Last Date of Filing ITR - 31st July, Scient Research Providing ITR FIling Service at up to 45% discounted price

The last date to file Income Tax Return (ITR) for financial year 2022-23 (assessment year 2023-24) without a late fee is 31st July 2023. 

What are Consequences of Missing the ITR Filing Deadline:

Interest: If you fail to submit your return by the deadline, you will be subject to an interest charge of 1% per month or part month on the outstanding tax amount, as specified in Section 234A.

Late fee: In the event of late filing, Section 234F imposes a late fee of Rs.5,000, which can be reduced to Rs.1,000 if your total income is below Rs.5 lakh.

Loss Adjustment: If you have incurred losses from sources such as the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the following year. This provision significantly reduces your future tax liability. However, failing to file your ITR before the deadline will result in the loss of this opportunity to carry forward these losses.

Belated Return: Should you miss the ITR filing due date, you can still file a return called a belated return. However, you will still be required to pay the late fee and interest charges, and you will not be permitted to carry forward any losses for future adjustments. The deadline for filing a belated return is typically 31st December of the assessment year, unless extended by the government. Hence, for the current year, ensure you submit the belated return by 31st December 2023 at the latest.