ITR Filing Due Date FY 2022-23 (AY 2023-24):
31st July 2023

Filing income tax returns is an essential responsibility for individuals and businesses in India. It helps the government assess the tax liability of individuals and ensures compliance with the tax laws. One crucial aspect of the income tax return filing process is the due date for submission. The last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) without a late fee is 31st July 2023.

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

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.

File Your ITR for Last 3 year
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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 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

Consequences of Late Income Tax Return Filing

It is essential to file your income tax returns within the prescribed due dates to avoid any penalties or adverse consequences. Here are some consequences of late filing:

Penalty for Late Filing: If you fail to file your income tax return by the due date, you may be liable to pay a penalty under Section 234F of the Income Tax Act. The penalty amount varies based on the delay, ranging from ₹1,000 to ₹10,000, depending on the timing of filing.

Interest on Outstanding Tax: 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.

Loss of Certain Benefits: Late filing may lead to the loss of certain benefits, such as the carry-forward of losses, set-off against future income, and claiming deductions or exemptions.

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FAQs (Frequently Asked Questions)

Can I file my income tax return after the due date?

Yes, you can file your income tax return after the due date. However, it will be considered a belated return, and you may face penalties and interest as mentioned earlier.

What if I miss the due date for ITR filing?

If you miss the due date for ITR filing, you can file a belated return. However, it’s advisable to file the return within the due date to avoid any penalties and interest.

Are there any exceptions to the due date for ITR filing?

Yes, certain exceptions exist for specific categories of taxpayers, such as senior citizens and individuals with certain disabilities. It’s important to consult a tax professional or refer to the Income Tax Department’s guidelines to determine the applicable due dates.

Can I revise my income tax return after filing?

Yes, you can revise your income tax return within a specified timeframe if you discover any errors or omissions in your original filing. The deadline for revising your return is generally one year from the end of the assessment year.

Is it mandatory to e-file income tax returns?

Yes, it is mandatory to e-file income tax returns for individuals and HUFs if their income exceeds a certain threshold or if they are claiming a refund. E-filing offers convenience, speed, and accuracy in the filing process.