ITR Filing Last Date 2023: Deadline approaches for Income Tax Return Filing for FY 2022-23

Income Tax Return Filing Last Date: As the deadline for filing ITR for financial year 2022-23 draws closer, taxpayers are urged to act promptly and file their income tax returns before December 31, 2023. This is  crucial for those who have not yet filed their income tax returns, need to make updates, or rectify errors in their previously submitted tax returns.

Taxpayers, including those who filed before or after the initial deadline of July 31, are advised to review their Annual Information Statement (AIS). Any discrepancies or changes in income, including adjustments related to TDS, should be addressed by filing a Revised or Belated Return before the imminent cutoff.

Failure to adhere to this deadline will result in the inability to file returns for the current assessment year. Such taxpayers will be compelled to wait until the next assessment year, incurring penalties in the process.

In a recent advisory, the Income Tax Department has specifically targeted taxpayers engaged in high-value transactions during the 2022-23 financial year, emphasizing the importance of filing revised ITR. It is crucial for taxpayers to act promptly and verify their AIS form to ensure compliance.

Also Read: Received Income Tax 'notice'? I-T dept issues explanation, says taxpayers must respond to the 'communication on priority'

Notably, the Income Tax Department does not impose charges or penalties for filing revised ITR. However, individuals making alterations to their income, leading to additional income declaration, may be subject to additional taxes. Failure to rectify errors could result in fines and interest on outstanding amounts.

For those filing belated returns, a fine of up to Rs 5,000 may apply under Section 234F of the Income Tax Department. However, individuals with an annual income below Rs 5 lakh will face a maximum late fee of Rs 1,000. The clock is ticking, and taxpayers are urged to take immediate action to avoid unnecessary penalties and ensure compliance with income tax regulations.