The due date to file Income Tax Returns (ITR) for Financial Year (FY) 2022-23 (Assessment Year – AY 2023-24) is 31st July 2023.
If a taxpayer files after this date, they will have to pay a penalty under Section 234F and interest under Section 234A. For FY 2022-23, the assessment year is from 1st April 2023 to 31st March 2024. This is the year when taxpayers file their returns and declare their investments for tax assessment. Taxpayers can adjust losses from the stock market, mutual funds, properties, or any of their businesses, but only if they declare these losses in their ITR before the deadline. If taxpayers file their ITR after the deadline, they may still file a belated return, but will have to pay a late fee and interest and will not be allowed to carry forward the losses for future adjustments. The due date for filing belated returns is 31st December 2023. ClearTax can help taxpayers file their returns easily and correctly. Advance tax must be paid by 15th June 2023 (first installment), 15th September 2023 (second installment), 15th December 2023 (third installment), and 15th March 2024 (fourth installment). The amount of tax liability to be paid varies for each installment.’If a taxpayer files after this date, they will have to pay a penalty under Section 234F and interest under Section 234A. For FY 2022-23, the assessment year is from 1st April 2023 to 31st March 2024. This is the year when taxpayers file their returns and declare their investments for tax assessment. Taxpayers can adjust losses from the stock market, mutual funds, properties, or any of their businesses, but only if they declare these losses in their ITR before the deadline. If taxpayers file their ITR after the deadline, they may still file a belated return, but will have to pay a late fee and interest and will not be allowed to carry forward the losses for future adjustments. The due date for filing belated returns is 31st December 2023.
efiletax can help taxpayers file their returns easily and correctly. Advance tax must be paid by 15th June 2023 (first installment), 15th September 2023 (second installment), 15th December 2023 (third installment), and 15th March 2024 (fourth installment). The amount of tax liability to be paid varies for each installment.