You file an income tax return to report your total annual income, tax deductions, exemptions, and tax liabilities along with other details to the tax authorities.
By filing your annual income tax return with the authorities you fulfill your legal obligations to report your income and pay taxes as per law.
Also Read: When salaried employees are not required to file their income tax return
The due date to file income tax return for the financial year 2022-23 (AY 2023-24) was 31st July 2023. This due date of filing has not been extended by the CBDT.
Therefore, it becomes the last date for filing income tax return without late fee for the financial year 2022-23 (AY 2023-24).
Due date of filing is essential in order to comply with tax laws, avoid pental interest and other benefits. You can refer to section 234A and 234F of the income tax act, 1961, to know penalty provisions for the late filing of income tax return.
It’s always advised to plan your income tax filing in such a way that the due date will never be missed.
If you missed the last date of filing i.e. 31st July 2023, then you can still file your income tax return on or before 31st December 2023 by paying late filing fee.
Here is a table showing income tax return filing last dates for the financial year 2022-23.
| Category of taxpayers | Income tax return filing last date without late filing fee for FY 2022-23 | Income tax return filing last date with late filing fee for FY 2022-23 |
| Individual | 31st July 2023 | 31st December 2023 |
| Individuals having business income where tax audit is required | 31st October 2023(Audit report should be submitted on or before 30th September 2023) | 31st December 2023 |
What is the last date of income tax return filing for financial year 2023-24 (assessment year 2024-25)?
The last date of filing for financial year 2023-24 without paying late fee is 31st July 2024. If your accounts are required to be audited then the last date of filing will be 31st October 2024. Tax audit is required under section 44AB if you have business income and your turnover exceeds a specific limit for the financial year.
If you missed the 31st July 2024 date, then the income tax return can be filed with late fee on or before 31st December 2024
Last date of 31st December 2024 is the same for both audit and non-audit cases.
Frequently asked questions-FAQs
What is the due date for making payment of advance tax installments for the financial year 2023-24?
As per current law, an individual must pay advance tax only if the net tax liability is 10,000 rupees or more in a financial year after taking out TDS, TCS and self assessment tax.
Here is the due date of making payment for advance tax installments:
| Installments | Advance tax Payment Due Dates | For all assessee |
| 1st installment | Till 15th June 2023 | 15% of the amount of advance tax |
| 2nd installment | Till 15th September 2023 | 45% of the amount of advance tax |
| 3rd installment | Till 15th December 2023 | 75% of the amount of advance tax |
| 4th Installment | Till 15th March 2024 | 100% of the amount of advance tax |
Can I file my revised income tax return for FY 2022-23?
Yes, you can file your revised income tax return under section 139(5) of the income tax act, 1961, on or before 31st December 2023. You can do it if your original income tax return is filed.
How to file zero income tax return in India?
The process of filing a zero income tax return is the same as filing for a regular ITR. In this case, you will be filing with zero tax liability voluntarily or may be due to certain financial transactions done by you.
What are financial year (FY) and assessment year (AY) ?
If you are filing income tax return for the income earned between 1st April 2022 to 31st March 2023, then the financial year is FY 2022-23.
The assessment year is the review year in which you assess your income, find out tax liability in order to file your return. Assessment year is the financial year followed by the year for which you are filing your tax return. Which means assessment year will be the immediate next year.
For instance in our above case for FY 2022-23, assessment year is AY 2023-24. In AY 2023-24, you need to calculate your taxable income, tax liability and then file your return on or before 31st July 2023 as per our tax laws.
What if you missed the ITR filing deadline for FY 2022-23?
Under section 234F of the Income tax act, 1961, if you missed the due date of filing i.e. 31st July 2023 for the financial year 2022-23 (AY 2023-24), then a late fee of 5,000 rupees will be levied for people with taxable income of more than 5 lakhs rupees.
If your taxable income is less than 5 lakhs, then the late fee will be 1000 rupees.
For submitting your ITR after the deadline, you will also be liable to pay interest at the rate of 1% per month or part thereof on the unpaid tax amount as per section 234A.
For submitting your return late i.e. after 31st July 2023, your return will be treated as a belated return. In this case, you will not be able to carry forward your losses if any for further adjustments.
How to claim income tax refund after the due date?
Income tax refund can be claimed only when you file your ITR. If you file your ITR before the due date, then you will get an early refund. In case of delay in filing, the late fee based on your income will get deducted out of your refund. Balance will be paid to your bank account based on your eligibility.
Has the ITR filing deadline been extended for FY 2022-23 (AY 2023-24)?
If you are wondering whether this time for the financial year 2022-23 (AY 2023-24), the income tax filing deadline has extended or not, then the answer is no.
CBDT has not extended the income tax filing deadline. But now you can file your income tax return on or before 31st December 2023 with a late fee as applicable to you based on your income.
If you fail to file your ITR by the deadline, then a penalty of Rs 5,000 will be deposited under section 234F of the income tax act, 1961. However, individuals with a taxable income of less than Rs 5 lakhs are required to pay Rs 1,000 as late fee instead of Rs 5,000.
