top of page

Income Tax Rate for AY 2023-24, Last Date of Filing ITR and Penalty for Non-Filing of ITR

If you are an individual or a business owner in India, you must be aware of the income tax rules and regulations that apply to you. Income tax is a direct tax that is levied on your income from various sources such as salary, business, profession, capital gains, house property etc. The income tax rate depends on your residential status, age and income slab.

The income tax return (ITR) is a document that contains the details of your income and taxes paid during a financial year (FY). You need to file your ITR online with the Income Tax Department before the due date to avoid any penalty or interest. The due date for filing ITR varies depending on the type of taxpayer and whether they are subject to audit or transfer pricing.

Due Date for Income Tax Return (ITR) Filing for AY 2023-24

For FY 2022-23 (AY 2023-24), the last date to file ITR for individuals and businesses who are not subject to audit or transfer pricing is 31st July 2023.

For those who are subject to audit or transfer pricing, the last date is 30th September 2023 and 31st October 2023 respectively.

The income tax slab rates for AY 2023-24 are different for different categories of taxpayers.

For individuals below 60 years of age who opt for the old tax regime, there are four slabs:

Rs.0 to Rs.2,50,0000 - NIL

Rs.2,50,001 to Rs.5,00,000 - 5%

Rs.5,00,001 to Rs.10,00,000 - 20%

Rs.10,00,001 and above- 30%

Income Tax rate for senior citizens (60 years and above but below 80 years)

Rs.0 to Rs.3,00,0000 - NIL

Rs.3,00,001 to Rs.5,00,000 - 5%

Rs.5,00,001 to Rs.10,00,000 - 20%

Rs.10,00,001 and above- 30%

Income Tax Rate for Super senior citizens (80 years and above)

Rs.0 to Rs.5,00,0000 - NIL

Rs.5,00,001 to Rs.10,00,000 - 20%

Rs.10,00,001 and above- 30%

For individuals who opt for the new tax regime, there are five slabs:

Rs.0 to Rs.2,50,000 - NIL

Rs.2,50,001 to Rs.5, be00,000 - 5%

Rs.5,00,001 to Rs.7,50,000 - 10%

Rs.7,50,001 to Rs.10,00,000 - 15%

Rs.10,00,001 to Rs.12,50,000 - 20%

Rs.12,50,001 to Rs.15,00,000 - 25%

Rs.15,00,001 and above 30%

Rebate under section 87A for AY 2023-24:

In addition, a rebate of Rs12,500 or an amount equal to the tax (whichever is lower) shall be allowed to an individual resident taxpayer whose total income does not exceed Rs.5,00,000 in the old tax regime (Rebate is not applicable to super senior citizens).

Penalty for Late Filing of Income Tax Return (ITR)

If you miss the due date for filing ITR, you will have to pay a late fee under section 234F of the Income Tax Act The late fee ranges from Rs.1,000 to Rs10,000 depending on your income level and delay period Apart from the late fee, you will also have to pay interest under section 234A at1% per month or part thereof on the outstanding tax liability

Consequences of not filing Income Tax Return (ITR) within the due date:

In addition to the late fee and interest, there are other consequences of not filing an ITR by the due date such as:

- You will not be able to carry forward certain losses such as business loss or a capital loss.

- You will not be able to claim certain deductions such as section 80C or section 80D.

- You may face prosecution if you wilfully fail to file ITR even after receiving notices

- You may face a penalty of up to 50% of the tax due in case of underreporting or misreporting of income.

Therefore, it is advisable to file your ITR on time and avoid any hassle or penalty later. If you need any assistance with filing your ITR online, you can contact us at.