Important Dates for Filing Income Tax Returns (ITR) for AY 2023-2024
Income Tax Return (ITR) is a form used by taxpayers to file their tax returns with the Income Tax Department of India. Filing your ITR is mandatory for all Indian taxpayers who have earned income in the previous financial year. The government has set different due dates for various ITR forms, depending on the taxpayer’s income, source of income, and type of taxpayer. In this blog, we will discuss the due dates of various ITR forms in India for AY 2023-2024.
ITR Forms and their Due Dates
| ITR | Description and Due Date |
| ITR-1 | ITR-1 or Sahaj is for salaried individuals who have income from salary, pension, or interest. The due date for filing ITR-1 for AY 2023-2024 is July 31, 2023. |
| ITR-2 | ITR-2 is for individuals and HUFs (Hindu Undivided Families) who have income from sources other than business or profession. The due date for filing ITR-2 for AY 2023-2024 is July 31, 2023. |
| ITR-3 | ITR-3 is for individuals and HUFs who have income from business or profession. The due date for filing ITR-3 for AY 2023-2024 is September 30, 2023. |
| ITR-4 | ITR-4 or Sugam is for individuals, HUFs, and partnership firms who have opted for the presumptive taxation scheme. The due date for filing ITR-4 for AY 2023-2024 is November 30, 2023. |
| ITR-5 | ITR-5 is for LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and partnership firms. The due date for filing ITR-5 for AY 2023-2024 is September 30, 2023. |
| ITR-6 | ITR-6 is for companies that are not claiming exemption under section 11 of the Income Tax Act, 1961. The due date for filing ITR-6 for AY 2023-2024 is October 31, 2023. |
| ITR-7 | ITR-7 is for persons, including companies, who are required to furnish a return under section 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act, 1961. The due date for filing ITR-7 for AY 2023-2024 is September 30, 2023. |
It is essential to note that the due dates for filing ITRs may change from time to time, and taxpayers must stay updated with the latest information. The due dates for filing ITRs may be extended by the government in case of a natural calamity, pandemic, or any other unforeseen event. In such cases, taxpayers can file their ITRs within the extended due date without any penalty or interest.
The Income Tax Act requires certain categories of taxpayers to get their accounts audited before filing their ITRs. The audited assessees are required to file their ITRs by a later date than non-audited assessees.
The due date for filing ITRs by audited assessees varies depending on the type of assessees. Here are the due dates for filing ITRs by audited assessees for AY 2023-2024:
- For companies: November 30, 2023.
- For persons other than companies whose accounts are required to be audited: October 31, 2023.
It is important to note that audited assessees are also required to file their tax audit report along with their ITRs. The tax audit report is a report prepared by a chartered accountant after examining the taxpayer’s books of accounts and other relevant documents. The tax audit report provides information about the taxpayer’s compliance with various provisions of the Income Tax Act, such as the maintenance of proper books of accounts, deduction of tax at source, and payment of advance tax. Filing ITRs by audited assessees after the due date can result in penalties and interest. If an audited assessee fails to file its ITR by the due date, it may have to pay a penalty of up to Rs 10,000. Additionally, if an audited assessee files its ITR after the due date, it may have to pay interest at the rate of 1% per month or part of the month on the tax due amount.
Importance of Timely Return Filing
Filing your ITR on time is crucial to avoid penalties and interest. If you fail to file your ITR within the due date, you will have to pay a penalty of up to Rs 10,000. Additionally, if you file your ITR after the due date, you will have to pay interest at the rate of 1% per month or part of the month on the tax due amount.
Moreover, filing your ITR on time is essential to avoid any unnecessary harassment from the Income Tax Department. If you file your ITR after the due date, you may receive a notice from the Income Tax Department, asking you to explain the reason for the delay. Therefore, it is recommended that you file your ITR within the due date to avoid any complications or legal issues.
Apart from avoiding penalties and interest, there are several other benefits of filing your ITR on time. One of the significant benefits is that it helps in securing loans and visas. If you plan to apply for a loan or a visa, you will need to provide your ITR as proof of your income. If you do not have a copy of your ITR, you may face difficulties in securing a loan or visa.
Filing your ITR on time also helps in maintaining a good financial record. It shows that you are a responsible taxpayer who is aware of his/her tax liabilities and is willing to comply with the law. This can help you in building a positive reputation in the financial market, which can help you in various ways, such as getting better loan terms or attracting investors for your business.
Conclusion
Filing your ITR on time is crucial for all taxpayers in India. All taxpayers must take their tax liabilities seriously and file their ITRs within the due date.The government has set different due dates for various ITR forms, and taxpayers must stay updated with the latest information to avoid any penalties or interest. In today’s atmosphere where there is a rapid change of tax policies, SuperCA acts as a Tax Saviour for you. Our systems are designed to ensure that the clients get the maximum possible tax exemptions and at the same time stay compliant with the policies. We also make sure that they don’t pay tax more than they owe. We can keep you away from the nightmares of technical details of tax codes which can be overwhelming for a lot of individuals and small businessmen.
