Deadline for income tax returns: As the deadline approaches on December 31 for filing Income Tax Returns (ITR) for the financial year 2022-23, taxpayers are strongly encouraged to take swift action and submit their returns by today. This is particularly crucial for those who have not yet filed, need to make updates, or rectify errors in their previously submitted tax returns.
“Kind Attention Taxpayers, 31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date,” the income tax department posted on X.
What if you surpass the December 31 cutoff?
Should you miss the December 31 deadline for belated Income Tax Returns (ITRs), you have the option to submit updated ITRs. The Finance Act of 2022 introduced these updated returns, providing additional time for filing income tax returns.
Importantly, the Income Tax Department does not impose charges or penalties for filing revised ITR. However, individuals making adjustments to their income, resulting in additional income declarations, may be subject to additional taxes. Failure to rectify errors could lead to fines and interest on outstanding amounts.
The Income Tax Department has reminded the taxpayers who missed the July 31 deadline to file their income tax return (ITR) for the financial year 2022-23. In a post on social media platform X, the department said these taxpayers must do that by December 31, 2023.
“Kind Attention Taxpayers, 31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date,” the income tax department posted on X.
Income tax department notifies ITR forms 1, 4Meanwhile, the Income Tax Department has released notifications for ITR forms 1 and 4, typically utilized by individuals and entities with annual total income up to ₹50 lakh, for the assessment year (AY) 2024-25. Normally, ITR forms for a specific financial year are announced by the end of March or early April. However, this year, the ITR forms have been notified as early as December.
For those filing belated returns, a fine of up to ₹5,000 may be applicable under Section 234F of the Income Tax Department. However, individuals with an annual income below ₹5 lakh will face a maximum late fee of ₹1,000. The clock is ticking, and taxpayers are urged to take immediate action to avoid unnecessary penalties and ensure compliance with income tax regulations.
What happens if you miss the December 31 deadline?
If you miss the December 31 deadline for belated ITRs, you can file updated ITRs. The Finance Act of 2022 introduced updated returns to extend the timeframe to file the return of income.
As the crucial time to submit Income Tax Returns (ITR) gets closer, taxpayers understand the importance of timely action. that failing to meet the initial July 31st deadline doesn’t signify the end. You still have a chance to submit a belated return but remember, this can only be done until December 31st. However, each passing day after the set deadline can cost you additional charges.
further clarifies your interest will pile up at a rate of 1% every month or part thereof for late filings. Also, under section 234F, there are penalties for late filing. A hefty penalty of Rs 5000 applies to people with taxable incomes above Rs 5 lakh, while a smaller Rs 1000 fine applies to those earning below Rs 5 lakh. However, no penalty is levied for incomes less than Rs 2.5 lakh.
Tax Compliance Tracker – January, 2024
Statutory Tax Compliance Tracker for January 2024. This tracker provides an overview of the compliance requirements under the Income Tax Act, 1961, and the Goods and Services Tax (GST) Act, 2017 for the month of January 2024. It includes important due dates for various tax-related filings and payments to help individuals and businesses stay compliant with their tax obligations.
The tracker highlights key compliance requirements under the Income Tax Act and GST Act. It covers due dates for tax deposit, TDS certificates issuance, filing of statements and returns, and payment of GST. It distinguishes between taxpayers based on turnover and filing frequency, ensuring clarity for different categories.
- Compliance requirement under Income Tax act, 1961
| Sl. | Compliance Particulars | Due Dates |
| 1 | Due date for deposit of Tax deducted/collected for the month of December, 2023. However, all the sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan | 07.01.2024 |
| 2. | Due date for deposit of TDS for the period October 2023 to December 2023 when Assessing Officer has permitted quarterly deposit of TDS under 192, 194A, 194D or 194H | 07.01.2024 |
| 3 | Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2023 | 14.01.2024 |
| 4 | Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of November, 2023 | 14.01.2024 |
| 5 | Due date for issue of TDS Certificate for tax deducted under section 194M in the month of November, 2023 | 14.01.2024 |
| 6 | Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of December, 2023 has been paid without the production of a challan | 15.01.2024 |
| 7 | Quarterly statement of TCS for the quarter ending December 31, 2023 | 15.01.2024 |
| 8 | Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending Dec., 2023 | 15.01.2024 |
| 9 | Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2023 | 15.01.2024 |
| 10 | Quarterly TCS certificate in respect of quarter ending December 31, 2023 | 30.01.2024 |
| 11 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of December, 2023 | 30.01.2024 |
| 12 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of December, 2023 | 30.01.2024 |
| 13 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of December, 2023 | 30.01.2024 |
| 14 | Quarterly statement of TDS for the quarter ending December 31, 2023 | 31.01.2024 |
| 15 | Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending Dec. 31, 2023 | 31.01.2024 |
| 16 | Intimation under section 286(1) in Form No. 3CEAC, by a resident constituent entity of an international group whose parent is non-resident | 31.01.2024 |
2. Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
| Tax period | Due Date | Particulars |
| Dec., 2023 | 20th January, 2024 | Due Date for filling GSTR – 3B return for the month of Dec, 2023 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year. |
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
| Tax period | Due Date | Particulars | |
| Dec., 2023 | 22nd January, 2024 | Due Date for filling GSTR – 3B return for the month of Jan., 2023 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B | |
| Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep | |||
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
| Tax period | Due Date | Particulars | |
| Dec., 2023 | 24th January, 2024 | Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing | |
| Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi | |||
B. Filing Form GSTR-1:
| Tax period | Due Date | Remarks |
| Monthly return (Dec., 2023) | 11.01.2024 | 1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP. |
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
| Form No. | Compliance Particulars | Timeline | Due Date |
| GSTR-5 & 5A | Non-resident ODIAR services provider file Monthly GST Return | 20th of succeeding month | 20.01.2024 |
| GSTR -6 | Every Input Service Distributor (ISD) | 13th of succeeding month | 13.01.2024 |
| GSTR -7 | Return for Tax Deducted at source to be filed by Tax Deductor | 10th of succeeding month | 10.01.2024 |
| GSTR -8 | E-Commerce operator registered under GST liable to TCS | 10th of succeeding month | 10.012.2024 |
D. GSTR – 1 QRMP monthly / Quarterly return
| Form No. | Compliance Particulars | Timeline | Due Date |
| Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme. | GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme. | 13th of succeeding month – Monthly Quarterly Return | 13.01.2024 |
E. GST Refund:
| Form No. | Compliance Particulars | Due Date |
| RFD -10 | Refund of Tax to Certain Persons | 18 Months after the end of quarter for which refund is to be claimed |
F. Monthly Payment of GST – PMT-06:
| Compliance Particular | Due Date |
| Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP. | 25.01.2024 |
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders – due date 28.01.2024
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date: Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
H. Monthly Payment of GST – CMP-08:
| Compliance Particular | Due Date |
| Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who have opted for a composition levy. Period: Oct-Dec, 2023 | 18.01.2024 |
I. Please note: GST Amnesty scheme appeals applicable till January 31, 2024
In a bid to assist taxpayers grappling with Goods and Services Tax (GST) issues, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant amnesty scheme. This initiative allows specified GST taxpayers to lodge appeals against GST tax demand orders until January 31, 2024.
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