Mark your calendars! The deadline for filing Income Tax Return (ITR) for AY 2023-24 is approaching. For most taxpayers, it’s July 31, 2023. But, if you’re required to get your accounts audited, such as companies and LLPs, the due date is October 31, 2023. Don’t miss it!
Hi my name is CA Bhuvnesh Kumar Goyal, I am a practicing CA registered with the Institute of Chartered Accountants of India and I have been filing Income Tax Returns for Individuals, Companies, Salaried employees, Capital Gain cases and business ITR’s since 2009.
Lets see different types of taxpayers and applicable last date on them respectively.
Types of taxpayers and respective Income Tax Return Last Date
As per section 2(31) of Income Tax Act, 1961, following are the different kinds of persons and taxpayers:
Individual,
Hindu undivided family,
Company,
Firm,
Association of persons or a body of individuals, whether incorporated or not,
Local authority, and
every artificial juridical person, not falling within any of the preceding sub-clauses.
Individual
The last date for filing Income Tax Return in case of individuals for Assessement Year 2023-24 is 31st July 2023.
The following category of individuals and incomes are included in this
- Salaried Employee
- Individual earning Interest on fixed deposits
- Individuals receiving pension
- Individuals running business having turnover less than the audit threshold
- All other individuals except business with audit requirements.
Hindu Undivided Family
The last date for filing Income Tax Return in case of HUF for Assessement Year 2023-24 is 31st July 2023.
Exception: Audit Cases
Company
The last date for filing Income Tax Return in case of a company for Assessement Year 2023-24 is 31st Oct 2023.
Company means a Company registered under Companies Act. Such company needs to file ITR in its own capacity as its a separate legal entity. Further, every company has to file ITR irrespective of turnover and business activities.
Firm
The last date for filing Income Tax Return in case of Firm for Assessement Year 2023-24 is 31st July 2023.
Firm includes partnership firms which are separetly required to file ITR in the capacity of partnership firm separate from partners.
Exception: Audit Cases
Association of persons or a body of individuals, whether incorporated or not
The last date for filing Income Tax Return in case of HUF for Assessement Year 2023-24 is 31st July 2023.
Exception: Audit Cases
Local authority, and every artificial juridical person, not falling within any of the preceding sub-clauses.
The last date for filing Income Tax Return in case of Local authority, and every artificial juridical person, not falling within any of the preceding sub-clauses. for Assessement Year 2023-24 is 31st July 2023.
Exception: Audit Cases
Last date for audit cases
The last date for Individuals, HUF, Firms i.e any person other than company whose accounts are required to be audited under this Act or under any other law for the time being in force is 31st Oct 2023.
Further it also includes the partners of a firm whose books of accounts are required to be audited
Last date for transfer pricing cases
30th November 2023
FAQ
What is the last date to revise my ITR for AY 2023-24
The last date to file a revised Income Tax Return is 31st Dec 2023
What if I miss the last dates for filing ITR, can I also file them later on
Yes you can file a Income Tax Return after the last date as well in the form of belated return or updated return.
The belated return can be filed upto 31st Dec 2023 and the updated return can be filed upto 31st March 2026 for the AY 2023-24.
Belated return upto 31st Dec 2023 is the last chance given to you, where you can file your ITR in all cases with deposit of Lated Filing Penalties & Interest.
Whereas, Updated return can only be filed in certain cases with late filing penalties and interest. It is not allowed in all the cases.
What happens if I fails to file my ITR within the last dates
If you fails to file ITR within the due dates then Interest and Penalties will be applicable in such case. Further, a tax notice may also be issued to you in case you have Income more than Rs 2.5 Lakhs or in case there is certain Income tax due on you. Further, in case of a company, the itr is required to be filed irrespective of the income.
What are the penalties and interest to be paid in case of late filing or non filing of ITR.
- Interest: Interest at the rate of 1% per month
- Rs 1000 penalty for Income less than Rs 500000
- Rs 5000 Penalty for Income more than Rs 500000
- Further, you can also receive a tax notice from Income Tax Departement for non-filing of Income Tax Return to show cause as to why you did not filed your Income Tax Return. The same need to be replied and justified. If it is found that you had some taxable income and some tax was payable then additional penalty may also be imposed in the name of Income Escapement Penalties.