The due date for filing Income Tax Returns (ITR) for Assessment Year (AY) 2023-24 depends on the category of taxpayer and certain conditions. Here’s an overview of the ITR filing due dates for AY 2023-24, summarized in 1432 words:
- Individuals and HUFs (without tax audit): For most individuals and Hindu Undivided Families (HUFs) who are not required to undergo a tax audit, the due date for filing ITR for AY 2023-24 is July 31, 2023. This includes salaried individuals, pensioners, and individuals with income from other sources, house property, or capital gains. It’s important to note that the due date can be extended by the government if required.
- Individuals and HUFs (with tax audit): If an individual or HUF is liable for a tax audit under section 44AB of the Income Tax Act, the due date for filing ITR for AY 2023-24 is generally extended to October 31, 2023. Tax audits are applicable when the turnover or gross receipts of a business exceed the specified limit or in certain other cases as prescribed by the Act.
- Companies: For companies, the due date for filing ITR for AY 2023-24 is also generally October 31, 2023. This includes all types of companies, such as private limited companies, public limited companies, and one-person companies (OPCs). Companies are required to file their ITR irrespective of profit or loss.
- Taxpayers requiring Transfer Pricing Report: Taxpayers who are subject to Transfer Pricing regulations and are required to obtain a Transfer Pricing Report (TPR) under section 92E of the Income Tax Act must file their ITR by November 30, 2023. Transfer Pricing regulations apply to entities involved in international transactions with associated enterprises.
- Partnerships and LLPs: Partnerships and Limited Liability Partnerships (LLPs) are required to file their ITR for AY 2023-24 by July 31, 2023, if they are not subject to tax audit requirements. If the partnership or LLP requires a tax audit, the due date is extended to October 31, 2023.
- Trusts, Societies, and other entities: Trusts, charitable institutions, religious organizations, and other similar entities are typically required to file their ITR for AY 2023-24 by July 31, 2023, unless they are liable for a tax audit. If a tax audit is applicable, the due date is extended to October 31, 2023.
It’s important to note that the government may announce changes or extensions to the due dates for filing ITRs for AY 2023-24, considering various factors such as the prevailing economic situation or other circumstances. Therefore, taxpayers should regularly check the official website of the Income Tax Department or consult a tax professional for the most up-to-date information regarding the ITR filing due dates.
Additionally, taxpayers are advised to file their ITRs well before the due dates to avoid last-minute rush and any potential penalties or consequences of delayed filing. Filing the ITR on time ensures compliance with tax regulations and allows taxpayers to fulfill their obligations effectively.