July 31 is the last date to file Income Tax Return or ITR for 2022-23. So, from April 1, new ITR forms for the assessment year 2023-204 will be rolled out. As per Income Tax Department, people who earn more than ₹2.5 lakh which is the basic exemption limit, will have to file their ITRs. And taxpayers with taxable income of up to ₹5 Lakh qualifying any of the exemptions categories will be excused from paying the taxes.
The Government of India, last year, allowed taxpayers extra time to file ITRs by extending the last date from July 31 to September 30, for several reasons. However, for this year the deadline is least likely to be extended.
What Will Happen if You Miss ITR 2023 Deadline
These factors will affect you if you miss the ITR filing deadline:
₹5,000 Late Fee
If you miss the ITR filing deadline then you will have to pay a fine of ₹5,000, Under Section 234F. However, if your income is less than ₹5 lahks then it will be reduced to ₹1,000.
Additional Interest Rate
Falling to file an ITR before the deadline will attract an interest rate of 1% applicable on the outstanding tax balance each month, under Section 234A.
Belated Return
“If the ITR filing deadline passes without being observed, you may file a delayed return after the deadline. You won’t be able to roll the losses forward for later adjustments, but you will still need to pay the late fee and interest. “
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Adjusting Loss
“If you have losses from investments in stocks, mutual funds, real estate, or any of your enterprises, you can carry them forward and make up the difference with the income from the next year. Your tax liability will be greatly reduced as a result. Only if you include a loss declaration in your ITR and submit it by the due date to the income tax division is a loss adjustment allowed.”
