Due date to file Income Tax Return for AY 2023-24|Income Tax Return Due date |Itr filing deadline

For the most part, taxpayers have until July 31, 2023, due date to file Income Tax Return (ITR) for Assessment Year (AY) 2023-24, which covers income earned during the fiscal year 2022-23.

However, the ITR filing due date is usually due by October 31, 2023, for taxpayers whose accounts must be audited under the Income Tax Act, such as businesses, limited liability companies, and some individuals.

Types of tax payers to ascertain due date to file Income tax return or ITR filing last date

In India, citizens are grouped into various sorts in light of their tendency of pay and the kind of element. The various categories of Indian taxpayers are as follows:

Individuals: Individual taxpayers are anyone who earns income in India and meets the criteria outlined in the Income Tax Act of 1961. Professionals, self-employed individuals, and salaried employees are all included in this.

Undivided Hindu Family (HUF): A HUF is a different element made by Hindu regulation and is viewed as a different citizen under the Personal Expense Act. The HUF can have its own source of income, which is taxable independently of the members’ income.

Companies: Companies are legal entities registered under the Companies Act, 2013, and are taxed as a separate entity under the Income Tax Act.

Partnership firms: Partnership firms are entities registered under the Partnership Act, 1932, and are taxed as a separate entity under the Income Tax Act.

Limited Liability Partnership (LLP): LLPs are entities registered under the Limited Liability Partnership Act, 2008, and are taxed as a separate entity under the Income Tax Act.

Association of Persons (AOPs) and Body of Individuals (BOIs): AOPs and BOIs are groups of individuals who come together for a common purpose and generate income. They are taxed as a separate entity under the Income Tax Act.

Trusts: Trusts are legal entities created for charitable or religious purposes, and their income is taxed separately under the Income Tax Act.

Because the tax laws, rules, and regulations that apply to each type of taxpayer may vary, it is essential to comprehend the classification of taxpayers.

Penalty for not filing ITR within due date to file income tax return.

The following are the penalties for non-filing or late-filing of ITR if not filed with income tax return due date:

If the ITR is not filed within the income tax return due date (i.e., July 31 for most taxpayers), but filed between August 1 and December 31 of the relevant Assessment Year (AY), the penalty amount is Rs. 5,000.

If the ITR filing deadline is missed i.e  is filed after December 31 of the relevant AY, the penalty amount increases to Rs. 10,000.

However, if the total income of the taxpayer does not exceed Rs. 5 lakh, the penalty for filing itr after itr filing last date is limited to Rs. 1,000

In case of a delay in filing the ITR beyond ITR filing due date, interest under Section 234A, 234B, and 234C of the Income Tax Act may also be levied.

To avoid penalties and other negative outcomes, such as the disallowance of certain deductions and the loss of carry-forward benefits, it is essential to submit before ITR filing deadline or before ITR filing last date