To facilitate prompt filing of income tax returns (ITR), corporate companies have started issuing Form-16 to their employees ahead of schedule.
By submitting ITR, taxpayers disclose their investments and earnings to the government. The deadline for filing ITR for the financial year 2022-23 has been set for July 31, 2023.
In light of this, taxpayers are advised to gather and submit all the necessary documents related to ITR.
Important Dates for ITR Filing Based on Categories
1) Individuals, Hindu Undivided Families (HUF), Associations of Persons (AOP), and Bodies of Individuals (BOI), or those not required to have their books of account audited, must file their returns by July 31, 2023.
2) Businessmen whose accounts need to be audited have until October 31, 2023, to file their ITR.
3) Businesses involved in international transactions or certain domestic transactions have until November 30, 2023, to file their returns.
4) The deadline for filing revised ITR and deferred returns has been set as December 31, 2023.
Late Fee and Penalty for ITR
Taxpayers who file their returns after the specified due date will be subject to a monthly interest of 1% on the unpaid tax amount under section 234A.
Additionally, under section 234F, taxpayers will incur a late fee of Rs 5,000 for missing the due date.
However, individuals with a total income of less than Rs 5 lakh will be required to pay a late fee of Rs 1,000.
