is Rs. 10,000 or more in a financial year.
  • Any tax payment made on or before 31st March of same FY shall also be treated as advance tax

What is the due date for making TDS Payments?

The due date for making monthly TDS payments can be better understood in terms of Government and non Government assessees as under:-

For the Month Due Date
Due Date for TDS payment in case of Govt. Assessee
April 2022 to February 2023 Last date of the month in which TDS/TCS is deducted or collected
March 2023 7th April 2023
Due Date for TDS payment in case of Non-Govt. Assessee
April 2022 to February 2023 7th of next month
March 2023 30th April 2023

Note:

  • Tax deducted by a Government assessee without challan (i.e. treasury Challan) should be deposited on the same day of deduction. However, in the case of deduction under section 192(1A), it must be deposited on or before seven days from the end of the month in which such deduction is made, where tax is paid and accompanied by an income-tax challan.
  • - Tax deducted on the acquisition of immovable property u/s 194IA must be deposited within 30 days from the end of the month in which payment of consideration is made.
Due date for Quarterly payment of TDS as permitted under Section 192, 194A, 194D or 194H are
For the quarter Due Date
For the quarter ending 30th June 7th July
For the quarter ending 30th September 7th October
For the quarter ending 31st December 7th January
For the quarter ending 31st March 30th April

Note*:
Under section 192(1A), the payment has to be made within seven days (7 days) of the last day of the month in which the deduction is made or income tax is due.


What is the due date for filing a TDS return?

The due date for submission of quarterly TDS Returns for FY- 2022-2023 in Form 24Q, Form 26Q, Form 27Q & Form 27EQ by Government or Non-Government deductors are:

Quarter Period Due Date
1 01 April 2022 to 30 June 2022 31st July 2022
2 01 July 2022 to 30 September 2022 31st October 2022
3 01 October 2022 to 31 December 2022 31st January 2023
4 01 January 2023 to 31 March 2023 31st May 2023

Note:
Form 24Q is a quarterly statement for the Return of TDS details on Salary Payments.
Form 26Q is a quarterly statement for Return of TDS details on Other than Salary Payments (Domestic).
Form 27Q is also a quarterly statement for Return of TDS details on Other than Salary Payments (NRI/Foreign). Form 27EQ is for TCS Return.

Due Dates to issue TDS certificates (Form 16)

Form No. Due date Periodicity
Form 16 (TDS on salary) 31st May 2023 (for FY 2022-23) Annual
Form 16A (TDS on income other than salary) Within 15 days from the due date of furnishing TDS return Quarterly
Form 16B (TDS on sale of property u/s 194IA) Within 15 days from the due date of furnishing challan in Form No. 26QB Each transaction
Form 16C (TDS on Rent) Within 15 days from the due date of furnishing challan in Form No. 26QC Each transaction
Form 27D (TCS) Within 15 days from the due date of furnishing TCS return. Quarterly

Note:
Form 16A & Form 27D is issued within 15 days from the due date of furnishing the TDS / TCS return.
Form 16A is for TDS deducted on income other than salary
Form 27D is Tax Collection Certificate(TCS)


What is the interest and penalty for delay in filing returns?

Particulars Amount of penalty and Interest Section of the Act
Delay in filing Income Tax Return For FY 2022-23(AY 2023-2024)
Penalty- when the total income of the person exceeds INR 5 Lakhs: Rs. 5,000
- any other case: Rs. 1,000
Interest- 1% per month or part month on the unpaid tax amount under Section 234A, if you file your return after the due date.
234F
Late filing of TDS return Fee: INR 200 per day from the due date of filing till the date of filing such return. Such penalty shall not exceed the TDS amount.
Penalty: Minimum INR 10,000 and maximum INR 1,00,000 No penalty if the return is filed within one year from the due date
234E
271H

Conclusion

Given the new reforms, it is quite clear that waiting for the last date (end of financial year) will not work anymore. Now, you are required to keep track of your tax filing requirements more than ever. For any further clarification, comment in the section below or for guidance related to tax filing, Contact Us Now!!


Frequently Asked Questions

Q- What is the due date of tax filing for FY 2022-23 (AY 2023-24)?

The due date for tax filing of FY 2022-23 (AY 2023-24) is 31st July 2023


Q- Can I file Revised Income Tax Return?

Yes, the revision of Income Tax Return is allowed the last date for filing a revised ITR is December 31 of the relevant assessment year. Thus, the last date to file a revised ITR for FY 2022-23 (AY 2023-24) is December 31, 2023.


Q- What is the due date for Income tax return filing for companies for AY 2023-24?

The due date of income tax return filing for domestic companies is 31st October 2023 for FY 2022-23.


Q- What will happen if a salaried person files Income Tax Return after the due date?

Filing after the due date will attract late fees u/s 234F of the income tax Act.


Q- Can we file Income Tax Return after the due date?

You can file a late return up to 31st December of the relevant assessment year after payment of late fees as per the applicability.
(For FY 20-21 the same was extended to 31st March 2022.)


Q- Can I opt for the new regime after the due date?

The answer depends on your sources of income if:
You have income from salary - Yes, you can opt for the new tax regime even if you file an income tax return after the due date
You have income from business or profession - No, in case the return of income is furnished after the due date, you cannot opt for the new tax regime.


CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.

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