[ecis2016.org] All taxpayers need to stick to ITR filing due date to avoid monetary penalty and other actions.
Under the I-T laws, taxpayers in India need to adhere to the ITR filing last date to avoid monetary penalty and penal actions. This guide will help taxpayers understand why filing their ITRs before the last date for filing ITR is necessary. We will also discuss the deadlines for income tax return last date in this guide.
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[ecis2016.org] All about income tax return or ITR
Last date to file ITR
The I-T filing due date differs for different categories of taxpayers. The last date for filing an ITR for salaried individuals is usually July 31 of the assessment year. For companies and businesses, the last date for filing an ITR is October 31 of the assessment year.
Note: For I-T-filing taxpayers, it is important to know the difference between the assessment year (AY) and the financial year (FY). In India, a financial year is the period between April1 and March 31 of the next year. So, the period between April 1, 2021 and March 31, 2022, will be FY 2021-22. The income earned during this period is assessed right after the end of the FY. This means the assessment year for this period would be AY 2022-23.
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ITR filing last date
For FY 2021-2022 (Assessment Year 2022-2023)
| Taxpayer type | ITR filing due date |
| Individuals, Hindu Undivided Families, Association of Persons (AOP), and Body of Individuals (BOI) | July 31, 2022 |
| Businesses requiring audit | October 31, 2022 |
| Businesses required to furnish a report in Form No 3CEB under Section 92E | November 30, 2022 |
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Tax calendar for 2022
| June 7, 2022 | First instalment of advance tax for the assessment year 2023-24 |
| July 15, 2022 | Due date for ITR filing for FY 2021-22 for taxpayers and business not liable for tax audit |
| September 15, 2022 | Second instalment of advance tax for AY 2023-24
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| September 30, 2022 | Due date for filing of audit report under Section 44AB for AY 2022-23 in case of individuals and companies required to submit their return of income on October 31, 2022 |
| October 31, 2022 | Due date for filing of return of income for AY 2022-23 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of Section 5A applies. |
| November 30, 2022 | Due date for return of income for the assessment year 2022-23 in case of an assessee. He/she is required to submit a report under Section 92E pertaining to international or specified domestic transaction(s). |
| December 15, 2022 | Due date for third instalment of advance tax for FY 2022-23 |
| December 31, 2022 | End of grace period for filing belated or revised ITR for FY 2021-22. |
What is belated ITR?
Income tax return, which has not been furnished on or before the due date specified under Section 139(1) is called belated return. A taxpayer, who has not furnished a return of income within time allowed under Section 139(1) or within the period allowed as per a notice under Section 142(1), may furnish return for any previous year at any time three months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. However, belated return of income is furnished under Section 139(4). Belated return attracts late filing fees under Section 234F.
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[ecis2016.org] What is TDS
Penalty for late filing of ITR under Section 234F of I-T Act
Taxpayers, who are required to file ITR under Section 139 of the I-T law, need to pay interest on the due tax in case they do not follow the ITR filing last date. Under Section 234F of the Income Tax Act, late filing fees of Rs 5,000 is payable if the ITR is filed after the due date specified under Section 139(1). However, the amount of late filing fees will be Rs 1,000 if your total income does not exceed Rs 5 lakhs.
This penalty will have to be paid even if you are filing ITR for a non-taxable amount. The I-T Department can also impose a penalty of 50% of tax payable. In serious cases, one can be sent to a jail for a period of up to three years. Apart from these penalties, you may also have to pay 1% monthly interest on the tax dues.
In case of taxpayers, who have not filed an ITR in two years immediately before the one in which tax is to be deducted, TDS could be deducted at twice the normal rate. Not sticking with ITR last date will result in losing your refund claims for the TDS collection. Those filing I-T return after the last date cannot carry forward losses.
How to file ITR online?
The I-T Department has established an independent portal for e-filing of return of income. Taxpayers can log on to www.incometaxindiaefiling.gov.in for e-filing of the return of income. To understand the step-by-step procedure to file your ITR, check our guide on ITR.
FAQs
What is an ITR?
Income Tax Return (ITR) is a prescribed form through which the specifics of your income in a financial year and taxes paid on such income are communicated to the Income-Tax (I-T) Department. ITR allows you to carry forward loss and seek refund claims from the I-T Department.
Why should I file an ITR?
Apart from the fact that you are legally obliged to do so, your ITRs validate your creditworthiness before financial institutions and make it possible for you to access various financial benefits such as bank credit, etc.
What is a financial year?
Under the taxation laws in India, a financial year, denoted as FY, is the period from April 1 to March 31. So, the period between April 1, 2021 and March 31, 2022, will be called FY 2021-22.
What is an assessment year?
For calculating tax, the assessment year starts right after the end of a financial year. This means, the assessment year for income earned in FY 2021-22 would be AY 2022-23.
Is it necessary to file a return of income when I do not have any positive income?
If you have incurred a loss in the financial year, which you want to carry forward to the subsequent year for adjustment against the subsequent year’s positive income, you should make a claim of loss by filing the return before the due date.
Will I be penalised on late ITR filing even if I am not liable to file it?
No, the late filing fee under Section 234F will not be levied in case you are not required to file an ITR under Section 139.
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