Important information regarding the last date for filing income tax returns for the financial year 2022-23, which is the assessment year 2023-24. It also includes the latest updates on the deadline for ITR 7, Form 10B, and Form 10BB, which has been rescheduled from September 30, 2023, to October 31, 2023. The pdf explains the difference between the fiscal year and assessable year and provides details on the due dates for individuals, businesses requiring audit, and businesses requiring transfer pricing reports. Additionally, it outlines the penalties and interest charges for missing the ITR filing deadline and offers solutions for those who miss the deadline. This information is essential for taxpayers to ensure compliance with the tax laws and avoid any unnecessary charges or penalties. -WEB ONLINE CA

1. ITR filing last date 2023
The deadline for the financial year 2022-23 which is (the assessment year 2023-24) to file an
income tax return without a late fee was 31st July 2023.
A taxpayer who file their taxes after the deadline given in Section 234A will be subject to interest
charges and the tax deposit penalty as provided in Section 234F.
Latest Update:

2. The ITR 7, Form 10B, and Form 10BB due date has been rescheduled from September 30,
2023, to October 31, 2023, which beats the initial target deadline of September 30, 2023.
Generally, individuals are required to file their ITR (Income Tax Return) and e-verify their ITR by
the last date of July following the end of the previous financial year.
However, the portal is currently undergoing maintenance, and the Income Tax Return (ITR) for
the financial year 2022-23 (the assessment year 2023-24), which was initially available until July
31, 2023, has been extended temporarily. However, if the deadline was earlier, you may simply
file a delayed return before December 31, 2023.
ITR Filing by the Last Date of Financial Year 23-24 (Assessment Year 24-25)
With the deadline for IT filing being on July 31, 2024, the last day of the current financial year,
it is advisable to plan your tax filing early on.
Understanding Fiscal Year (FY) and Assessable Year (AY)
The Tax year you are filing for in the upcoming year is for the income earned in FY starting from
the 1st of April,2023 until the 31st of March,2024. The assessment period, which follows the
financial period, is the time when you are supposed to submit your returns and reveal all of the
investments that go towards the determination of income tax. For example, for the income you
will report for the 2023-24 financial year, the assessment year will fall in the 2024-25 tax year.
Income Tax Return filler (ITR) is an annual event in which the taxpayer must submit his or her
annual earnings for financial reporting. The ITR filling Start Date is 2023.
ITR e-filing for AY 2024-25 (FY 2023-24) has commenced from the terminal date.
FY 2023-24 (TAY 2024-25) Income Taxpayers' Filing Due Date
Statement
- Individual / HUF/ AOP/ BOI (books of accounts not required to be audited): 31st of July.
2024.
- Businesses (Requiring Audit): 31st October 2024
- Businesses requiring transfer pricing reports: It was on 30th November 2024 that marked
the day of my return.
- Revised return: 31st December 2024, which will mark the end of our time amidst the virtual
world.

3. What am I to Do if I Have Missed the ITR Filing Deadline?
- Interest: On the other side of it monthly 1% is levied as a compounded interest on the unpaid
tax of section 234A.
- Late Fee: Under section 234F Rs 500 will be charged as a fine for each delay in making
payment of the demand portion one day after its due date.5,000, reduced to Rs. But 1000 are
needed to your total income for less Rs.5 lakh.
- Loss Adjustment: By doing so, the income taxpayer is legging ITR up to the deadline and
avoiding paying tax on carried forward loss in the future.
- Belated Return: In case you do not finish your filing by the deadline date, you can file the
belated return through 31st March of the assessment year, but then penalties and interest will
be considered.
For more information, visit (https://webonlineca.com/).
Frequently Asked Questions:
1. After reaching the due tax deadline, what should be the refund claim technique?
● File a Belated Return: Even after a deadline-tour, you can file a penalty-free case
before the end of the year. As offered, visit the explanation for the assessment year
2023-2024 as a latent coherent, which is December 31, 2023.
● Calculate Your Refund: Make sure you rightly re-check your refund balance including
all the deductions, exemptions, and tax credits that you are eligible for. Review all
income sources, investments, as well as expenses in the process of directing your
refund to multiple sources.
● Include Bank Account Details: Give correct checking bank accounting information in
the try of the remission of the late return that is made to avoid the indirect deposit of your
remission amount. It helps in quick reception of your refund which is possible only if
there are no delays.

4. ● Submit Supporting Documents: In case, necessary attach or audit Form 16,
investment proofs, TDS certificates, and supporting documents as evidence to give the
valid proof of the refund claim.
● E-Verify Your Return: After filing late the returns, you have to verify it by any means of
e-filing using Aadhaar OTP, net banking, an ATM, or on-paper I-T-V form further
submitting it via post with the Central Processing Center.
● Track Your Refund Status: Once you have verified “e-return” tracking your refund
status online via the Income Tax Department’s portal is the next step. Status checks can
be performed using your PAN and assessment year basics.
● Contact the Tax Department: The validity of your refund is cleared during the filing
process, if any delays or misprints, you can visit the Income Tax Department's customer
service helpline or any nearby tax office for help.
2. The late payment of income taxes might have a significant impact on your financial
portfolio, therefore one should be cautious.
● There may be a considerable effect on your financial portfolio due to a delay in income
tax payment. Here are some reasons why one should be cautious about it:
● Accumulation of Interest and Penalties: Also, if you postpone the payment of your
income taxes, you will have to bear interest fees and penalties on the residual and
outstanding amount. Over time, these charge piles up and cause an increase in the
money amount you have to pay.
● Negative Impact on Credit Score: A tax that has not been paid can result in a loss of
credit score grading. This, in turn, might hinder any upcoming credit facilities like
personal loans, credit cards, or mortgages in a bigger sense.
● Legal Consequences: Failure to meet the tax deadlines might lead to legal
consequences e.g. tax liens, levies, or even prosecution as successes in the most
severe cases. Such litigations go on to encumber your already precarious situation and
ultimately affect your character.
● Loss of Tax Benefits: Not only does the timely payment of taxes ensure that you can
gain different tax breaks and deductions, but this contributes to the state government as
well. This deadline on the benefits can be missed which means losing those from being
claimed by people and ending up with an additional tax to pay for.

5. 3. What section in the Income Tax Act that allows an individual to file an ITR past the due
date?
Section 139(4): Belated Return
● Filing of Belated Return: This option under Section 139(4) provides an individual with a
chance to file a late return after the specified return due date, is behind him. In this case,
the person will not be prevented from filing for an extended time as long as it's done
within the required reserved length of time.
● Assessment Year: A belated return, however, can be submitted at any time as late as
on the last day of the relevant tax assessment year. For instance, a belated return for the
assessment year​2023-24 (related to the financial year​2022-23) can be filed on or
before the end of the assessment year​by March 31, 2024.
● Late Filing Penalty: Although this does not cause a penalty, in certain situations that is
not the case. According to 234F of the Income Tax Act, a penalty is also payable for the
missing of filing the return at the appropriate time. Individuals who fail to submit their tax
returns by the stipulated deadline may be subject to a penalty that is in proportion to
their income and inversely proportional to their delay in filing.
● Limited to Certain Sections: It is worth mentioning that not all portions of Income Tax
do allow filing returns later than the closing date of the year. Specific items, including
those about carry-forward and set-off of losses or the deduction regime as stipulated in
Chapter VI-A under this ordinance, could apply only to those individual taxpayers who
fulfill the filing obligation for the current fiscal year. Service providers experience a
depletion of product quality, which may compel domestic consumers to purchase new
and improved products from international sources.
4. When is the tax return due before the end of tax season?
● The due date for tax returns varies depending on the jurisdiction and the type of
taxpayer. In many countries like the United States, the tax season typically begins in
January and ends on April 15th for most individual taxpayers. However, there are
exceptions and extensions granted in certain circumstances. Taxpayers need to check
with their local tax authorities or consult a tax professional to determine the specific due
date applicable to their situation.
5. How to revise the income tax returns in case of an error/after the due date?
● Understand the Revision Process: If you notice errors or omissions in a tax return that
you have already filed you can revise or fill up the gaps under Section 139(5) of the
Income Tax Act, 1961. Although changes could be done only for a certain period.
● Check Eligibility: Confirm that your eligibility to file an amended return coincides with
the date you notify the government about your request to amend your return. Normally
taxpayers can amend their return before the one year from the assessment year is not

6. counted or before the assessment by the Income Tax Department is over whichever of
them comes first.
● Access the Correct ITR Form: Gather the right ITR form that corresponds to the
income and status, corresponding to the assessment year. Select the form that suits
your financial holiday and the kind of money you made during the year.
● Make Corrections: Complete the correctly filled-in corrected return form reflecting the
accurate data for you and any missing information for dependants. Mentioning all
relevant information that makes up your income, deductions, exemptions, and paid taxes
is something you should take into account.
● Include Additional Documents: In case any additional documents or supporting pieces
of evidence will be necessary to reinforce the revisions previously made, be sure to
enclose them with the modified return.
● Specify Revision: Indicate on a separate line of the corrected tax return it is a corrected
return by checking the option or a box that says “Revised Return” on the form.
● Submit the Revised Return: Upon finishing the revised return form, this has to be
submitted either by online e-filing gateway or physically way to the Income Tax
Department and the address, as per which mode of filing, you are using.
● E-Verify the Revised Return: Once you have submitted the revised return in the online
portal, call for electronic verification which can be achieved through means like Aadhaar
OTP, net banking, bank ATM, or by simply mailing a physical copy of ITR-V (Verification
Digit) to the Central Processing Center via post.
● Track the Status: Follow up on the processed result of your revised return form through
the online portal of the Income Tax Department frequently to make sure it is done
successfully.
● Follow Up if Necessary: If there is anything in the way of the processing of a corrected
return that is submitted or there are any delays, the Income Tax Department should be
contacted or an accountant could also be sought to implement a solution.
6. How about if the income tax return is not prepared before the expiry date of the
processing?
If the income tax return is not prepared on time before the deadline taken for processing
it signifies that the taxpayer has not filed their tax return on time within the allowed
period. Here's what could happen in such a scenario:

7. ● Penalties and Late Fees: Not submitting the tax return before the specified date and
time can be a reason for the penalties and late fees. The severity of penalties and tax
levies depends on the particular case, such as the income of the filer, how late you were
in filing returns, and the relevant sections of the Income Tax Act.
● Interest on Outstanding Tax: To add, delinquent tax payment after the due date would
require the taxpayer to pay interest over the unpaid portion of the tax. The interest is
usually levied under Section 234A of the Income Tax Act at a certain per month or part
thereof on the balance as a residue of such amount not paid before the due date.
● Loss of Certain Benefits: A destitution of filing the annual income tax return before the
necessary period may end up in the loss of some tax benefits or chances accessible to
the taxpayers. Meanwhile, taxpayers may not be able to use their losses to cut taxes in
subsequent years or reclaim certain deductions/ exemptions if they fail to report these in
the tax return within the allocated period.
● Legal Consequences: Tax obligation disregard, such as not filing tax returns on a
required date, may also lead to legal effects, which include heavy fines and even
imprisonment. Once the tax authorities receive any complaint regarding non-compliance
with tax liabilities, they can undertake enforcement actions such as serving notices,
conducting evaluations, imposing penalties, or suing in a law court.
● Difficulty in Future Transactions: Similarly, not filing the income tax returns or the
delay in filing them will have far-reaching consequences in the future such as obtaining
approvals for loans, investing in various sectors as well as opportunities like participating
in government tenders, all these steps will make lenders or investors or in some case,
the government officers doubt on your financial compliance records.
7. Does the return filing of Trusts depend on the date of the due date?
Yes; the deadline for the tax filing for trusts does depend on the due date. Though the
rules may vary for each type of trust depending on the nature of the trust, the
requirement of audit, and whether any specific report needs to be furnished along with
the return, trusts have to file their returns by a certain due date. Here's how it typically
works:
● Trusts Not Required to be Audited: If an entity (trust)has no legal requirement to be
audited under the Income Tax Act, the due date for filing the income tax return of such
entity shall mostly be the 31st day of July of a particular assessment year. For instance,
for the assessing year, 2024-25, and the financial year 2023-24 ITRs of trusts that are
below the audit threshold will need to be filed before July 2024.
● Trusts Requiring Audit: Moreover, if a trust's accounts are required to be audited
following the guidelines of the Income Tax Act, it will be provided with the opportunity of
an extended due date for filing its income tax return. Here, the due date is usually

8. extended to October 31st of the same year of assessment. To give an example, a trust
that possesses income over ₹50 lakh will require an audit and the deadline for filing the
return for ITR 7 by the trust will be October 31, 2024 (financial year 2023-24).
● Additional Reporting Requirements: Sometimes a trust must be produced, along with
its income tax returns, and some reports of certain statements along. For instance, trusts
exchanging merchandise could need to fill out Form No. Special managerial fees CE
signed following the provision Section 92E of the Income Tax Act. The deadlines for
providing these reports may differ in some cases and affect the filing of a trust's income
tax return.
● Extension of Due Dates: It is crucial to keep in mind that due dates for filing income tax
returns, including those for trusts, are subject to extensions by the government or tax
authorities. Taxpayers must remain vigilant and stay updated about any changes or
extensions to due dates through official notifications or announcements from the Income
Tax Department. It is the responsibility of taxpayers to ensure that they file their returns
on or before the due date, and failure to do so may result in penalties and legal
consequences.
8. What is the due date for the filing of tax returns of companies?
The last date(s) of companies for filing their income tax returns can also vary depending
on additional factors which are the type of company, whether the turnover is large; and if
the accounts have to be audited. Here's a general overview:
● Domestic Companies (Non-Audit Cases): For corporate companies without an audit
requirement under the Income Tax Act, the assessment year’s due date for income tax
return filing is determined to be July 31st of the assessment year. As an illustration, for
the financial year 2023-24 which is assessed in 2024-25, the due date would be July 31,
2024.
● Domestic Companies (Audit Cases): Domestic accompanies which come under the
Income Tax Act are mostly provided extended due dates for filing their income tax
returns Such will be the case where the due date is usually fixed for October 31 in the
year of the review. For easy understanding, working on the previous example for the
financial period of the financial year 2023-24 (inspection year 2024-25), the due date of
the audit cases would be October 31, 2024.
● Companies with International Transactions: Companies trading transnationally as
well as in domestic direct transactions which are termed as qualified as above, may be
required to report additional reporting requirements, which may include an earlier due
date for filing of income tax returns. With this being the case, these businesses could be
called for to deliver, along with their tax return, a limited number of reports or statements,
meanwhile, the due date for filing such reports could vary.

9. ● Extension of Due Dates: The point to note here is that the government and tax
authorities could be dealing with a situation where there is either an extension in the
period that is to be used for submitting returns for income taxes or it could be a situation
where there is an extension in the time for filing returns limited to the companies.
Taxpayers are advised to adopt a better approach to knowing the change or extension of
the due dates directly through the official notices or notifications of the Income Tax
Department.
Conclusion:
The ITR filing periods are of paramount importance, and timely compliance gives a WEB
ONLINE CA field in filing income tax returns.
For more information related to Income tax return(ITR) kindly contact us.
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