The Income Tax Department on Wednesday extended the due date for filing IT returns to November 7 by corporate and individuals whose accounts need to be audited. The original due date was October 31.
The Central Board of Direct taxes (CBDT) issued a circular saying since the due date for furnishing of audit reports has already been extended, extension of due date for filing return was also required, hence the change in date for filing returns.
Not filing return on or before due date (including extended one) will prove costly, as in such a situation, one needs to pay interest at the rate of 1 per cent per month or part month on the unpaid tax amount. Then a late fee of ₹5,000 will also need to be paid. Also, loss adjustment is permitted only, if one declares the losses in the ITR and files it before the deadline.
If one misses the ITR filing due date, he can file a return after the due date, called a belated return. But still, he will have to pay the late fee, interest and will also not be allowed to carry forward the losses for future adjustment. At present, last date for filing belated return of AY 2022-23 is December 31, 2022.