ITR Filing Last Date FY 2022-23 (AY 2023-24)

5paisa Research Team Date: 12 May, 2023 03:24 PM IST


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What are Financial Year (FY) and Assessment Year (AY)?

It is vital to know about income tax terms such as financial year and assessment year before knowing the ITR filing last date or the tax audit due date extension. In India, the financial year (FY) is a 12-month period that starts on April 1st and ends on March 31st of the following year. During this time, individuals and businesses calculate their income and expenses for tax purposes. Any earnings they have generated directly determine their taxable income. 

The assessment year is the year that immediately follows the financial year. It is the year the government assesses the income and taxes of individuals and businesses for the earnings generated in the financial year. For example, the current year, 2022-23, was the assessment year for 2021-22. 

What is an Income Tax Return?

As soon as the financial year ends, you may hear conversations revolving around the ITR filing last date or people wanting an income tax due date extension latest news. However, understanding income tax returns is important before you know the last date for filing the income tax return in India. ITR (income tax return) is a form or statement filed by individuals, companies, and other entities to report their income, deductions, and taxes paid to the Income Tax Department of India. 

The Indian government requires every legal entity to file an ITR if they have earned an amount that exceeds the specified threshold limit during the current financial year. However, it is always wise to file ITR, even if the income is within the threshold limit, to prove that the individual and business do not fall under the tax slabs. The ITR form varies based on the type of taxpayer, and there are different forms for individuals, businesses, and other entities.

Income tax filing due dates for FY 2022-23 (AY 2023-24)

The next step is to know about the income tax return last date 2023-24 for the financial year 2022-23. Since the ITR filing last date for individuals and ITR filing last date for salaried employees may differ among other entities, it is important to know the last date for filing income tax return in India. Here are the last ITR filing last date for the financial year 2022-23 (AY 2023-24): 


ITR Filing Last Date

Individual / HUF/ AOP/ BOI

31st July 2022

Businesses (audit)

31st October 2022

Businesses (TP Report)

30th November 2022


What happens if you miss the ITR filing deadline?

Knowing the ITR filing last date is the first step to complying with the government's required tax laws. The Indian government has made it mandatory to fill out the ITR to show the earnings and the paid tax. However, every entity should fill out the ITR before the ITR filing last date unless there is an announcement such as ‘ITR last date extended’. If you miss the ITR filing last date, you may have to face the following consequences. 

●    Interest: If you miss the ITR filing last date, the government may charge 1% monthly or part monthly interest on the unpaid tax amount under Section 234A. 

●    Late Fee: You may have to pay Rs 5,000 as a late fee under Section 234F or Rs 1,000 if the total income is less than Rs 5 lakh. 

●    Loss Adjustment: You can adjust your losses incurred in the stock market, real estate, mutual funds or any businesses to your next year’s income. However, you can only do so if you declare the total losses while filing your ITR before the ITR filing last date. 

●    Belated Return: You can file a belated return if you miss the ITR filing last date. However, you would still have to pay the interest and the late fee and can not carry forward the losses you have made in the current financial year. The income tax department has announced 31st December as the last date to file belated returns for all legal entities. 

Important due dates for paying advance tax instalments for FY 2022-23?

Advance tax is where taxpayers can pay their taxes in advance instead of expending a lump sum at the end of the financial year. It applies to all taxpayers, including individuals, companies, firms, and other entities. The amount of advance tax payable depends on the estimated income for the financial year and the tax rates applicable to that income. Here are the important due dates for paying advance tax instalments for FY 2022-23: 

Due Date

Nature of Compliance

Tax Percentage Payable

15th June 2022

First Instalment

15% of tax liability

15th September 2022

Second Instalment

45% of the tax liability

15th December 2022

Third Instalment

75% of the tax liability

15th March 2023

Fourth Instalment

100% of tax liability

31st March 2023

Presumptive Scheme

100% of tax liability



Not sure whether you should file an income tax return?

If you are unsure whether to file an income tax return in India, refer to the following factors. If you fulfil the following factors, you should file the ITR.

●    Income Threshold: If your total income for the financial year exceeds the basic exemption limit, currently Rs. 2.5 lakh for individuals

●    TDS: If TDS has been deducted from your income

●    Foreign Income: If you have earned income from foreign sources

●    Capital Gains: If you have earned any capital gains on the sale of investments or assets

●    Loss Carry Forward: If you have incurred losses in the financial year and want to offset the losses against future income

What are the Benefits of Filing an ITR under the Due Date?

Filing an Income Tax Return (ITR) before the ITR filing last date has several benefits for taxpayers in India.

●    Helps in Visa Application: A timely filed ITR can help individuals obtain visas as it serves as proof of income and tax payment.

●    Loan Processing: If you have filed your ITR for the past few years and have shown regular income, it can make your loan processing easier and faster as it provides proof of your income stability.

●    Avoid Penalties: Filing income tax returns before the last date can avoid penalties or interest payments on the late filing of returns.

●    Timely Refund: Filing ITR before ITR filing last date ensures timely processing of your return by the Income Tax Department, ensuring a timely refund of any excess tax paid during the financial year.

●    Loss Carry Forward: Filing ITR within the due date allows taxpayers to carry forward any losses incurred during the financial year to the subsequent years, which they can set off against future profits.

How to file ITR in 2022-2023?

Here is the detailed process to file ITR in 2022-2023.

●    ITR Form: Choose the correct ITR form based on your income sources, such as ITR-1 for salaried employees. 

●    Documents: Collect all the documents required to fill the ITR, such as investment documents, bank statements etc. 

    Registration: The next is to register on the Income Tax Department's e-filing portal if you are a new user. If you are already registered, log in using your credentials.

●    Details: Next step is to fill out all the required details in the ITR form and verify the particulars afterwards. 

●    Submission: Now, submit the ITR form and e-verify it using the following methods - Aadhaar OTP, Net banking, or EVC (Electronic Verification Code).

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Frequently Asked Questions

The due date is 31st July for individuals and 31st October for audit cases. 

 You can revise the ITR using the revised return function under Section 139. You can submit the belated return by 31st December 2023. 

You can file the ITR under Section 139 (4) after the due date has passed. However, you will have to pay the interest and late fee. 

Domestic companies can file the ITR by 31st October 2023. However, if the company has international transactions or a particular domestic transaction, the due date for filing ITR is 30th November 2023. 

 You can change your tax returns by filling out the belated return under Section 139, for which the due date is 31st December 2033. 

You can claim an income tax return after the due date by filing the belated return by the 31st of December, 2023. 

The due date for trusts not required to have their accounts audited is 31st July 2023. It is 31st October 2023 for trusts required to have their accounts audited. 

An Income Tax Audit is carried out by the Income Tax Department to verify the accuracy of the income tax return filed by a taxpayer. During an income tax audit, the I-T Department examines the books of accounts, records, and other relevant documents of a taxpayer to ensure that the taxpayer has complied with the provisions of the Income Tax Act, of 1961.

Businesses with annual turnover above Rs 1 crore and any professional with income receipts above Rs 50 lakh must get an income tax audit report.