ITR Filing Last Date & Rebate under Section 87A for AY 2023-24

The deadline for claiming ITRs for the 2022–2023 accounting year (AY 2023–2024) was July 31, 2023. You can still submit a late return by December 31, 2023, even if you haven’t submitted one by the deadline.

ITR Filing Last Date

The 31st of December, 2023, is the last day to file an ITR, or Income Tax Return, for the fiscal year 2022–2023. This may be your last chance, but submitting late can cost you money in consequences and charges. 

The individuals and businesses who didn’t submit their returns for income taxes (ITR) for the period from 2022 to 2023 by the deadline of July 31 have been warned by the Income Tax Department. 

In compliance with Section 234F of the Income Tax Act, taxpayers who neglect to file their income tax returns by the regular deadline would be assessed a late filing penalty of Rs 5,000. 

Taxpayers need to be aware that on the 31st of December 2023, the last day to file the final, amended, and delayed returns of income tax (ITRs) for FY 2022–2023 (AY 2023–24) will pass. 

Drawbacks of Filing Late ITR

The drawbacks of submitting a late refund are as follows:

• Interest under sections 234A, 234B, and 234C could come due.
• When filing a belated return, the following late charge will be assessed under Section 234F
• Impairments that you have experienced, such as capital or losses related to business, are unable to be carried over and subtracted in later years. 

Rebate under Section 87A for AY 2023-24

The total value of the reimbursement either Chapter 87A for FY 2021-22 2022-23 [(AY (2022-23) (2023-24)] remains unchanged in both the previous or replacement revenue tax administrations. 

A permanent resident individual may receive a revenue tax refund of Rs 12,500 or the whole amount of their tax due, whatever is less if the taxable revenue is less than Rs 5,00,000. 

The amount that was due for the refund under Section 87A for FY 2023–24 (AY 2024–25) has been adjusted under the recently implemented income taxation scheme. 

Resident individuals will be eligible for a tax rebate of Rs 25,000 if their taxable income is less than Rs 7,00,000. The previous taxation system is still in effect, with 12,500 being levied on incomes up to Rs 5,00,000.

How much rebate is allowed?

According to the new tax system, individuals with total taxable incomes up to Rs. 7 lakh will be eligible for the following tax cuts for the financial year 2023–2024:

• 25,000 rupees or the relevant tax, whoever is less.
• Under the previous structure of taxes, it was the same as earlier, Rs. 12,500.

Factors claiming Section 87A Rebate

A 4% educational and health cess might be imposed before the refund is paid to the overall tax. According to this clause, only residents remain eligible to get a rebate.

Under Section 87A, individuals who are 60 years of age or older but under 80 years of age can receive a rebate.

Refunds under Section 87A are not available to super senior citizens older than 80.

The refunded quantity will be less than the total quantity of income tax owed (before cessation) as well as outlined in Section 87A.

How to file an ITR Online?  

Check out this detailed advice on filing an online delayed report if you want to file it via the Income Tax Portal. 

• Go to incometax.gov.in to access the Income Tax e-filing website. 
• Enter your user ID (PAN), password, and the code for the captcha to gain entry to the e-filing portal, then click Login. 
• Select the Income Tax Return link from the e-File menu.  
• Select Continue.  
• Complete all required and relevant fields on the online ITR form.  
• On the Taxes Received and Confirmation tab, select the relevant Verification option.  
• Preview and hit the Submit button.