LATEST
< >

Home > Income Tax > Help Center > ITR within due date Last Updated: Aug 12th 2023

Why should you file Income Tax Return (ITR) within the due date?

Filing the income tax return (ITR) with in the due date (last date) get you the benefit of avoiding penalties, notices, interest under section 234A, 234B, 234C, get the chance to file the revised return, and many more to know penalty, late filing interest etc.



This document covers

  1. ITR Due Date
  2. Advantages of filing the Income Tax Return with in the due date

1. ITR Due Date

There are many advantages of filing the Income Tax Return with in the due date. 31st Jul is the ITR duedate for the income / financial activity during previous financial year. Check latest due dates @ Tax Compliance Calendar.

2. Advantages of filing the Income Tax Return with in the due date

The important advantages for ITR Filing before the due date (last date) are

1.Avoiding Penalties and Fines

For tax payers with a Total Income of more than Rs.5,00,000

  • If ITR is filed on or before 31st December following the last date – the fine would be Rs.5,000.
  • If ITR is filed after 31st December – the fine would be Rs.10,000.

For tax payers with Total Income of less than Rs. 5,00,000 – Rs. 1,000.

2.Avoiding Interest on Income Tax
  1. Interest u/s 234A: Interest calculate 1% per month.
  2. Interest u/s 234B: assessee as failed to pay such tax or the advance tax paid by such assessee is less than 90% of the assessed tax; the assessee shall be liable to pay simple interest 1% for every month or part of a month.
  3. Interest u/s 234C:The advance tax paid by the assessee company on its current income on or before 15th June, 15th September, 15th December is less than 15%, 45% and 75% respectively on the returned income, then the company shall be liable to pay simple interest at the rate of 1% per month for a period of three months on theamount of the shortfall.
3.Getting a Chance to Revise Your Returns

The ITR filing process might have been simplified but still mistakes can happen in the form of overlooked income, missed tax benefits, etc. In case you have filed your ITR in a timely manner, you do get opportunities to revise your returns even after the due-date has passed.

Common mistakes, such as missed income and extra tax paid, can cost you in the long term whether through fines imposed by the IT Department or through loss of tax refunds.

4.Carry Forward Losses

In case you incur losses during earlier assessment years, thru sources of income such as business, capital gains, or income from other sources, they can be carried forwarded to the next financial year, and provide tax relief in the subsequent year. Unfortunately, such losses cannot be carry forwarded in case the ITR is filed after the due date.

5.Avoid Legal Repercussions

Filing your ITR after the due date or not filing it at all has legal implications like notices, queries, and physical attendance at the tax commissionerate.

Our Tax Services

Online Income Tax Filing Time: ~7 mins
  • Comprehensive & Accurate > No limits.
  • Highly Secure > Peace of mind.
  • Maximum Deductions > Save on Taxes.
  • No more visits to Tax Consultants > Save Time & Money.
  • Real-time Tax Calculation
  • Available in both Web Browser & Mobile App

Start Now

GST Accounting Software Price: Free for 30 days in India  refer pricing for other countries such as India, Australia, Malaysia, Nepal, Pakistan, Singapore, Sri Lanka, & UK

Easiest GST ready Accounting software

  • GST Compliant Invoicing
  • Online - Highly available
  • Quick Onboarding - Import your data from legacy
  • Personalization - Highly customized Invoicing
  • Drafts > Estimates > POs > Delivery Challans > Invoices > CR/DR Notes > RCs & All.
  • Barcode scanner Integration
  • Amazon, Flipkart Imports
  • Individual, or Bulk Payments - just a Click away
  • Multiple users can Book / Bill at the same time
  • Quick Invoicing, Auto Delivery, & Reminders
  • Multi-Channel GST returns preparation
  • Customized for Regular and Composition
  • AI Data Insights
  • AI Prioritization
  • AI Alerts
  • Expenses & Purchases
  • Real Time P & L
  • Barcode Scanner, e-Way Bill Integration
  • Excellent User Experience
  • Easy to understand language
  • Artificial Intelligence enablement
  • above all, Count on our Outstanding Client Service

Start NowLearn more
Tax Expert Services Price: Rs.799 onwards

GST
  • Affordable Tax Services for Businesses, Associations, Individuals
  • GST Registration
  • GST Return Filing
  • GST Accounting
  • GST Consultation
  • Notice Handling
Income Tax
  • Income Tax Return Filing for Businesses, Associations, Individuals
  • Tax Savings
  • TDS Preparation
  • General Tax Compliance
  • Investment Advisory
  • Capital Gains Consultation
  • Tax Planning
  • Notice Handling
Virtual Accounting
  • Complete Accounting for Businesses, Associations, Individuals
  • Compliance & Accounting Portal Access for easy monitoring
  • Accounting Advisory
  • Tax Savings
  • GST, Income Tax, TDS, General Tax Compliance
  • Business Planning

Contact Now   WhatsApp Now


How to get help from EZTax.in