ITR Filing Due Date will not be extended: Please file your return before due date:

ITR Filing Due Date will not be extended: Please file your return before due date Income Tax India vide its Twitter handle has told taxpayers not to wait until the last moment to file their Income Tax Return (ITR). The tweet also mentioned that the due date for filing the Income Tax Return for Assessment Year (AY) 2023-24 is 31st July 2023. While filing the Income Tax Return Taxpayers must verify the data in the Annual Information Statement (AIS). The Taxpayers should also not forget to E-verify the return of Income Tax within 30 days of the submission. E-verification can be done by Aadhaar OTP, Pre-validated bank account or Net-banking, or Pre-validated Demat Account. The due date of 31st July for filing ITR applies to the Individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP), Trust, or Local Authority. This date applies to them if they are not having an Audit under any provisions of the Law. Consequences of NOT FILING ITR on Time:

• Certain losses computed under specified sections cannot be carried forward for set-off in the subsequent years.
• A fee of Rs. 5,000 under section 234F would be leviable where the return is filed after the due date. However, the late fee shall not exceed Rs. 1,000 where the total income does not exceed Rs. 5,00,000.
• Further, as per section 80AC, deductions in respect of certain incomes under Chapter VI-A [Heading C- Deduction in respect of certain incomes] would not be available.