Make yourself understand one thing deadlines set by the Government for any kind of essential task are highly important to comply with. For ignorance, you may face severe penalties and punishment as per law. For instance, for all taxpayers, the last date to file the ITR or Income Tax Return is July 31, 2023. So, the taxpayers filing their ITRs after the set deadline will have to face penalties under Section 234F and be liable to pay high interest as per Section 234A.
ITR Filing Last Date for FY 2022-23 (AY 2023-24) for the Categories of Different Taxpayers
|Category of Taxpayers||Due Date for Tax Filing- FY 2022-23|
|Individual / HUF/ AOP/ BOI||31st July 2023|
|Businesses||31st October 2023|
|Businesses requiring transfer pricing reports||30th November 2023|
|Revised return||31 December 2023|
|Belated/late return||31 December 2023|
What if You Miss ITR Filing Last Date for FY 2022-2023?
Here are the consequences you will face if you miss the ITR filing last date:
If you file ITR after the due date then you will have to pay interest as per Section 234A at a rate of 1 per cent per month or part month applicable on the total tax amount.
A late fee of ₹5,000 under Section 234F will be levied from the taxpayers. However, it will be reduced to ₹1,000 if the total income of a person is less than ₹5 Lakh.
Carrying Forward Losses
As per the Income Tax Laws in India, the taxpayers can carry forward their losses incurred from the present financial year to adjust them with next year’s income. This helps them to reduce their tax liabilities. However, they are allowed to do so only if they file ITR before the deadline.
So, if you miss the deadline for ITR filing then you will have to file it past the due date and that is called a Belated ITR. But the twist is that you will have to pay more interest, and a penalty and will not be able to carry forward the losses to next year. So, for this year December 31, 2023, is the last date to file a belated ITR.
How to File ITR Online?
In the past few years, the ITR filing process has been highly simplified by the Income Tax Department. Many taxpayers think this process is too complex for them and they rely on others to file it. That’s why they result in filing belated ITRs. You should know that if you’re not so familiar with the current technology then there are hundreds of the latest job openings in India for ITR filing executives that you can hire to do this task.
Here is the step-by-step guide to filing ITR online:
- Step-1: Login to the official e-filing portal of the Income Tax Department.
- Step-2: Now, register yourself using PAN or Permanent Account Number and the portal will make it a User ID.
- Step-3: This process will now require choosing the correct ITR form. So, under the ‘Download’ section, select the form which is appropriate for you. Salaried individuals can select the ITR-1 Sahaj form.
- Step-4: Now open the Return Preparation Software which you have downloaded from the portal and enter all the details carefully from your form 16.
- Step-5: At this step calculate all your tax details in your return like tax payable, challan details, etc. You can also skip this step you are not tax liability is zero.
- Step-6: confirm the entered details by you and create an XML file which will be saved in auto mode.
- Step-7: Now under the ‘Submit Return’ section you will be given the option to upload the XML file. So upload it.
- Step-8: At this step, you can digitally sign the form if you have one otherwise skip this step.
- Step-9: Now, a successful message will be displayed on your screen along with the acknowledgement number.
- Step-10: The last step will be to e-verify your filed ITR.
Also read:ITR Filing for Senior Citizens: Tax Benefits, Exemption Limit and More
How to Verify ITR Online?
Here is the step-by-step guide to e-verify your ITR online:
- First, visit the official e-filing portal of the Income Tax Department
- Click on the ‘e-Verify Return’ link.
- Enter the details generated during ITR filing including acknowledgement number, PAN, assessment year, etc.
- On the next page, the details of your filed return will open. Click on e-verify to begin the process.
- Now you will see the various different methods to generate an EVC.
- Generate the EVC using any suitable method.
- After that, submit the code.
- Now you will see the ‘Return successfully e-verified’ message on your screen.
How to Download ITR or Income Tax Return?
- First, go to the official income tax portal and either register yourself or log in.
- Next, go to ‘My Account’ and select ‘Download Pre-filled XML’.
- Now, the assessment year of which you want to download ITR.
- Select the right ITR form and save the XML file to your device.