Last date to file ITR for FY 2022-23 (AY 2023-24)
Due date to file Income Tax return without penalty in case of Individuals, HUFs and Non-Audit cases for FY 2022-23 (AY 2023-24) was 31st July. However if you have missed ITR filing within due date you can still file a belated return under section 139(4) before 31st December 2023 subject to penalty of Rs. 5,000/- under section 234F. Penalty under section 234F is limited to Rs. 1,000/- if your total income is below Rs. 5,00,000/-
Revised Return for FY 2022-23 (AY 2023-24)
In case there is any discrepancy or mistake in ITR filed for FY 2022-23 (AY 2023-24) by you, it can be revised and corrected before 31st December, 2023 by filing a revised return under section 139(5).
Benefits of Filing ITR
- ITR helps you in easy & quick approval of Loans.
- You can claim refund of excess tax paid to the Income Tax Department by filing ITR.
- Most of the embassies ask for ITRs of at least past two years when you apply for Visa.
- You can carry forward losses incurred in current FY to Next FY and set off these losses against income of Future Financial Years provided you file ITR before Due date.
- Perhaps the most intangible yet significant benefit is the peace of mind that comes from fulfilling one’s tax obligations. It eliminates the stress of potential legal consequences and ensures a clear conscience regarding financial responsibilities.
Consequences of Non Filing of ITR
- Failure to file Income Tax Returns (ITR) in India can result in penalties imposed by the Income Tax Department. These penalties may include financial fines, and in more severe cases, legal action can be initiated.
- Non-filers miss out on the opportunity to claim tax refunds for any excess taxes deducted during the financial year. Filing ITR is the only way to initiate the process of receiving a refund.
- Losses incurred (other than house property loss) are not allowed to be carried forward to subsequent years. You cannot set off these losses against future gains if the return has not been filed within the due date.
- Non-filing of ITR can negatively affect your visa application process.
- Non-filers may attract increased scrutiny from tax authorities. This heightened attention could result in audits or investigations, potentially leading to further legal complications.
