In this article, let’s discuss the important due dates of Income Tax Return filing for FY 2022-23 applicable to Individuals and HUF.
Knowing these due dates is important because missing these dates will lead to interest and penalties. And in certain cases, filing of ITR is also not possible after the due date.
Now, let’s see the due dates for FY 2022-23 (i.e. AY 2023-24).
An income Tax Return (ITR) which is filed within the due dates specified under sec 139(1) of the Income Tax Act, 1961 is called Original Return.
The due date for filing the Original Return for FY 2022-23 is 31st July 2023.
If you are unable to file an Original Return before the due date for any reason, then you can file the ITR belatedly which is known as Belated Return.
The due date for filing the same for FY 2022-23 is 31st December 2023.
But there are certain consequences for belated return filing, i.e. Interest u/s 234A & a late fee up to Rs. 5,000 u/s 234F. In addition, certain losses cannot be carried forward when you file a belated return.
Sometimes, taxpayers may commit certain errors or omissions in their ITR Filing.
They can file a Revised Return to rectify those omissions or errors in such cases. And do remember, both Original and Belated returns can be revised.
The due date for filing the Revised return for FY 2022-23 is 31st December 2023.
For any reason, if you are unable to file either of the above returns then the only option to file your ITR for the relevant financial year is Updated Return.
This Updated Return (ITR-U) can be filed up to 24 months from the end of the relevant Assessment year. But you cannot file an Updated Return for claiming a refund.
On top of it, you need to pay an additional tax liability under sec 140B @25% or 50% of the liability (depending on the date of filing) to proceed with the filing.
It is always important to remember these ITR filing due dates to avoid interest and penalties. Also, certain losses can be carried forward only if you file Income Tax Returns on time. So make sure to adhere to these timelines to file your Income Tax Returns.
Thank you for your time. In case of any queries, please ask in the comments.
Author is a Qualified CMA with an experience of more than 8 years in the industry. He is also an All India Rank holder in both Inter (AIR-26) & Final (AIR-46) examinations of ICAI. He loves to writes articles on Income Tax & GST.