The Income Tax Department has announced the last date for filing ITR for the taxpayers for the year 2022-23. The department has also issued some forms related to ITR.
People earning more than Rs 3 lakh annually should file ITR. Corporate companies are also issuing Form-16 to their employees ahead of time to help them file ITR on time.
Currently, taxpayers will file returns of income earned in the financial year 2022-23. By filing ITR, you declare your investments and earnings to the government. This time the last date for filing ITR file has been fixed as 31 July 2023. In such a situation, taxpayers should start collecting all the documents related to ITR.
Category wise last date for filing ITR
- For individual taxpayers, HUF, AOP, BOI or those whose books of accounts are not required to be audited, the last date for filing returns is 31 July 2023.
- For businesses whose account books are to be audited, the last date for filing ITR is 31 October 2023.
- Businesses that have international transactions or specific domestic transactions have been given the last date for filing returns on November 30, 2023.
- The last date for filing revised ITR and belated returns has been fixed as December 31, 2023.
ITR Late Fee and Penalty
If taxpayers file their returns after the prescribed last date, they will have to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A. Whereas, under section 234F, taxpayers will have to pay Rs 5,000 as late fee for missing the due date. On the other hand, if the total income of the taxpayers is less than Rs 5 lakh, then this late fee will have to be paid at Rs 1,000.
