Last Date for Income Tax Return (ITR) Filing

What is the due date for TDS payment?

Simply knowing what the last date for income tax return in 2023 isn’t enough, as organisations are responsible for paying a month’s accrued TDS in the subsequent month. The due date for TDS payment is the 7th day of the next month.

Allow us to offer clarity on this by way of an example:

Let us take the financial year 2022-23. The due date for TDS payment this year will be as below:

Missed out on filing ITR before the due date? Here’s what you can do

You can opt for filing a belated return. It is the same as furnishing one before the last date for filing a TDS return. However, the primary difference while filing the applicable ITR form is that you must select ‘Return Filed under Section 139(4)’.

Furthermore, filing after the due date of ITR calls for the payment of a penalty under Section 234F. The maximum late filing fee levied on a taxpayer is ₹10,000. However, the IT Department levies a penalty of ₹1000 for those whose income does not exceed ₹5,00,000, thereby extending financial relief to these taxpayers.

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The table below summarises the payment of penalty on filing belated return:

However, we suggest that you file returns before the last date of filing your income tax return. Promptly filing ITRs not only makes you a responsible citizen of the country, but it also offers several benefits. Some of these advantages are as follows:

Filing income tax returns on time helps individuals apply for a vehicle loan, house loan, etc.
When you file ITR on time, you receive refunds at the earliest.
ITR can be used as proof of address as well as income, which are mandatory when applying for a loan or visa.
At the time of visa application, most consulates and embassies call for you to submit copies of income tax returns for the past couple of years.
Filing ITR before the due date helps you avoid penalties and persecution. When the net tax payable amount exceeds ₹3,000, an income tax officer can initiate proceedings for one’s persecution for a term of up to 2 years. Furthermore, if an individual owes over ₹25,00,000 of tax, the term of persecution may extend to 7 years. Additionally, an income tax officer can impose a 50% penalty on the due tax on account of an under-reporting of income.
Taxpayers cannot file ITR without paying taxes. Section 234A mandates the payment of interest at the rate of 1% per month immediately after the due date of paying taxes and till the date of payment. When you file an income tax return on time, you also avoid paying additional interest. Therefore, the longer you wait to pay taxes and file returns, the more you pay.

And with that, we have reached the end of today’s article. This guide was curated to simplify filing income tax returns for you. We hope that knowing all important tax-related dates will make this process less cumbersome and more convenient.

Due Date of Paying Tax Instalment (FY 2022-23)	Amount of Tax Payable
1st instalment - Either on or before 15th June	A minimum of 15% of the advance tax liability
2nd instalment - Either on or before 15th September	A minimum of 45% of the advance tax liability
3rd instalment - Either on or before 15th December	A minimum of 75% of the advance tax liability
4th instalment - Either on or before 15th March	100% of the tax liability

Due Date of Paying Tax Instalment	Amount of Tax Payable
Either on or before 15th June	A minimum of 15% of the advance tax liability
Either on or before 15th September	A minimum of 45% of the advance tax liability
Either on or before 15th December	A minimum of 75% of the advance tax liability
Either on or before 15th March	100% of the tax liability

The Month of Accrued TDS	TDS Due Date
April 2022	7th May 2022
May 2022	7th June 2022
June 2022	7th July 2022
July 2022	7th August 2022
August 2022	7th September 2022
September 2022	7th October 2022
October 2022	7th November 2022
November 2022	7th December 2022
December 2022	7th January 2023
January 2023	7th February 2023
February 2023	7th March 2023
March 2023	7th April 2023

A Quarter of a Financial Year	Quarter Period	TDS Return Filing Date
1st Quarter of the financial year	1st April to 30th June	31st July 2022
2nd Quarter of the financial year	1st July to 30th September	31st October 2022
3rd Quarter of the financial year	1st October to 30th December	31st January 2023
4th Quarter of the financial year	1st January to 31st March	31st May 2023

Date of Filing Return	Penalty for Taxpayers with Total Income More Than ₹5,00,000	Penalty for Taxpayers with Total Income Less Than ₹5,00,000
Up to August 31 of a financial year	A late filing fee is not applicable	A late filing fee is not applicable
Between September 1 to December 31 of a financial year	₹5,000	₹1,000
Between January 1 to March 31 of the financial year	₹10,000	₹1,000

What is the Last Date to File Income Tax Return (ITR)?

What is the last date for filing an income tax return?

What is the due date to pay advance tax installments?

What is the due date for TDS payment?

When should you file TDS returns?

Missed out on filing ITR before the due date? Here’s what you can do

FAQs about Last Date to File Income Tax Return (ITR)

What happens if we do not file ITR?

What is the benefit of filing ITR?

Who files TDS return?

What is TDS payment?

Is it mandatory to file ITR?

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