However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. Belated Return: If you miss the ITR filing due date, you can file a return after the due date, called a belated return.However, you will not be allowed carry forward these losses if you miss filing your ITR before the deadline. This provision substantially reduces your tax liability in the future years. Loss Adjustment: In case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year.Late fee: In case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.Interest: If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.What happens if you miss the ITR filing deadline? (in case of international/specified domestic transactions) (books of accounts not required to be audited)īusinesses requiring transfer pricing reports ![]() Income tax filing due dates for FY 2022-23 (AY 2023-24) Category of Taxpayer The last date to file ITR for FY 2022-23 is discussed below. The Income Tax Return (ITR) e-filing for AY 2023 -24 (FY 2022-23) has begun. Income Tax Returns (ITR) Filing Start Date 2023 Hence, the assessment year would be AY 2023-24. For the income earned during the FY (here FY 2022-23), the assessment year would be the immediately next year, i.e. The assessment year is the review year for FY 2022-23 where you file your returns and declare your investments for tax assessment. for the income earned between 1 April 2022 and 31 March 2023. ![]() The return you are currently filing is for the income you earned in FY 2022-23, i.e. File Now What are Financial Year (FY) and Assessment Year (AY)? Taxpayers, except those whose accounts need to be audited, must ensure to file their returns by 31st July. Recent reports confirm that the Government has no plans to extend the deadline beyond July 31. According to Income Tax Department, nearly 6 crore people have already filed their ITRs for FY 2022-23 (AY 2023-24). It is expected that there will not be any such extension this year. However, will ITR Filing Last Date be extended or not? Taxpayers are hopeful for ITR Filing Last Date 2023 extension. Will ITR filing date be extended this year? Last few days to go! ITR filing last date for Financial Year 2022-23 (AY 2023-24) is July 31, 2023. ![]() Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |