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Check Your File, Verify and Download your ITR before the Deadline

The last date for all taxpayers to file their Income Tax Returns (ITRs) is July 31, 2023. Taxpayers who file their ITRs after the deadline will be subject to penalties under Section 234F and liable to pay high interest as per Section 234A.

Category of TaxpayersDue Date for Tax Filing- FY 2022-23
Individual / HUF/ AOP/ BOI31st July 2023
Businesses31st October 2023
Businesses requiring transfer pricing reports30th November 2023
Revised return31 December 2023
Belated/late return31 December 2023

Above are the strict deadlines.

What if You Miss ITR Filing Last Date for FY 2022-2023? 

Here are the consequences you will face if you miss the ITR filing last date:

1. Higher Interest: 

Late filers of ITRs are subject to pay interest under Section 234A at a monthly interest rate of 1% on the outstanding tax amount.

This interest is applicable for each month or part thereof after the deadline until the date of actual filing of the ITR.

2. Penalty 

Taxpayers who fail to file their ITR by the due date will be subject to a late fee of ₹5,000 as per Section 234F.

However, if a person’s total income is less than ₹5 Lakh, the late fee will be reduced to ₹1,000.

3. Carrying Forward Losses

In accordance with the Income Tax Laws in India, taxpayers may carry forward their losses from the current financial year to offset them against the income of the next year, thus reducing their tax liabilities.

However, they can only do so if they file their ITR before the deadline.

4. Belated ITR 

If you fail to file ITR within the deadline, you will have to file a belated ITR, but it comes with consequences.

You will be required to pay a higher interest rate and a penalty and won’t be able to carry forward the losses to the next year.

The last date for filing a belated ITR for this year is December 31, 2023.

How to File ITR Online? 

In recent years, the process of filing Income Tax Returns (ITRs) has been simplified by the Income Tax Department.

However, some taxpayers still find it challenging and rely on others to file it for them, which can result in filing belated ITRs.

If you’re not familiar with the process, there are numerous job openings in India for ITR filing executives that you can hire to handle this task.

Here is the step-by-step guide to filing ITR online:

Step-1: Login to the official e-filing portal of the Income Tax Department.

Step-2: Now, register yourself using PAN or Permanent Account Number and the portal will make it a User ID.

Step-3: This process will now require choosing the correct ITR form. So, under the ‘Download’ section, select the form which is appropriate for you. Salaried individuals can select the ITR-1 Sahaj form.

Step-4: Now open the Return Preparation Software which you have downloaded from the portal and enter all the details carefully from your form 16.

Step-5: At this step calculate all your tax details in your return like tax payable, challan details, etc. You can also skip this step you are not tax liability is zero.

Step-6: confirm the entered details by you and create an XML file which will be saved in auto mode.

Step-7: Now under the ‘Submit Return’ section you will be given the option to upload the XML file. So upload it.

Step-8: At this step, you can digitally sign the form if you have one otherwise skip this step.

Step-9: Now, a successful message will be displayed on your screen along with the acknowledgement number.

Step-10: The last step will be to e-verify your filed ITR. 

How to Verify ITR Online? 

Here is the step-by-step guide to e-verify your ITR online: 

1) First, visit the official e-filing portal of the Income Tax Department. Click on the ‘e-Verify Return’ link.

2) Enter the details generated during ITR filing including acknowledgement number, PAN, assessment year, etc.

3) On the next page, the details of your filed return will open. Click on e-verify to begin the process.

4) Now you will see the various different methods to generate an EVC. Generate the EVC using any suitable method.

5) After that, submit the code. Now you will see the ‘Return successfully e-verified’ message on your screen.

How to Download ITR or Income Tax Return? 

1) First, go to the official income tax portal and either register yourself or log in. Next, go to ‘My Account’ and select ‘Download Pre-filled XML’

2) Now, the assessment year of which you want to download ITR. Select the right ITR form and save the XML file to your device.


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