{"id":53112,"date":"2023-03-07T12:59:55","date_gmt":"2023-03-07T07:29:55","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=53112"},"modified":"2023-03-09T11:31:23","modified_gmt":"2023-03-09T06:01:23","slug":"what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/","title":{"rendered":"What Is the Last Date of ITR Filing FY 2022-23 (AY \u2013 2023-24)?"},"content":{"rendered":"\n<p>The\nlast date for ITR Filing for Annual Year 2023-24, for income made in Financial\nYear 2022-23, the last date to file an ITR will be 31<sup>st<\/sup> July. The\nnew Assessment Year 2023-24 will start on 1<sup>st<\/sup> April. Generally, the\ndue date of ITR Filing is July 31<sup>st<\/sup>, it is expected that the same\ndate will be the last date for filing tax returns this year.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#What_Actually_Is_the_Financial_Year\" >What Actually Is the\nFinancial Year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#What_Does_An_Assessment_Year_Mean\" >What Does An Assessment Year Mean?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#ITR_Filing_Due_Date_for_FY_2022-23_AY-2023-24\" >ITR Filing Due Date for FY\n2022-23 (AY-2023-24)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#What_Exactly_Is_An_Income_Tax_Return\" >What Exactly\nIs An Income Tax Return?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#Is_It_Necessary_To_Submit_An_Income_Tax_Return\" >Is It Necessary To Submit An\nIncome Tax Return?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#Who_Is_In_Charge_Of_Filing_Income_Tax_Returns\" >Who Is In Charge\nOf Filing Income Tax Returns?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#Important_Documents_for_Filing_ITR\" >Important\nDocuments for Filing ITR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#Key_Factors_to_Consider_While_Filing_Your_Taxes_for_FY\" >Key Factors to Consider While\nFiling Your Taxes for FY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#Reminders_to_File_Tax_Returns_during_the_Assessment_Year\" >Reminders to File Tax Returns\nduring the Assessment Year<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#E-Filing_of_Tax_Returns\" >E-Filing of Tax Returns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#Deadline_for_ITR_Filing_for_TDS_Return\" >Deadline for ITR Filing for\nTDS Return<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#Important_ITR_Filing_Last_Date_for_FY_2022-23\" >Important ITR Filing Last\nDate for FY 2022-23<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#ITR_Filing_Due_Date_for_TDS_Return\" >ITR Filing Due\nDate for TDS Return<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#What_Happens_If_The_Deadline_For_Submitting_The_ITR_Is_Missed\" >What Happens If The Deadline\nFor Submitting The ITR Is Missed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#Which_ITR_Form_Should_You_Fill_Out\" >Which ITR Form Should You\nFill Out?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-late-date-of-itr-filing-fy-2022-23-ay-2023-24\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Actually_Is_the_Financial_Year\"><\/span>What Actually Is the\nFinancial Year? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term &#8220;financial year&#8221;\nrefers to the corresponding year in the calendar in which money is received. In\ncontrast to a conventional calendar year, a Financial Year begins on April 1\nand ends on March 31 of the following year. In other words, tax returns must be\nfiled during the Fiscal Year, which is the year that comes before the\nAssessment Year. The phrase &#8220;financial year&#8221; is what the abbreviation\nFY refers to.<\/p>\n\n\n\n<p>For instance, the current Fiscal\nYear (FY) 2022-23 will take into account any revenue made between April 1,\n2022, and March 31, 2023.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Does_An_Assessment_Year_Mean\"><\/span>What Does An Assessment Year Mean?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Assessment Year comes following\nthe Fiscal Year. One must submit their <strong><a class=\"text-primary\" href=\"https:\/\/corpbiz.io\/income-tax-return-filing\">income tax return<\/a><\/strong> within the relevant assessment\nyear.<\/p>\n\n\n\n<p>For revenues received between April 1, 2022, and March 31, 2023, the Assessment Year would be 2023-24, or during the Assessment Year (AY) 2023-24.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ITR_Filing_Due_Date_for_FY_2022-23_AY-2023-24\"><\/span>ITR Filing Due Date for FY\n2022-23 (AY-2023-24)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<table class=\"wp-block-table table table-bordered\"><tbody><tr><td>\n  <strong>Taxpayer Category<\/strong>\n  <\/td><td>\n  <strong>Due Date<\/strong>\n  <\/td><\/tr><tr><td>\n  Individual\/HUF\/BOI\/AOP\n  <\/td><td>\n  <strong>31<sup>st<\/sup> July 2023<\/strong>\n  <\/td><\/tr><tr><td>\n  Businesses (requiring audit)\n  <\/td><td>\n  <strong>31<sup>st<\/sup> Oct 2023<\/strong>\n  <\/td><\/tr><tr><td>\n  Businesses requiring transfer\n  pricing reports (in case of international or specified domestic transactions)\n  <\/td><td>\n  <strong>30<sup>th<\/sup> Nov 2023<\/strong>\n  <\/td><\/tr><tr><td>\n  Revised Return\n  <\/td><td>\n  <strong>31<sup>st<\/sup> Dec 2023<\/strong>\n  <\/td><\/tr><tr><td>\n  Belated or Late Return\n  <\/td><td>\n  <strong>31<sup>st<\/sup> Dec 2023<\/strong>\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Exactly_Is_An_Income_Tax_Return\"><\/span>What Exactly\nIs An Income Tax Return?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Your earnings and tax payments to\nthe appropriate authorities are both recorded on a document known as an Income\nTax Return (ITR). A taxpayer&#8217;s income is used to calculate their tax due. If\nthe return discloses that the individual overpaid their taxes for the year, the\nIncome Tax Department will issue a refund check to the individual.<\/p>\n\n\n\n<p>Each individual or corporation that\nhas revenue throughout the course of a financial year is required to submit an\nannual return in accordance with the income tax legislation. The source of the\nincome could come from an employment, an enterprise, property investment,\nprofits, capital gains, interest, or perhaps another source.<\/p>\n\n\n\n<p>An individual or a firm must submit\ntax returns by a specific deadline. If a tax payer fails to file their taxes\nbefore the deadline, they will be subject to a penalty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_It_Necessary_To_Submit_An_Income_Tax_Return\"><\/span>Is It Necessary To Submit An\nIncome Tax Return?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If your annual income is more than\nthe amount that is free from taxation, you are required by law to submit income\ntax returns in India. The income tax rate is predetermined for those who are\ntax payers. Your prospects of securing a loan or a trip visa would be decreased\nby a delay in completing your returns, which would also incur penalties for\nlate filing. You would also be subject to additional fees.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Is_In_Charge_Of_Filing_Income_Tax_Returns\"><\/span>Who Is In Charge\nOf Filing Income Tax Returns?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to the Income Tax Act, the\nresponsibility for paying income tax lies only with those individuals and organizations\nthat fall under certain income brackets. In India, the annual filing of an\nincome tax return (ITR) is mandatory for the following types of organizations:<\/p>\n\n\n\n<p>Any individual under the age of 59\nwhose yearly income exceeds Rs 2.5 lakh in a financial year. The limit is Rs. 3\nlakhs for seniors (those aged 60\u201379), and Rs. 5 lakhs for super seniors (aged\n80 and higher). It is vital to keep in mind that an estimate of the amount of\nincome must be provided prior to taking into account the deductions that are\npermitted under Sections 80C to 80U and the additional exclusions that are\nprovided under Section 10.<\/p>\n\n\n\n<p>Any legally recognized companies\nthat bring in money, irrespective of whether or not they made a profit for the\nprevious fiscal year.<\/p>\n\n\n\n<ul><li>Those who have overpaid their income tax and are seeking a\nrefund.<\/li><li>Individuals with assets or financial interests in businesses\noutside of India.<\/li><li>Companies from other countries doing business in India as a\nconsequence of treaty advent<\/li><li>NRIs who earn or accumulate more than Rs. 2.5 lakh in India\nin a one FY.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_Documents_for_Filing_ITR\"><\/span>Important\nDocuments for Filing ITR<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When you start the process of\nelectronic filing, you need to be sure that you have all of the necessary\npaperwork on hand.<\/p>\n\n\n\n<ul><li>Passbooks for post office savings accounts, bank savings accounts, and PPF savings accounts<\/li><li>Pay slips<\/li><li>Identification cards include things like Aadhaar cards and Permanent Account Number cards.<\/li><li>Your company will provide you with a Form-16, often known as a TDS certificate, which documents your pay as well as any TDS that may have been deducted.<\/li><li>Bank and post office interest certificates<\/li><li>If the tax deducted at source is on payments besides salary, including such income earned on fixed deposits, or such other deposits, etc., in excess of the limitations prescribed by the existing tax legislation, Form-16A must be completed.<\/li><li>If you recently sold real estate, you should have received a Form-16B stating the tax deducted from the sum received by you.<\/li><li>Form 16C from your renter specifying any TDS deducted from the rent.<\/li><li>Your yearly tax statement is Form 26AS. It details every aspect of the tax payments you&#8217;ve made using your PAN.<ul><li>When TDS is collected by your employer<\/li><li>When TDS is deducted by banks<\/li><li>Taxes that you have already paid in advance <\/li><li>Taxes that you paid after conducting your own self-assessment<\/li><\/ul><\/li><li>Evidence of Deductions from Sections 80D to 80U <\/li><li>Bank Statement for a Mortgage Loan <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Factors_to_Consider_While_Filing_Your_Taxes_for_FY\"><\/span>Key Factors to Consider While\nFiling Your Taxes for FY<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li><strong>Even Without A Receipt, Expenses May Be Deducted<\/strong><\/li><\/ul>\n\n\n\n<p>Regular tax payers should be aware\nthat they are permitted to make deduction claims in FY without providing any\nsupporting documentation. Additionally, taxpayers are required to collect as\nmuch documented evidence as possible from individual witnesses to their\nexpenditures.<\/p>\n\n\n\n<ul><li><strong>&nbsp;Methodical Reporting Of Costs Is Required<\/strong><\/li><\/ul>\n\n\n\n<p>By keeping accurate records of their\nexpenditures throughout the fiscal year, often known as the FY, taxpayers may be\nable to reduce their tax burden. It is possible for a tax payer to miss out on\nsignificant deductions that might have a significant impact on his financial\nsituation if the revenues are not appropriately categorized and provided within\nthe prescribed time frame.<\/p>\n\n\n\n<p>It is in the best interest of\ntaxpayers to get acquainted with the process of submitting their tax returns.<\/p>\n\n\n\n<p>Self-education is a terrific\ntechnique for taxpayers to learn more about tax payment methods online and\nelsewhere. There are accredited taxation courses available in the region&#8217;s\ncolleges and secondary schools.<\/p>\n\n\n\n<ul><li><strong>&nbsp;Software for Efficient and Effective Tax Filing<\/strong><\/li><\/ul>\n\n\n\n<p>This utility is free, simple to use,\nand virus-free. Taxpayers may avoid late fines by using the Free File Program\nmade available by the <strong>Internal Revenue Service<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/en.wikipedia.org\/wiki\/Internal_Revenue_Service\"><strong>[1]<\/strong><\/a><\/sup> (IRS).<\/p>\n\n\n\n<p>It is required to redistribute the\nearnings from deposits.<\/p>\n\n\n\n<p>Taxpayers who receive earnings via\nfixed or recurring deposits should seriously consider moving some of this money\ninto their children&#8217;s bank accounts, if they have any. During a certain\nfinancial year, they will be able to save a significant amount of tax in this\nway.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reminders_to_File_Tax_Returns_during_the_Assessment_Year\"><\/span>Reminders to File Tax Returns\nduring the Assessment Year<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>While filling out tax returns, transparency is essential.<\/li><li>While filing tax returns, taxpayers should be as accurate as\npossible regarding their prior tax payments, the forms they used to file taxes,\nand the receipts they obtained from the Income Tax department after\nelectronically submitting taxes during the Assessment Year. When submitting\nreturns electronically, you are needed to upload as a PDF any and all relevant\ndocuments, including receipts.<\/li><li>It is more than conceivable for the tax refunds for a given\nAssessment Year to be provided on schedule if all essential papers, such as\ncapital gains tax statements, Form 16A, and Form 26S, are in order. There are\nunlikely to be any complications with the transfer of tax refund payments.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"E-Filing_of_Tax_Returns\"><\/span>E-Filing of Tax Returns<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>E-Filing allows taxpayers from all\nwalks of life, including retirees and business owners, to submit their tax\nreturns from the convenience of their own homes. When taxpayers employ the\ne-filing options made accessible by the Federal Revenue Service, submitting tax\nreturns online is a speedy procedure, and they do not need to be worried about\ntheir tax return filing activities lasting weeks or months.<\/p>\n\n\n\n<ul><li>Using tax return calculators is strongly recommended.<\/li><li>While completing their tax returns during an Assessment\nYear, each and every taxpayer is strongly encouraged to make use of the online\ntax return calculators.<\/li><li>These online tax return calculators provide accurate\nestimations of the tax credits and deductions that individual taxpayers may\nclaim for the income they generate during a certain financial year.<\/li><li>Calculators for filing taxes online are usually kept up to\ndate on a regular basis &amp; may be accessed and utilized in a time-efficient\nmanner on mobile devices such as iPhones and Androids.<\/li><li>If tax payers have a strong grasp of what the Financial Year\nand Assessment Year genuinely represent, the whole process of reporting taxes\nin the FY and claiming returns in the Assessment Year may be performed with a\nremarkable speed. It is common practice for the Financial Year to precede the\nAssessment Year, with assessments often being carried out during the Assessment\nYear after revenues have been made during the Financial Year.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Deadline_for_ITR_Filing_for_TDS_Return\"><\/span>Deadline for ITR Filing for\nTDS Return<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to this notion, a person\n(deductor) who is required to make a payment of a certain sort to another\nperson (deductee) is required to deduct tax at source &amp; deposit it into the\naccount of the Central Government. The deductee whose income tax was deducted\nat source is entitled to get a credit for the amount that was deducted if the\ndeductor submits Form 26AS or a TDS certificate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_ITR_Filing_Last_Date_for_FY_2022-23\"><\/span>Important ITR Filing Last\nDate for FY 2022-23<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<table class=\"wp-block-table table table-bordered\"><tbody><tr><td>\n  <strong>Last Date<\/strong>\n  <\/td><td>\n  <strong>Type of Compliance<\/strong>\n  <\/td><td>\n  <strong>Particulars<\/strong>\n  <\/td><td>\n  <strong>Forms <\/strong>\n  <\/td><\/tr><tr><td>\n  15<sup>th<\/sup> June 2022\n  <\/td><td>\n  Advance Tax\n  <\/td><td>\n  First Installment for FY 2022-23\n  <\/td><td>\n  Challan No.\/ITNS 280\n  <\/td><\/tr><tr><td>\n  31<sup>st<\/sup> July 2022\n  <\/td><td>\n  ITR Filing (for non-audit cases)\n  <\/td><td>\n  ITR Filing for FY 2021-22\n  <\/td><td>\n  Applicable ITR Form\n  <\/td><\/tr><tr><td>\n  15<sup>th<\/sup> September 2022\n  <\/td><td>\n  Advance Tax\n  <\/td><td>\n  Second Installment for FY 2022-23\n  <\/td><td>\n  Challan No.\/ITNS 280\n  <\/td><\/tr><tr><td>\n  30<sup>th<\/sup> September 2022\n  <\/td><td>\n  Tax Audit Report\n  (other than transfer pricing)\n  <\/td><td>\n  Tax Audit Report for FY 2021-22\n  <\/td><td>\n  Form 3CA\/3CB and 3CD\n  <\/td><\/tr><tr><td>\n  31<sup>st<\/sup> October 2022\n  <\/td><td>\n  Transfer Pricing Report (undertaken international or\n  specified domestic transactions)\n  <\/td><td>\n  Submission of Reports for FY 2021-22\n  <\/td><td>\n  Form 3CEB\n  <\/td><\/tr><tr><td>\n  30<sup>th<\/sup> November 2022\n  <\/td><td>\n  ITR Filing for Transfer Pricing Cases\n  <\/td><td>\n  ITR Filing for FY 2021-22\n  (if having international or specified domestic\n  transactions)\n  <\/td><td>\n  Applicable ITR Form\n  <\/td><\/tr><tr><td>\n  15<sup>th<\/sup> December 2022\n  <\/td><td>\n  Advance Tax\n  <\/td><td>\n  Third Installment for FY 2022-23\n  <\/td><td>\n  Challan No.\/ITNS 280\n  <\/td><\/tr><tr><td>\n  31<sup>st<\/sup> December 2022\n  <\/td><td>\n  Belated Return or Revised Return Filing\n  <\/td><td>\n  Belated Return or Revised Return for FY 2021-22\n  <\/td><td>\n  Belated\/Revised Return\n  <\/td><\/tr><tr><td>\n  15<sup>th<\/sup> March 2023\n  <\/td><td>\n  Advance Tax\n  <\/td><td>\n  1. Fourth Installment for FY 2022-23\n  2. Single and Final Installment for Taxpayers opting for\n  Presumptive Taxation Scheme for FY 2022-23\n  <\/td><td>\n  Challan No.\/ITNS 280\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ITR_Filing_Due_Date_for_TDS_Return\"><\/span>ITR Filing Due\nDate for TDS Return<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per this concept, a\nperson (deductor) who is liable to make payment of specified nature to any\nother person (deductee) shall deduct tax at source &amp; remit the same into\nthe account of the Central Government. The deductee from whose income tax has\nbeen deducted at source would be entitled to get credit of the amount so\ndeducted on the basis of Form 26AS\/TDS certificate issued by the deductor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The ITR Filing Last Date For Filing TDS for the Financial Year 2022-2023 Are:<\/h3>\n\n\n\n<table class=\"wp-block-table table table-bordered\"><tbody><tr><td>\n  <strong>Quarter Months Ending<\/strong>\n  <\/td><td>\n  <strong>Due Dates of Payment of TDS<\/strong>\n  <\/td><td>\n  <strong>Due Dates for Filing TDS<\/strong>\n  <\/td><\/tr><tr><td>\n  30 June\n  <\/td><td>\n  7 May, June, and July\n  <\/td><td>\n  31.07.2022\n  <\/td><\/tr><tr><td>\n  30 September\n  <\/td><td>\n  7 August, September, and October \n  <\/td><td>\n  31.08.2022\n  <\/td><\/tr><tr><td>\n  31 December \n  <\/td><td>\n  7 November, December, and January \n  <\/td><td>\n  31.01.2023\n  <\/td><\/tr><tr><td>\n  31 March \n  <\/td><td>\n  7 February, March, and April\n  <\/td><td>\n  31.05.2023\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Happens_If_The_Deadline_For_Submitting_The_ITR_Is_Missed\"><\/span>What Happens If The Deadline\nFor Submitting The ITR Is Missed?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>If you submit your tax return after the deadline, you must\npay interest on the unpaid tax amount at the rate of 1% per month or fraction\nof a month under Section 234A.<\/li><li>A late charge of Rs. 5,000 must be paid in line with Section\n234F. If the individual&#8217;s yearly income is less than Rs. 5 lakh, the amount\nshould be decreased to Rs. 1,000.<\/li><li>If losses occurred are from the stock market, mutual funds,\nreal estate, or any of your enterprises, you may carry them forward and adjust\nthem with the revenue from the next year. Your tax burden will be greatly\nreduced as a result of this. Loss adjustment is only possible if you disclose\nthe losses in your ITR and submit it to the income tax department before the\ndeadline.<\/li><li>You have the option of submitting what is called as a\n&#8220;belated return&#8221; if you miss the deadline for completing your ITR.\nNevertheless, you will still be responsible for paying the late charge as well\nas any applicable interest, and you will not be allowed to roll over the losses\ntowards any future adjustments. The income tax department has set the cutoff\ndate for late returns at the 31st of December of the year before the current\nassessment year (unless the government decides to extend the deadline) (unless\nextended by the government). You have until December 31, 2023, to submit your\nlate return for this year.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_ITR_Form_Should_You_Fill_Out\"><\/span>Which ITR Form Should You\nFill Out?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is possible that taxpayers will\nbe required to fill out a number of forms, all of which may be found on the\nofficial website of the Income Tax Department. Although some of these documents\nare simple to fill out, others, like your financial records, can need more\ndetailed information. The following is a simple tutorial that will help you\ncomprehend the forms that are accessible to you:<\/p>\n\n\n\n<ul><li>Sahaj or ITR &#8211; 1 must be submitted by residents (other than\nnon-residents) of India with a total income of up to Rs. 50 lakhs, comprising\nrevenue from Salary, income from other sources and agricultural income of up to\nRs. 5 lakhs.<\/li><li>ITR \u20132 has to be filled out by individuals and HUFs that do\nnot have any income from the profits and earnings of a company or profession.<\/li><li>ITR-3 has to be filled out by Individuals and HUFs with\nbusiness or professional income should fill out this form.<\/li><\/ul>\n\n\n\n<p>If your company generates\npresumptive income for you, you must submit Form ITR-4 (Sugam). Persons, heads\nof household units, and businesses (other than limited liability partnerships)\nthat are residents of India and have a total income of up to Rs. 50 lakh and\nincome from business and profession that is calculated under sections 44AD,\n44ADA, or 44AE are required to submit this form.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Income tax shall be filled by every individual or business corporation as a fee to the government of the country. It has been made very easy and free from hassles by provision of all details regarding filing of income tax, deduction of tax at source, refunds etc.<\/p>\n\n\n\n<p><strong>Also Read<\/strong>: <br><a href=\"https:\/\/corpbiz.io\/learning\/itr-for-businesses\/\">ITR For Businesses: Things You Need To Know\n<\/a><br><a href=\"https:\/\/corpbiz.io\/learning\/income-tax-return-e-filing\/\">Income Tax Return E-Filing: Things You Must Know\n<\/a><br><a href=\"https:\/\/corpbiz.io\/learning\/income-tax-returns-which-is-the-correct-itr-form-for-you\/\">Income Tax Returns: Which Is The Correct ITR Form For You?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The last date for ITR Filing for Annual Year 2023-24, for income made in Financial Year 2022-23, the last date to file an ITR will be 31st July. The new Assessment Year 2023-24 will start on 1st April. Generally, the due date of ITR Filing is July 31st, it is expected that the same date [&hellip;]<\/p>\n","protected":false},"author":51,"featured_media":53136,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[30],"acf":{"service_id":"78"},"authorName":"Aditee Arya","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2023\/01\/MicrosoftTeams-image-51-1.jpg","authorDescription":"Aditee is a legal researcher and writer. She has completed her graduation in BBALLB from IP University, New Delhi. She has a keen interest in insolvency and bankruptcy law and the companies Act. She likes to watch a lot of movies and series in her free time and hang around with her friends and travel across.","postViews":4015,"readingTime":9,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/53112"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=53112"}],"version-history":[{"count":3,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/53112\/revisions"}],"predecessor-version":[{"id":53135,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/53112\/revisions\/53135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/53136"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=53112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=53112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=53112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}