Introduction
The process of income tax return filing involves adhering to specific timelines set by the government. These deadlines are established to streamline the taxation system and ensure smooth operations. A taxpayer who misses these due dates may face penalties and interest on delayed payments, resulting in an undesirable financial burden. Hence, in the realm of taxation, staying informed about crucial deadlines for income tax return filing is paramount for every taxpayer. In this informative article, we delve into the essential dates that every taxpayer should be aware of to ensure compliance and avoid penalties.
Due dates of Income Tax Return filing for AY 2023-24
| Category of Taxpayer | Due date of ITR filing |
| Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e., other than covered in 2 below) | 31 October 2023 |
| Any person (may be corporate/non- corporate) who is required to furnish a report in Form No. 3CEB under section 92E | 30 November 2023 |
| Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law | 31 October 2023 |
| A working partner of a firm whose accounts are required to be audited under this Act or under any other law. | 30 October 2023 |
| Any other assessee | 31 July 2023 |
Belated return
In the intricate landscape of income tax compliance, adhering to filing deadlines is crucial. When a taxpayer misses the initial deadline for filing their income tax return, they can still remedy the situation by submitting a belated return under section 139(4). This provision allows for filing the return late, albeit with certain conditions. For the assessment year 2023-24, the last date to file a belated return is 31st December 2023. This date serves as a lifeline for those who couldn’t file their returns within the prescribed timeframe. A belated return can be submitted anytime up to 3 months before the end of the relevant assessment year or before the completion of the assessment, whichever comes first.
Revised Return
For the assessment year 2023-24, the last date to file a revised return is 31st December 2023, provided the assessment isn’t completed before this date. This window of opportunity allows taxpayers to rectify errors or omissions in their original return. A revised return can be submitted anytime up to 3 months before the end of the relevant assessment year or before the assessment is completed, whichever is earlier. It’s important to note that only returns filed under section 139(1) or belated returns filed under section 139(4) are eligible for revision. Returns filed pursuant to a notice under section 142(1) of the Act cannot be revised under section 139(5).
Updated Return
The Finance Act 2022 introduced a game-changing provision, subsection (8A) in section 139, allowing for the filing of updated returns. This provision opens up the opportunity for anyone, regardless of whether they’ve filed the original, belated, or revised return for the assessment year. For the assessment year 2023-24, the window for filing an updated return extends up to 31st March 2026, providing a 24-month window from the end of the relevant assessment year. This allows taxpayers to make necessary adjustments, updates, or amendments to their previously filed returns.
Tax Audit Report (u/s.44AB) filing Due date
For the assessment year 2023-24, the due date for filing the Tax Audit Report under section 44AB is set for 30th September 2023. Whether you are a corporate or non-corporate assessee, marking this date on your calendar is essential to ensure you meet the regulatory requirements and avoid penalties.
Assesses covered under Tax Audit u/s.44AB
As per section 44AB, following persons are mandatorily required to get their accounts audited (Tax Audit):
(i) A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesn’t exceed Rs. 2 crores.
Note: The threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 10 crores in case when cash receipt and payment made during the year do not exceed 5% of total receipt or payment, as the case may be. In other words, more than 95% of business transactions should be done through banking channels.
(ii) A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
(iii) An assessee who declare profit for any previous year in accordance with section 44AD and he decreases profit for any of one 5 assessment year relevant to the previous year succeeding such previous year lower than the profit computed as per section 44AD and his income exceeds the amount which is not chargeable to tax.
(iv) A person who is eligible to opt for the presumptive taxation scheme of section 44ADA but he claims the profits or gains for such profession to be lower than the profit and gains computed as per the presumptive taxation scheme and his income exceeds the amount which is not chargeable to tax.
(v) A person who is eligible to opt for the presumptive taxation scheme of sections 44AE but he claims the profits or gains for such business to be lower than the profits and gains computed as per the presumptive taxation scheme of sections 44AE.
(vi) A person who is eligible to opt for the taxation scheme prescribed under section 44BB or section 44BBB but he claims the profits or gains for such business to be lower than the profits and gains computed as per the taxation scheme of these sections.
Note: Section 44BB is applicable to non-resident taxpayers engaged in the business of providing services or facilities in connection with, or supplying plant and machinery on hire basis to be used in exploration of mineral oils. Section 44BBB is applicable to foreign companies engaged in the business of civil construction or erection of plant or machinery or testing or commissioning thereof, in connection with a turnkey power project.
Conclusion
Understanding and marking the Income Tax return filing dates on your calendar is vital to maintaining a responsible approach towards tax compliance. By being well-informed about these crucial timelines, you can plan and organize your financial records efficiently, ultimately making the tax filing process seamless and stress-free. Stay tuned as we elucidate these significant due dates in detail, providing you with the knowledge and confidence to meet your tax obligations promptly. Don’t let deadlines catch you off guard; we’re here to guide you through the maze of tax filing deadlines, ensuring you never miss a crucial due date again.
You may follow the link of ITD to access the FAQ on the provisions on Tax Audit and related due dates-https://incometaxindia.gov.in/Pages/faqs.aspx?k=FAQs+on+Tax+Audit#:~:text=The%20audit%20under%20section%2044AB,%E2%80%8B%20is%20called%20tax%20audit.
To watch the webinar of ICAI on “Tax Audit applicability, amendments & case studies” you may follow this Link–https://www.youtube.com/watch?v=PGsJnytjNu4
You may also Like–https://anptaxcorp.com/relief-under-section-89-of-income-tax/
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