Income tax is a significant source of revenue for governments worldwide, including contributing to the funding of various welfare programs and public services. It is classified as a direct tax because individuals and entities that earn a taxable income are obligated to pay their taxes directly to the government.
The last date for filing ITR for FY 2022-23 (AY 2023-24) is 31st July 2023. ITR filing on the due date is essential to comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions. It is advisable to prioritize timely filing to stay in line with regulatory requirements and avoid unnecessary complications.
Section 234A and Section 234F of the Income Tax Act pertain to penalty provisions related to the late filing of income tax returns. It is worth noting that the central government has the authority to extend the due dates for income tax return filing.
The last date for filing itr for FY 2022-23 (AY 2023-24) is 31st July 2023. Avoid paying penalty later and file your return on time.
An Income Tax Return (ITR) is a form or document that individuals, businesses, and other entities use to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a declaration of their taxable income and the taxes they owe or are eligible to receive as a refund.
The Income Tax Return serves as a means for taxpayers to provide comprehensive information about their financial transactions, sources of income, and expenses to the tax authorities. It helps determine the taxpayer’s tax liability and enables the government to assess and collect taxes effectively.
Taxpayers are typically required to file their ITR annually, providing details of their income and relevant financial information for a specific period, such as a financial year (FY). It starts on 1st April and ends on 31st March of the next calendar year.
By filing their Income Tax Return, taxpayers fulfill their legal obligation to report their income and pay the applicable taxes. It is essential to file the ITR accurately and within the prescribed timelines to avoid penalties, comply with tax laws, and maintain good standing with the tax authorities.
Why is it important to file Income Tax Returns on time?
Filing income tax returns on time is a legal obligation imposed by the government. It is essential for individuals and entities to fulfill their tax obligations by accurately reporting their income, claiming deductions and exemptions, and paying the appropriate amount of tax within the prescribed timelines. Timely filing of income tax returns enables the government to assess and collect taxes efficiently, ensuring the smooth functioning of public services and welfare initiatives.
Income tax return filing due dates for FY 2022-23 (AY 2023-24)
The last date for filing ITR for Firms and HUFs for FY 2022-23 is 31st July 2023.
ITR filing due date and Audit report filing for different categories of taxpayers- FY 2022-23 (AY 2023-24)
| Taxpayer Category | ITR filing Due Date-FY 2022-23 | Due date to file audit report for FY 2022-23 |
|---|---|---|
| Businesses (Audit cases including Private Limited Company, OPC, LLPs, and firms) | 31st October 2023 | 30th September, 2023 |
| Business (Non-Audit cases including Private Limited Company, OPC, LLPs, and firms) | 31st July 2023 | – |
| Association of Persons (AOP) | 31st July 2023 | – |
| Body of Individuals (BOI) | 31st July 2023 | – |
| Individual | 31st July 2023 | – |
| Trusts, colleges, political parties (Audit Cases) | 31st October 2023 | 30th September, 2023 |
| Trusts, colleges, political parties (Non-Audit Cases) | 31st July, 2023 | – |
| Report to be filed u/s 92E | 31st October 2023 | – |
| Furnishing of Income Tax Return in case of Transfer Pricing | 30th November, 2023 | – |
| Revised Return | 31st December, 2023 | – |
| Belated/Late Return | 31st December, 2023 | – |
What is the due date for making payment of Advance Tax installments?
The due dates for the payment of advance tax are:
| Installment | Due Date | For all assessee (except assessee referred in next column) | Assessee declaring income under presumptive schemes under 44AD / 44ADA |
|---|---|---|---|
| 1st | Till 15th June of FY | 15% of the amount of advance tax | Nil |
| 2nd | Till 15th September of FY | 45% of the amount of advance tax | Nil |
| 3rd | Till 15th December of FY | 75% of the amount of advance tax | Nil |
| 4th | Till 15th March of FY | 100% of the amount of advance tax | 100% |
Note:
You have to pay advance tax only if your total tax liability is Rs. 10,000 or more in a financial year.
Any tax payment made on or before 31st March of the same FY shall also be treated as advance tax
What is the Due date for making TDS Payments?
The due date for making monthly TDS payments can be better understood in terms of Government and non Government assessees as under:-
| For the Month | Due Date |
|---|---|
| Due Date for TDS payment in case of Govt. Assessee | |
| April 2022 to February 2023 | Last date of the month in which TDS/TCS is deducted or collected |
| March 2023 | 7th April 2023 |
| Due Date for TDS payment in case of Non-Govt. Assessee | |
| April 2022 to February 2023 | 7th of next month |
| March 2023 | 30th April 2023 |
Note:
Tax deducted by a Government assessee without challan (i.e. treasury Challan) should be deposited on the same day of deduction. However, in the case of deduction under section 192(1A), it must be deposited on or before seven days from the end of the month in which such deduction is made, where tax is paid and accompanied by an income-tax challan.
– Tax deducted on the acquisition of immovable property u/s 194IA must be deposited within 30 days from the end of the month in which payment of consideration is made.
| Due date for Quarterly payment of TDS as permitted under Section 192, 194A, 194D or 194H are | |
|---|---|
| For the quarter | Due Date |
| For the quarter ending 30th June | 7th July |
| For the quarter ending 30th September | 7th October |
| For the quarter ending 31st December | 7th January |
| For the quarter ending 31st March | 30th April |
Note*:
Under section 192(1A), the payment has to be made within seven days (7 days) of the last day of the month in which the deduction is made or income tax is due.
Due date for filing a TDS return?
The due date for submission of quarterly TDS Returns for FY- 2022-2023 in Form 24Q, Form 26Q, Form 27Q & Form 27EQ by Government or Non-Government deductors are:
| Quarter | Period | Due Date |
|---|---|---|
| 1 | 01 April 2022 to 30 June 2022 | 31st July 2022 |
| 2 | 01 July 2022 to 30 September 2022 | 31st October 2022 |
| 3 | 01 October 2022 to 31 December 2022 | 31st January 2023 |
| 4 | 01 January 2023 to 31 March 2023 | 31st May 2023 |
Note:
Form 24Q is a quarterly statement for the Return of TDS details on Salary Payments.
Form 26Q is a quarterly statement for Return of TDS details on Other than Salary Payments (Domestic).
Form 27Q is also a quarterly statement for Return of TDS details on Other than Salary Payments (NRI/Foreign)(additional income like interest, dividends).
Form 27EQ is for TCS Return.
Due Dates to issue TDS certificates (Form 16)
| Form No. | Due date | Periodicity |
|---|---|---|
| Form 16 (TDS on salary) | 31st May 2023 (for FY 2022-23) | Annual |
| Form 16A (TDS on income other than salary) | Within 15 days from the due date of furnishing TDS return | Quarterly |
| Form 16B (TDS on sale of property u/s 194IA) | Within 15 days from the due date of furnishing challan in Form No. 26QB | Each transaction |
| Form 16C (TDS on Rent) | Within 15 days from the due date of furnishing challan in Form No. 26QC | Each transaction |
| Form 27D (TCS) | Within 15 days from the due date of furnishing TCS return. | Quarterly |
Note:
Form 16A & Form 27D is issued within 15 days from the due date of furnishing the TDS / TCS return.
Form 16A is for TDS deducted on income other than salary
Form 27D is Tax Collection Certificate(TCS)
What is the interest and penalty for delay in filing returns?
| Particulars | Amount of penalty and Interest | Section of the Act |
|---|---|---|
| Delay in filing Income Tax Return | For FY 2022-23(AY 2023-2024) Penalty- when the total income of the person exceeds INR 5 Lakhs: Rs. 5,000 – any other case: Rs. 1,000 Interest- 1% per month or part month on the unpaid tax amount under Section 234A, if you file your return after the due date. |
234F |
| Late filing of TDS return | Fee: INR 200 per day from the due date of filing till the date of filing such return. Such penalty shall not exceed the TDS amount. Penalty: Minimum INR 10,000 and maximum INR 1,00,000 No penalty if the return is filed within one year from the due date |
234E 271H |
