Income Tax Return Filing Due Dates

With the coming of tax season every year comes the annual obligation to submit complete and timely individual income tax returns. Keeping track of when things are due as we go through this annual process will help us avoid any unpleasant penalties or late fees. In this blog, we’ll walk you through the steps and provide you the most up-to-date information on income tax return filing due dates. 

Meaning of Income Tax Return

An Income Tax Return refers to a kind of form filed by individuals, businesses, or entities to the tax authorities, providing a detailed account of their financial activities, income sources, deductions, and taxes paid over a specific period, usually a financial year. 

This Return is a fundamental component of the tax system, enabling taxpayers to report their income accurately and transparently. By submitting an income tax return, taxpayers fulfil their legal obligation to declare their earnings and financial transactions, facilitating the fair collection of taxes and the enforcement of tax regulations. There are several benefits of filing ITR.

What is the last date of filing ITR?

The Income Tax Return filing due date is 31st July. There is a concept of Assessment year & financial year that is for the Income of April 22- March 23 the return will be file in Assessment year 23-24 that is following the financial year.

For example, the return you are currently filed is for the tax year 2022–2023 (FY 2022–2023), which covers the period from 1 April 2022 to 31 March 2023. The assessment year is the time during which you file your returns and declare your investments for tax assessment for the financial year (2022–2023). The assessment year would run from 1 April 2023 to 31 March 2024 for income produced during the FY (in this case, FY 2022-23). AY 2023–24 would be the assessment year as a result.

Meaning of Revised Return

A revised return under section 199(5) Of Income Tax Act, 1961 is a provision that allows taxpayers to rectify errors, inaccuracies, or omissions in the original ITR that was filed within the due date that is within ITR last date. This correction option ensures that taxpayers can accurately report their financial information, claim eligible deductions, and reflect any changes that were not initially accounted for. The revised return is filed within a specified time frame that is three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Income Tax Due Dates for different category of Taxpayers

The income tax due dates in Assessment year for different category of taxpayers are:

• For the Individual / HUF/ AOP/ BOI fir whom books of accounts not required to be audited need to file income tax return on or before 31st July of Assessment year.
• For the business requiring who do audit, Income Tax Return Filing Date Is on or before 31st October of Assessment year.
• For Businesses requiring transfer pricing reports, Income Tax Return Filing due date Is on or before 31st November of Assessment year.
• The revised return needs to be filed on or before 31st December of Assessment year.
• The belated Return to be file on or before 31st December of Assessment year.

What are the consequences of failing to meet the deadline for filing the Income Tax Return (ITR)?

Following are the consequences of failing to meet the deadline to file ITR:

• Interest Liability: If you file your tax return beyond the designated deadline, you will be obligated to remit interest at a monthly rate of 1% or a proportionate amount for any partial month, based on the outstanding tax balance as stipulated in Section 234A.
• Late Fees: The imposition of a late fee is stipulated in Section 234F in the event of delayed submission. A late fee of Rs.5,000 is applicable, although this amount is lowered to Rs.1,000 if the individual’s total income falls below Rs.5 lakh.
• Loss Adjustment: Individuals who have experienced financial losses from various sources such as the stock market, mutual funds, etc. have the opportunity to carry these losses forward and utilize them to offset their income in the following fiscal year. However, the carry forward of these losses will not be permitted if the filing of your Income Tax Return (ITR) is missed prior to the designated date
• Belated Return: If an individual fails to meet the deadline for filing their Income Tax Return (ITR), and the last date to file taxes expire, they have the option to submit a return after the due date, commonly referred to as a belated return. Nevertheless, it is important to note that the late fee and interest penalties must still be settled. This is a kind of filing tax extension. The deadline for submitting a belated return is typically December 31st of the assessment year, unless there is an extension granted by the government.

Payments of Advance Tax due dates

The concept of advance tax entails the periodic payment of income tax over the span of the financial year, as opposed to a single, consolidated payment of the full tax obligation at the conclusion of the year. Estimated tax payments serve as a method for individuals, businesses, and other taxpayers to timely pay their anticipated tax obligations to the government. The advance tax can be refunded if paid in excess.

The concept of advance tax is founded upon the premise of “pay as you earn,” which serves the purpose of maintaining a consistent flow of revenue for the government and mitigating the potential imposition of a sudden financial burden on taxpayers. Here we will see the advance tax payment for FY 2023-2024

Takeaway

In conclusion, understanding and adhering to the income tax filing due dates is a crucial aspect of responsible financial management. The due date serves as a reminder of our civic duty to contribute to the nation’s development by fulfilling our tax obligations in a timely manner. Filing taxes on time not only prevents unnecessary penalties and interest charges but also ensures that we can avail ourselves of the benefits, deductions, and credits that are rightfully ours.