Although July 31 was the due date for filing returns for the financial year 2022-23 (AY 2023-24), the Income Tax department has given time till December 31, 2023 to those who have missed filing the returns.
When filing late ITR, you may not be able to set off or carry forward losses (except for house property losses) or claim certain deductions under Chapter VI-A.
However, if one missed July 31 deadline they can file a belated ITR till December 31, 2023. Note that Individuals have to pay a penalty of up to Rs 5,000 under Section 234F of the Income Tax Act, 1961.
The due date for filing an income tax return (ITR) for the financial year 2023 is July 31, 2023. Under the Income-Tax Act, several penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities., Personal Finance News, Times Now
The government has notified the income tax return forms for FY 2022-23 in February 2023. The income tax department is gradually releasing the ITR forms on the e-filing income tax website. An individual must ensure that ITR is filed on or before the deadline of July 31, 2023. If the income tax return is filed after the deadline, then it will be termed as a belated ITR.