ITR Filing Last Date FY 2022-23 (AY 2023-24), Income Tax Return Due Date - Jul 31 is the Last Date to File ITR

The last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) without a late fee is 31st July 2023.

Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.  

What are Financial Year (FY) and Assessment Year (AY)?

The return you are currently filing is for the income you earned in FY 2022-23, i.e. for the income earned between 1 April 2022 and 31 March 2023. The assessment year is the review year for FY 2022-23 where you file your returns and declare your investments for tax assessment. For the income earned during the FY (here FY 2022-23), the assessment year would be the immediately next year, i.e. 1st April 2023 to 31st March 2024. Hence, the assessment year would be AY 2023-24.

Income Tax Returns (ITR) Filing Start Date 2023:

The Income Tax Return (ITR) e-filing for AY 2023 -24 (FY 2022-23) is expected to start soon. Experts are predicting that ITR filing may start from June first week. Currently, the Income Tax Department has released offline utility for filing ITR-1, ITR-2 and ITR-4.

So, the last date to file ITR for FY 2022-23 is discussed below.

Income tax filing due dates for FY 2022-23 (AY 2023-24)

What happens if you miss the ITR filing deadline?

Interest: If you file your return after the due date, you will have to pay interest under Section 234A @ 1% per month or part month on the unpaid tax amount.    
Late fee: A late fee of Rs.5,000 under Section 234F will need to be paid. It shall be reduced to Rs.1,000 if the total income is less than Rs.5 lakh.    
Loss Adjustment: 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.    
Belated Return: 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.

Not sure whether you should file an income tax return? Read our article. Use ClearTax to e-file your IT return right away!

• If you get a salary, you can simply upload your Form 16 and ClearTax will prepare your return automatically and help you finish e-filing quickly
• If you are a freelancer or run a small business or a home-based business like a Kirana store or an e-commerce seller (Section 44AD or 44ADA), ClearTax is the easiest place to e-file your ITR-4. Our CAs can prepare and e-file your income tax return. Please have a look at our CA-assisted plans here
• ClearTax automatically selects the correct ITR form applicable to you. We support all ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7

Important due dates for paying advance tax instalments for FY 2023-24

Whenever we talk about income tax, there are certain tax formalities that need to be followed within the specified due dates, such as filing income tax returns, paying advance tax on time, etc.   

The due dates for the payment of advance tax are:

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Frequently Asked Questions

What is an income tax audit?

It is the examination and inspection of an entity’s books of accounts to ensure compliance with the Income Tax Act, 1961. Only certain types of assesses need to get their tax audit done by a CA or a firm of CAs.

Who needs to get an income tax audit report?

Any business with an annual turnover exceeding 1 crore and any professional with receipts above Rs 50 lakh has to get their tax audit done. 

The deadline is here and it is never a good idea to wait for extensions. Filing your income tax return has been made easier with ClearTax e-filing website. Files yours now in under 3 minutes.

For further reading, check out these

How to file ITR on ClearTax 
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Income Tax Guide    
ITR U (Updated Income Tax Return)    
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