Mark Your Calendars: Important Dates and Deadlines for Filing ITR for FY 2022-23 (AY 2023-24)
ITR or Income Tax Return is a form that taxpayers in India need to fill and submit to the Income Tax Department every year, declaring their income and taxes paid during the financial year. The last date for filing ITR for FY 2022-23 or Assessment Year (AY) 2023-24 depends on various factors, such as the type of taxpayer, the income earned, and the mode of filing. In this article, we will discuss the last date for ITR filing for FY 2022-23 and other important aspects related to it.
Types of Taxpayers There are primarily four types of taxpayers in India, and the last date for ITR filing for each of them is different. These are:
- Individuals/HUFs: This category includes taxpayers who are individuals or part of a Hindu Undivided Family (HUF) and do not have any income from a business or profession. The last date for ITR filing for these taxpayers for FY 2022-23 is 31st July 2023.
- Individuals/HUFs with Business or Profession Income: This category includes taxpayers who are individuals or part of a HUF and have income from a business or profession. The last date for ITR filing for these taxpayers for FY 2022-23 is 31st October 2023.
- Companies: This category includes all types of companies, whether domestic or foreign. The last date for ITR filing for companies for FY 2022-23 is 30th September 2023.
- Partnership Firms: This category includes firms that are registered under the Partnership Act of India. The last date for ITR filing for partnership firms for FY 2022-23 is 30th September 2023.
It is important to note that the last date for ITR filing for FY 2022-23 may be extended by the Income Tax Department in certain cases. However, taxpayers are advised to file their ITR before the due date to avoid any penalty or interest charges.
Mode of ITR Filing Taxpayers can file their ITR either online or offline. The last date for ITR filing for both modes is different. Let’s discuss them one by one.
- Online Mode: Taxpayers can file their ITR online through the Income Tax Department’s e-filing portal. The last date for ITR filing in online mode for FY 2022-23 is as follows:
- Individuals/HUFs: 31st July 2023 (if income is up to Rs. 5 lakhs and no tax refund is claimed) and 31st October 2023 (for all other cases). b. Companies and Partnership Firms: 30th September 2023.
- Offline Mode: Taxpayers can also file their ITR offline by submitting a physical copy of the ITR form to the Income Tax Department. The last date for ITR filing in offline mode for FY 2022-23 is 31st October 2023.
Late Filing of ITR If a taxpayer fails to file their ITR by the due date, they may have to pay a penalty or interest charges. The penalty for late filing of ITR is as follows:
- If the ITR is filed after the due date but before 31st December of the assessment year, a penalty of Rs. 5,000 will be levied.
- If the ITR is filed after 31st December of the assessment year but before 31st March of the assessment year, a penalty of Rs. 10,000 will be levied.
- If the ITR is filed after 31st March of the assessment year, a penalty of Rs. 20,000 will be levied.
In addition to the penalty, taxpayers who file their ITR after the due date may also have to pay interest charges on the tax amount due. The interest rate is 1% per month or part of the month for the period of delay.
It is important to note that taxpayers who file their ITR after the due date may also lose certain benefits such as the carry-forward of losses or deduction of certain expenses.
Extension of ITR Filing Date As mentioned earlier, the Income Tax Department may extend the last date for ITR filing in certain cases. This is usually done to provide relief to taxpayers who are unable to file their ITR on time due to genuine reasons such as natural disasters, technical glitches on the e-filing portal, etc.
The extension of the ITR filing date is usually announced through a notification by the Income Tax Department. Taxpayers are advised to keep track of such notifications and file their ITR within the extended deadline to avoid any penalties or interest charges.
Conclusion
In conclusion, the last date for ITR filing for FY 2022-23 depends on the type of taxpayer and the mode of filing. Taxpayers are advised to file their ITR before the due date to avoid any penalty or interest charges. In case of genuine reasons for the delay, taxpayers can also avail of the extension of the ITR filing date. It is always better to be aware of the ITR filing process and deadline to avoid any last-minute rush or confusion.
FAQ’s
Q: What is the last date for ITR filing for individuals and HUFs for FY 2022-23?
A: The last date for ITR filing for individuals and HUFs for FY 2022-23 is 31st July 2023 (if income is up to Rs. 5 lakhs and no tax refund is claimed) and 31st October 2023 (for all other cases).
Q: What is the last date for ITR filing for companies and partnership firms for FY 2022-23?
A: The last date for ITR filing for companies and partnership firms for FY 2022-23 is 30th September 2023.
Q: What is the penalty for late filing of ITR?
A: The penalty for late filing of ITR is as follows:
- If the ITR is filed after the due date but before 31st December of the assessment year, a penalty of Rs. 5,000 will be levied.
- If the ITR is filed after 31st December of the assessment year but before 31st March of the assessment year, a penalty of Rs. 10,000 will be levied.
- If the ITR is filed after 31st March of the assessment year, a penalty of Rs. 20,000 will be levied.
Q: What is the interest rate for late payment of taxes?
A: The interest rate for late payment of taxes is 1% per month or part of the month for the period of delay.
Q: Can the last date for ITR filing be extended?
A: Yes, the last date for ITR filing can be extended by the Income Tax Department in certain cases.
Q: What are the benefits of filing an ITR before the due date?
A: Filing ITR before the due date ensures that taxpayers do not have to pay any penalty or interest charges. It also allows taxpayers to carry forward losses and claim deductions for certain expenses.
