The deadline for filing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, reflecting the income earned during the financial year 2022-23, typically falls on July 31, 2023, for most taxpayers. However, individuals, companies, and LLPs that need to have their accounts audited under the Income Tax Act have a later deadline of October 31, 2023, for filing their ITR.
Due Date of Filling ITR for FY 2022-23
| 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 2023 |
| Businesses (Requiring Audit) | 31st October 2023 |
| Businesses requiring transfer pricing reports (in case of international/specified domestic transactions) | 30th November 2023 |
| Revised return | 31 December 2023 |
| Belated/late return | 31 December 2023 |
Penalty for Filling ITR beyond Due Dates
The following are the penalties for non-filing or late-filing of ITR:
1. If the ITR is not filed within the due date (i.e., July 31 for most taxpayers), but filed between August 1 and December 31 of the relevant Assessment Year (AY), the penalty amount is Rs. 5,000.
2. If the ITR is filed after December 31 of the relevant AY, the penalty amount increases to Rs. 10,000.
3. However, if the total income of the taxpayer does not exceed Rs. 5 lakh, the penalty for late filing of ITR is limited to Rs. 1,000.
4. In case of a delay in filing the ITR, interest under Section 234A, 234B, and 234C of the Income Tax Act may also be levied.
5. If you have incurred losses from the stock market, mutual funds, properties, or any of your businesses, then you can carry them forward and adjust them with next year’s income. This helps to significantly lower your tax liability. Loss adjustment is permitted only if you declare the losses in your ITR and file it with the income tax department before the deadline.
6. If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest, and will also not be allowed to carry forward the losses for future adjustments. The income tax department has also specified the due date of filing the belated return which is 31st December of the assessment year (unless extended by the government). For this year, you may file the belated return latest by 31 December 2023.