A Guide to Income Tax Return Filing in India: Important Dates and FAQs

Filing income tax return is a critical responsibility for every Indian taxpayer. Understanding the due dates, fiscal year, assessment year, and other relevant aspects about income tax return filing is critical for ensuring compliance with tax regulations. In this blog article, we will present accurate and up-to-date information on the due dates for submitting income tax returns, paying advance tax instalments, claiming tax refunds, modifying forms, income tax audits, and more.

Financial Year (FY) and Assessment Year (AY)

Before we go into the deadlines, it’s crucial to understand the terms fiscal year (FY) and assessment year (AY). The fiscal year in India is the period from April 1 to March 31 during which income is earned. In contrast, the assessment year is the year immediately following the fiscal year in which income is assessed and taxes are filed.

Income Tax Returns (ITR) Filing Start Date 2023

The income tax department has already released forms e for filing income tax returns for the financial year 2022-23 (assessment year 2023-24). Tax filing has already started for financial year 2022-23.

Income Tax Filing Due Dates for FY 2022-23 (AY 2023-24)

Due date of Filing Income Tax Return is 31st July for individuals and those whose business does not needs compulsory audit. For others it is 31st October of the relevant Assessment Year. TAX VIC provides Income Tax Return services.

Implications of Income Tax Return Filing Delay

Failure to file income tax returns by the due date can result in a variety of repercussions, including:

Late filing penalty

If you fail to meet the deadline, you may face a penalty under Section 234F of the Income Tax Act of 1961. The penalty amount varies according to the length of the delay and the total income.

Loss of certain benefits

Delays in submitting returns may result in the loss of some benefits, such as loss carry-forward, tax refund claims, and set-off against future income.

Increased scrutiny

Non-filing or late filing of returns may result in increased scrutiny by the income tax department, with potential legal and financial consequences.

Important Dates for Paying Advance Tax Instalments in Fiscal Year 2023-24

The following are the main deadlines for individuals and corporations required to pay advance tax for the financial year 2023-24:

Instalment	Due Date	Tax to be Paid
1st Instalment	June 15, 2023	15 % of tax liability
2nd Instalment	September 15, 2023	45 % of tax liability
3rd Instalment	December 15, 2023	75 % of tax liability
4th Instalment	March 15, 2024	100 % of tax liability
Presumptive Scheme	March 31, 2024	100 % of tax liability

Note: These deadlines are subject to change, so it’s best to check the income tax department’s announcements or consult a tax professional for the most up-to-date information.

Frequently Asked Questions

How do I get a tax refund after the deadline?

Taxpayers who file a belated income tax return within the statutory deadline can obtain an income tax refund after the due date.

How do you pay income tax after the deadline?

Taxpayers can still settle their outstanding tax liabilities after the due date for filing income tax returns by visiting the income tax department’s official website or authorized bank portals.

What part of the Income Tax Act allows a person to file an ITR after the due date?

Individuals may file belated income tax returns after the due date under Section 139(4) of the Income Tax Act.

When is the deadline for submitting an income tax return?

The deadline for filing income tax returns varies depending on the taxpayer category. Individuals and HUFs normally have until July 31st of the assessment year.

How can I update my income tax returns before the deadline?

Taxpayers can update their income tax returns before the due date by submitting a revised return online using the IRS’s e-filing system.

How do I update my income tax return after the deadline?

Taxpayers cannot alter their income tax returns after the due date. If any errors or omissions are discovered, they can be corrected by filing a revised return in the next assessment year.

What happens if the income tax return is not filed on time?

Failure to file income tax returns by the due date can result in penalties, loss of benefits, and greater scrutiny from the IRS.

What is the deadline for filing trust returns?

The deadline date for filing trust income tax returns is usually November 30th of the assessment year.

What is the deadline for filing corporate returns?

Companies’ income tax returns are normally due on November 30th of the assessment year.

What is the deadline for filing an ITR?

The deadline for filing income tax returns varies depending on the taxpayer category. Individuals and HUFs normally have until July 31st of the assessment year.

What is an income tax audit?

An income tax audit is an assessment of a taxpayer’s financial records and statements to ensure compliance with Income Tax Act regulations. It is carried out to ensure the accuracy and legitimacy of the stated income, deductions, and other facts.

Who is required to obtain an income tax audit report?

Taxpayers who meet specified conditions, such as specific business turnovers, professional receipts, or statutory thresholds, must acquire an income tax audit report from a chartered accountant and submit it with their income tax filings.

Conclusion

Filing income tax returns by the stipulated dates is mandatory for all taxpayers in India. To correctly meet tax duties, it is critical to grasp the financial year, assessment year, and related due dates. The purpose of this blog post was to provide correct information about income tax filing deadlines, advance tax instalment deadlines, the repercussions of missing deadlines, and other related questions. To maintain compliance with the prevailing tax legislation, it is always advisable to stay up to date with the latest notifications from the income tax department and obtain professional guidance.

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