Introduction:
Tax Filing Deadlines for Assessment Year 2023-2024: Income tax is a compulsory tax imposed on individuals and businesses by the government. It is used to fund government programs and provide services to the public. The amount of income tax that an individual or business pays is based on their income. Incomes are always taxed in the year following the year in which it was earned. However, there are certain exceptions as in the case of Advance Tax and Presumptive Taxation or in some cases where the assessment year and previous year are the same. The government has given certain due dates for filing of various types of Income Tax Returns.
The government has given 4-6 months of time after the previous year to consolidate and calculate the Income Tax properly before filing the return. If the Income Tax Returns are filed after these due dates, then there will be consequences in the form of penalties and interest. In this article, we will discuss more about various Income Tax Deadlines for the Assessment Year 2023-2024.
Key Terms: Financial Year, Previous Year and Assessment Year:
The Financial Year is the period of 12 months from April 1 to March 31. The Previous Year is the financial year that precedes the assessment year. The assessment year is the year in which the income tax return is filed. The Assessment Year is the year in which the income of the previous year is assessed. It is that year in which income tax return and tax is paid in respect of the Previous Year. For the Previous Year 2022-23, the Assessment Year starts from 1st April 2023.
Tax Filing deadlines for 2023:
The due date for filing an income tax return for the financial year 2022-23 is July 31, 2023. If an income tax return is not filed by the due date, there will be a penalty. The amount of the penalty depends on the income of the individual or business.
The due dates for Income Tax Filing are given below:
| Due Date | Particulars |
| 31st July 2023 | Income tax Return for all assessee except
a) corporate assessee b) non-corporate assessee (whose books of accounts are not required to be audited
|
| 31st October 2023 | Income Tax Return for corporate assessee or where the business requires audit |
| 30th November 2023 | Income Tax Return for business requiring transfer pricing report (specified domestic transactions or international transaction) |
| 31st December 2023 | Revised return or Belated return |
Advance Tax:
| Due Dates | Payment to be made | Tax Liability to be paid |
| 15th June 2023 | First installment of advance tax for Previous Year 2023-24 | 15% of Tax liability |
| 15th September 2023 | Second installment of advance tax for Previous Year 2023-24 | 45% of Tax liability |
| 15th December 2023 | Third installment of advance tax for Previous Year 2023-24 | 75% of Tax liability |
| 15th March 2024 | Fourth installment of advance tax for Previous Year 2023-24 | 100% of Tax liability |
TDS Return
| Quarter | Time Period | Due Date |
| 1st Quarter of 2023-24 | 1st April, 2023 – 30th June,2023 | 31st July 2023 |
| 2nd Quarter of 2023-24 | 1st July, 2023 – 30th September, 2023 | 31st Oct 2023 |
| 3rd Quarter of 2023-24 | 1st October, 2023 – 31st December, 2023 | 31st Jan 2024 |
| 4th Quarter of 2023-24 | 1st January, 2024 – 31st March, 2024 | 31st May 2024 |
Due Date for Depositing TDS
| Month of Deduction | Due Date |
| January | 7th February, 2023 |
| February | 7th March, 2023 |
| March | Government Offices – 7th April, 2023
Other Deductors – 30th April, 2023 |
| April | 7th May, 2023 |
| May | 7th June, 2023 |
| June | 7th July, 2023 |
| July | 7th August, 2023 |
| August | 7th September, 2023 |
| September | 7th October, 2023 |
| October | 7th November, 2023 |
| November | 7th December, 2023 |
| December | 7th January, 2024 |
TCS Returns
| Quarter | Time Period | Due Date |
| 4th Quarter of 2022-23 | 1st January, 2023 – 31st March, 2023 | 15th May, 2023 |
| 1st Quarter of 2023-24 | 1st April, 2023 – 30th June,2023 | 15th July, 2023 |
| 2nd Quarter of 2023-24 | 1st July, 2023 – 30th September, 2023 | 15th October, 2023 |
| 3rd Quarter of 2023-24 | 1st October, 2023 – 31st December, 2023 | 15th January, 2024 |
| 4th Quarter of 2023-24 | 1st January, 2024 – 31st March, 2024 | 15th May, 2024 |
Presumptive Taxation Scheme:
| Financial Year | Tax Liability | Due Date |
| For FY 2022-23 | 100% of Tax Liability | 31st March, 2023 |
Consequences of Filing after the due date:
If the taxpayer fails to file their Income Tax Return within the due date mentioned then they have to pay the interest as per Section 234A and Penalty as per Section 234F of the Income Tax Act.
Moreover, if the Income Tax return is filed after the due date, then interest will be levied at the rate of 1% for every month or part of a month on the amount of unpaid Income Tax.
If the Income Tax Return is filed after the due date, then there will be a penalty of Rs. 5,000 for filing it late. However, if the total income is less than Rs. 5,00,000 then the amount of penalty shall be Rs. 1,000.
The setting of loss and carry forward is also not applicable if the Income Tax return is filed after the due date. It is applicable only when the Income Tax Return is filed within the due date.
If the income tax return is not filed within the due date, then the assessee can file it till the belated return date which is 31st December, 2023. For that penalty, interest and non-applicability of set off and carry forward of losses shall be applicable. However, no Income Tax return can be filed after 31st December, 2023 unless it is extended.
Conclusion:
It is important to know all the due dates for filing of Income Tax Return to comply with it. If an income tax return is not filed by the due date, there will be a penalty. Filing an Income Tax Return within the due date gives several benefits. The government has given sufficient time to comply with the due date of filing the return. Filing the return after the due date will have consequences like penalty, interest, and non-applicability of several benefits.
FAQs:
- How to pay income tax after the due date?
Income tax can be paid after the due date but for that the penalty and interest will be levied. The penalty for the delay is Rs. 5,000. However, if the total income of the person is less than Rs. 5 lakhs, then the penalty shall be Rs. 1,000.
- What section under the Income Tax Act allows an individual to file ITR after the due date?
Section 139(4) of the Income Tax Act allows an individual to file ITR after the due date. But for that a penalty of Rs 5,000 or Rs 1,000 shall be levied.
- What is the due date for filing an income tax return of an individual?
The due date for filing an income tax return of an individual who is not required to conduct audit is 31st July, unless extended.
- What is the due date of return filing for Trusts?
If the accounts of the Trusts are not required to be audited, then the due date of filing a return is 31st July 2023. However, if the accounts of the trust are required to be audited, then the due date is 31st October 2023. If the trust is required to furnish a report under section 92E, then the due date is 30th November 2023.
- What is the due date of return filing for Companies?
The due date for filing returns of companies is 31st October 2023. If the company is having any international transaction or specified domestic transaction and is required to furnish a report under section 92E, then the due date will be 30th November 2023.
