ITR Filing AY 2023-24 : Excel utilities for ITR 1 & 4 for AY 2023-24 have been enabled. Please refer to the live ticker on the e-filing portal : incometax.gov.in. The software/utilities for preparing other ITRs / Forms for A.Y. 2023-24 will be enabled shortly. Information regarding the same will be made available to the taxpayers on the e-filing portal. We appreciate your patience while we are working on this.
Click here for 1st Time Registration : https://eportal.incometax.gov.in/iec/foservices/#/pre-login/register
Click here If Already registered : https://eportal.incometax.gov.in/iec/foservices/#/pre-login/register
Click here for more details related to fill-up Income Tax Return : https://www.incometax.gov.in/iec/foportal/
Once the income and deduction-related information in the utility form is filled, then it will be required to be uploaded on the income tax e-filing portal. For the online form, one is directly required to enter the information on the online form available on the e-filing income tax portal. One should remember that once the ITR form is submitted (either in offline or online mode), it be verified as well. ITR will not be taken up for processing by the income tax department unless it is verified by the taxpayer.
Click here for e-Verify Return : https://eportal.incometax.gov.in/iec/foservices/#/pre-login/eVerifyReturn-bl
Though the offline forms have been released by the income tax department now, many salaried individuals need Form 16 from their employers to able to file ITR easily. The due date to issue Form 16 by an employer is June 15. The last date to file ITR for taxpayers (whose accounts are not required to be audited) is July 31, 2023 for FY 2022-23 (AY 2023-24).
Click here for Income & Tax Calculator : https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator
From the usual departure, the CBDT notified the income tax return form early in February. Usually, the income tax returns are notified in the month of April.
There is no major change in the income tax return form this year. The only major change in the ITR form is that it asks taxpayers to provide information related to crypto and virtual digital assets transactions.
Click here for Tax Slabs for AY 2023-24(Salaried Individuals for AY 2023-24 ) : https://www.incometax.gov.in/iec/foportal/help/individual/return-applicable-1#taxslabs
The government amended the income tax laws and made crypto and other virtual digital assets taxable from April 1, 2022. The announcement of crypto and virtual digital assets taxation was announced in Budget 2022.
What are Financial Year (FY) and Assessment Year (AY)?
The return you are currently filing is for the income you earned in FY 2022-23, i.e. for the income earned between 1 April 2022 and 31 March 2023. The assessment year is the review year for FY 2022-23 where you file your returns and declare your investments for tax assessment. For the income earned during the FY (here FY 2022-23), the assessment year would be the immediately next year, i.e. 1st April 2023 to 31st March 2024. Hence, the assessment year would be AY 2023-24.
So, the last date to file ITR for FY 2022-23 is discussed below.
Income tax filing due dates for FY 2022-23 (AY 2023-24) :
| Category of Taxpayer | Due Date for Tax Filing- FY 2022-23 *(unless extended) |
| Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) | 31st July 2023 |
| Businesses (Requiring Audit) | 31st October 2023 |
| Businesses requiring transfer pricing reports (in case of international/specified domestic transactions) | 30th November 2023 |
| Revised return | 31 December 2023 |
| Belated/late return | 31 December 2023 |
What happens if you miss the ITR filing deadline?
Interest: If you file your return after the due date, you will have to pay interest under Section 234A @ 1% per month or part month on the unpaid tax amount.
Late fee: A late fee of Rs.5,000 under Section 234F will need to be paid. It shall be reduced to Rs.1,000 if the total income is less than Rs.5 lakh.
Loss Adjustment: If you have incurred losses from the stock market, mutual funds, properties, or any of your businesses, then you can carry them forward and adjust them with next year’s income. This helps to significantly lower your tax liability. Loss adjustment is permitted only if you declare the losses in your ITR and file it with the income tax department before the deadline.
Belated Return: If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest, and will also not be allowed to carry forward the losses for future adjustments. The income tax department has also specified the due date of filing the belated return which is 31st December of the assessment year (unless extended by the government). For this year, you may file the belated return latest by 31 December 2023.
Not sure whether you should file an income tax return? Read our article. Use Clear Tax to e-file your IT return right away!
- If you get a salary, you can simply upload your Form 16 and Clear Tax will prepare your return automatically and help you finish e-filing quickly
- If you are a freelancer or run a small business or a home-based business like a Kirana store or an e-commerce seller (Section 44AD or 44ADA), ClearTax is the easiest place to e-file your ITR-4. Our CAs can prepare and e-file your income tax return. Please have a look at our CA-assisted plans here
- ClearTax automatically selects the correct ITR form applicable to you. We support all ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
Important due dates for paying advance tax instalments for FY 2023-24 :
Whenever we talk about income tax, there are certain tax formalities that need to be followed within the specified due dates, such as filing income tax returns, paying advance tax on time, etc.
The due dates for the payment of advance tax are:
| Due date | Nature of compliance | Tax to be paid |
|---|---|---|
| 15th June 2023 | First instalment | 15% of tax liability |
| 15th September 2023 | Second instalment | 45% of tax liability |
| 15th December 2023 | Third Instalment | 75% of tax liability |
| 15th March 2024 | Fourth instalment | 100% of tax liability |
| 31st March 2024 | Presumptive scheme | 100% of tax liability |
Read More : Blue Aadhaar Card : How To Apply For It, Read Here !
