Highlights

  • Original deadline for filing ITRs for the fiscal year lapsed on July 31, 2023
  • For those who missed this date, Dec 31 marks the final opportunity
  • Updated returns can be filed using ITR forms specified for the relevant assessment year

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ITR filing deadline: December 31 is last day for belated ITR

Late filers face penalties under Section 234F of the Income Tax Act, with a fee of ₹5,000 (reduced to ₹1,000 for incomes below ₹5 lakh)

ITR filing deadline: December 31 is last day for belated ITR

Belated ITR Filing Date AY 2023-24: With the year drawing to a close, it's crucial for taxpayers to place filing their Income Tax Returns (ITRs) at the top of their to-do list before the approaching December 31 deadline. This annual obligation under income tax laws not only ensures compliance but also allows individuals to claim refunds on excess taxes paid or deducted throughout the year.

ITR late filing penalty for AY 2023-24

The original deadline for filing ITRs for the financial year 2022-2023, which corresponds to the assessment year 2023-2024, lapsed on July 31, 2023. For those who missed this deadline, December 31 is the last chance to do so.

Late filers face penalties under Section 234F of the Income Tax Act, with a fee of ₹5,000 (reduced to ₹1,000 for incomes below ₹5 lakh). Additionally, interest accrues at 1% per month on the unpaid tax amount.

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Financial Implications Beyond the Deadline

Post the December 31 cutoff, financial implications intensify. Delinquents may encounter penalties and interest charges. However, a ray of hope exists as updated returns can still be filed within 24 months of the assessment year's end, albeit with additional income tax.

Updated Return Provisions

The Finance Act, 2022, introduced updated returns, allowing an extended duration for filing after specified deadlines. While no penalty is imposed for furnishing an updated return, additional tax is levied under Section 140B of the Income Tax Act.

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Conditions and Limitations

Updated returns can be filed using ITR forms specified for the relevant assessment year. However, they cannot be used to claim tax refunds. Failure to file ITR altogether might lead to loss carry-forwards and penalties ranging from 50% to 200% of assessed tax, with prosecution possible in severe cases involving significant discrepancies.

Ultimately, adhering to the December 31 deadline not only fulfills one's tax obligations but also helps avoid penalties and legal ramifications.


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