The last date to file income tax return for FY 2022-23 (AY 2023-24) is July 31, 2023. This deadline is applicable for taxpayers who are either earning salary or for businesses whose accounts are not required to be audited.

While filing ITR for FY 2022-23, an individual needs to calculate the total incomes earned by him from different sources between April 1, 2022 and March 31, 2023. An individual earns income from various sources such as salary, interest income, dividends, capital gains  ..
 

To calculate the tax payable on the incomes earned between April 1, 2022 and March 31, 2023, an individual will refer to the incomes tax slabs that were applicable for FY 2022-23. Do note that Budget 2023 has announced new income tax slabs under the new tax regime. However, those income tax slabs are applicable for FY 2023-24, i.e., for incomes earned between April 1, 2023 and March 31, 2024. The new income tax slabs under the new tax regime will be used currently for tax saving and next year at time of filing Income Tax return.

Consequences of missing ITR filing deadline
If an individual misses the due date of filing ITR for FY 2022-23(AY 2023-24) i.e., July 31, 2023, then there are monetary and non-monetary consequences as well. Filing ITR after the due date (belated ITR) will invite a late filing fee of up to Rs 5,000. Further, penal interest will be levied as well if there are any tax dues.

In case of belated ITR, an individual cannot carry forward losses (except in case of income from hou ..