ITR Filing Deadline FY 2022-23 (AY 2023-24) Final Day to Filing ITR IRS Tax Due Date
The deadline to file income tax returns is the day that the returns must be filed with no penalty or any late fee. Taxpayers who need to file returns beyond the due date will also be required the obligation mainly to settle interest as per Section 234A, as well as penalty mention under Section 234F.
It is crucial that all the taxpayers remember that the due date for filing taxes on income. The deadline varies depending on the taxpayer’s classification. For instance, individuals who are mainly a salaried typically have to file their tax returns on income before the 31st day of July, while corporate who are required to conduct audit are mainly able to file their returns before a 31st October of their Assessment year (unless extensions are granted by the CBDT Central Government).
For instance, if your financial year begins on 1 April 2022 to on March 31, 2023, it will be designated by the number FY2022-23. Assessment year of income earned during the period (1st April 2022 until the 31st of March in 2023) will begin when the financial year is over which is 1st April 2022 until the 31st of March in 2023. Therefore the assessment year will begin as AY 2022-23. Therefore the return filing deadline for FY 2022-23 will be the same as that mentioned below.
Income tax filing due dates for FY 2022-23 (AY 2023-24)
|Category of Taxpayer
|Due Date for Tax Filing- FY 2022-23 * (unless extended)
|Individual / HUF/ AOP/ BOI
(books of accounts not required to be audited)
|31st July 2022
|Businesses (Requiring Audit)
|31st October 2022
|Businesses (Requiring TP Report)
|30th November 2022
Important due dates of return filing for FY 2021-22
Below is the TAX CALENDAR for the FY 2022-23 for AY 2023-24:
|15th June 2022
|Is the Due date for the very first instalment of Advance tax for the F.Y. 2022-23
|31st July 2022
|Income tax return due date of filing for F.Y. 2021-22 for any individuals and a entities who are not liable for tax audit and the person who have not entered into any of international or any specified domestic transaction
|15th September 2022
|Is the Due date for the 2nd instalment of FY 2022-23 Advance tax
|30th September 2022
|(Section 44AB) Submission of Audit report for A.Y. 2023-24 for taxpayers liable for audit under the rule of Income Tax Act.
|31st October 2022
|ITR filing for a taxpayers who are requiring audit (not having any international or any specified domestic transactions).
|31st October 2022
|Is the due date for Submission of audit report for the AY 2022-23 for a taxpayers having transfer pricing and a specified domestic transactions
|30th November 2022
|ITR filing for a taxpayers who are requiring audit (not mainly having international or any specified domestic transactions).
|15th December 2022
|Due date for the very third instalment of due advance tax for the FY 2022-23
|31st December 2022
|Due date of Last date for filing a known belated return or a revised return for the year FY 2021-22.
|15th March 2023
|i. The fourth instalment of advance tax due for the FY 2022-23
What if you did not file your return on time? What if you missed the deadline?
If the deadline for filing the initial income tax return has been not met, the taxpayer can make a tax return beyond the due date. This is also known as a belated return. The income tax department stipulates the date for filing the belated tax return. The date has been reduced by three months, to the 31st December in the assessment fiscal year (unless it is extended by government).
A penalty of Rs 5,000 could be assessed for any delay in filing the tax return. However, if the earnings of the taxpayer is less than 5 lakh, the fee is up to Rs 1000.
Frequently Answered Questions
How do you claim a tax refund on income on the day after that due date?
The tax refund you receive for your income is available only after you file your ITR. If you do not file ITR by the due date to file ITR You can make a belated tax return by the midnight on the 31st day of December in your year in which you are assessed. A penalty of Rs . 5,000 will be assessed for any delay in filing the return. If the income of the person is less than 5 lakh, the penalty is 1,000.
How can I prepare the income tax return within the deadline?
You may file a belated return up to 31st of December of the pertinent assessment year.
How do I pay tax on income on time?
If you’ve missed paying taxes and did not file your return before the deadline and time, you’ll be charged penalties for late filing and interest when filing a late return. A penalty of Rs.5,000 is imposed for the delay in filing the return. However when the income of the individual is less than 5 lakh, the amount payable is Rs . 1000.
In which section is the income tax return is it filed on or after it is due?
Section 139(4) allows an application for a late return i.e return that is filed after the deadline. A penalty of Rs . 5,000 is imposed for any delay in filing the return.
If the income of the individual lower than the amount of Rs.5 lakh the amount to be paid is Rs. 1,000.
What is the deadline to file your income tax return?
Usually, the deadline to submit the income tax returns is usually 31st July for both audit and non-audit cases. The deadline is the 31st of October is for audits in the applicable assessment year. It is easy to file your tax return for income tax with https://nadeemacademy.com/ in in just seven minutes.
How do you modify income tax returns prior to due date?
If the taxpayer would like to amend the original return to reflect certain modifications, it is possible by filing the revised return as per Section of 139 (5). The revised return is submitted in the same manner as the procedure to file the original return. The taxpayer is required to file the ITR as per the section 139(5). The entire process of e-verification must to be completed when reviewing the return.
How do you revise income tax returns following when they are due?
If the taxpayer wishes to amend the original return to reflect changes this is possible using a revisions to the return under the 139 (5). It is possible to file a late return before the 31st of December in the assessment year.
Taxpayers cannot file a tax return after this date has completed. If, however, the return was not filed because of an emergency it is possible to submit an application to your A.O. asking permission to file previous returns in accordance with Section 119.
What will happen if your income tax return isn’t completed by when the deadline is?
If you don’t submit an income tax return on the deadline the return may be delayed to be filed. However there is a penalty up to Rs . 5,000 for late filing could be due for late tax returns. If the total earnings of the taxpayer is less than five lakh, the amount payable is Rs . 1000. It is therefore recommended to timely file tax returns for income, unless there are extraordinary circumstances.
What is the deadline date for filing returns for Trusts?
The due date for the trust’s return filing for FY 2021-22, whose financials are not required to be audited, is July 31, 2022. If the trust’s accounts trust have to undergo audits, then the due date to file an ITR is the 31st of October in 2022.
If that the trust has to submit the report on Form No. 3CEB under section 92E. the due date for filing ITR is November 30, 2022.
What is the deadline date of filing a return for Companies?
The deadline for the return filing for domestic corporations for FY 2021-22 will be 31st October 2022. However, if the firm has any international transactions or specific domestic transaction, and is required to file an ITR on Form No. 3CEB under section 92E. the due date for filing ITR is November 30, 2022.
What is the deadline to file an ITR?
The deadline to file an ITR for taxpayers is the 31st of July in the year of assessment that is relevant or 31st of October in the case of taxpayers who are the subject of an audit.
What is the final date of ITR for the AY 2022-23?
The deadline for filing tax returns on income for FY 2021-22 is December 2022 for the majority of individual taxpayers. Returns filed after the deadline could lead to an additional penalty of up 5000 rupees. If the total earnings of the taxpayer is less than 5 lakh, the penalty payable is Rs. 1000.
With the deadline looming it’s not wise to be waiting until the deadline for filing your tax return. The process of filing your income tax return has become simpler.
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