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ITR filing last date 2023: What happens if taxpayers miss filing

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ITR filing last date 2023: Less than a week is left for taxpayers to file their return of income for the financial year 2023 i.e. July 31, 2023. While over 4 crore taxpayers have already their their income tax return for the assessment year 2023-24, many are yet to file their ITR.

The last date to file Income Tax Return (ITR) for Financial Year 2022-23 (Assessment Year 2023-24) is July 31, 2023. This is the deadline for individuals and non-audit cases. The deadline for audit cases is October 31, 2023.

If you miss the deadline to file your ITR, you will be liable to pay interest and a penalty. The interest rate is 1% per month on the outstanding tax amount. The penalty is ₹500 for the first month and ₹100 for each subsequent month, up to a maximum of ₹1,000.

You can file your ITR online through the Income Tax Department’s website, or you can use a tax preparation software. If you need help filing your ITR, you can visit your nearest tax office or hire a tax consultant.

ITR Filing Last Date for FY 2023-24 is July 31, 2023

Here are some of the consequences of not filing your ITR on time:

  • You may be liable to pay interest and a penalty.
  • You may not be able to claim a refund of any taxes that you have overpaid.
  • You may not be able to avail of certain benefits, such as a loan or a government scheme.
  • You may be prosecuted under the Income Tax Act.

ITR Filing Deadline Extension?

The deadline for filing ITR for the assessment year 2023-2024 is July 31, 2023. The government has not announced any extension of the deadline as of yet.

If you miss the deadline, you can still file your return as a belated return. However, you will have to pay a penalty of Rs. 5,000 for filing a belated return.

Here are the steps on how to file a belated return:

  1. Go to the Income Tax e-filing website.
  2. Login to your account.
  3. Click on the “Belated Return” tab.
  4. Select the assessment year for which you are filing the return.
  5. Enter your details and submit the return.

You can also file your belated return offline by submitting Form 13 to the Income Tax Department.

Here are the penalties for filing ITR after the due date:

  • If you file your return within 30 days of the due date, you will have to pay a penalty of Rs. 500.
  • If you file your return after 30 days of the due date, you will have to pay a penalty of Rs. 1,000.
  • If you file your return after 60 days of the due date, you will have to pay a penalty of Rs. 5,000.

It is important to file your ITR on time to avoid paying penalties. You can also claim a refund of any excess tax that you have paid if you file your return on time.

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