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ITR Filing Last Date

by | May 13, 2024 | Income Tax, Income Tax filing | 0 comments

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Important Keyword: Due date, Income Tax Filing, ITR Due Date.

ITR Filing Last Date

The last date for filing Income Tax Returns (ITR) is a critical aspect that taxpayers must adhere to in order to avoid penalties, interest, and other consequences as per the provisions of Section 139 of the Income Tax Act.

What is Income Tax Return Due Date?

The deadline for filing taxes without incurring late fees or penalties is known as the due date.

ITR Filing Last Date

Category of TaxpayerDue Date
Taxpayers not requiring Tax Audit31st July
Taxpayers requiring Tax Audit31st October
Taxpayers requiring Audit u/s 92E (transfer pricing)30th November
Belated/Revised return31st December

Tax Audit Due Date

Category of TaxpayerOriginal Due Date
Businesses requiring Tax Audit30th September
Businesses requiring Audit u/s 92E31st October

The CBDT can extend the above due dates via notification. Albeit, the income tax return can also be filed after the due date. But, it will be considered as a belated return u/s 139 (4), and late filing interest or penalty will be applicable u/s 234A and 234F. Hence, it is always advisable to file ITR on or before the due date

Categories of Taxpayers for whom Tax Audit is mandatory

The following table explains the applicability of Tax Audit for taxpayers according to their earnings.

TaxpayerCondition for Tax Audit
BusinessTurnover is up to INR 1 Cr, Income is less than 6% or 8% of Turnover and Total Income exceeds the Basic Exemption Limit Turnover is between INR 1 Cr and INR 2 Cr and Income is less than 6% or 8% of Turnover Income is more than 6% or 8% of Turnover and the taxpayer does not opt for Presumptive Taxation Scheme under Sec 44ADSales or Turnover exceeds INR 10 Crore
ProfessionGross Receipts exceed INR 50 Lakhs Income from the profession is less than 50% of Gross Receipts and Total Income exceeds the Basic Exemption Limit The Income is more than 50% of Gross Receipts and the taxpayer does not opt for Presumptive Taxation Scheme under Sec 44ADA

Income Tax Return due date for previous financial years

The following table explains the due date to file income tax returns for previous financial years.

ITR filing last date for 2022 (AY 2022-23)

Category of TaxpayerOriginal Due DateExtended Due Date
Individuals not requiring Tax Audit31st July 2022NA
Individuals requiring tax Audit31st October 202207th November 2022

ITD extended the due date to file ITR as the taxpayers faced technical issues on the original deadline.

ITR filing last date for 2021 (AY 2021-22)

Category of TaxpayerOriginal Due DateExtended Due Date
Individuals not requiring Tax Audit31st July 202231st December 2021
Individuals requiring tax Audit30th September 202115th February 2022

ITR filing last date for 2020 (AY 2020-21)

Category of TaxpayerOriginal Due DateExtended Due Date
Individuals not requiring Tax Audit31st July 202210th January 2021 
Individuals requiring tax Audit30th September 202115th February 2021

ITR due date extension for AY 2021-22 & 2020-2021 was in response to the COVID-19 pandemic, which made it difficult for taxpayers to comply with the original deadline.

Due Date to file Belated Return

If an individual fails to file their income tax return by the due date, they have the option to file a belated return under Section 139(4) of the Income Tax Act. Starting from the financial year 2021-22 (assessment year 2022-23) onwards, taxpayers can file a belated return until the 31st of December of the relevant assessment year.

However, it’s important to note that filing a belated return attracts late filing fees under section 234F of the Income Tax Act.

To illustrate this, let’s consider an example: Mr. Jay forgot to file his ITR before the deadline of 31st July 2022. His total income for the financial year 2021-22 amounted to INR 4,50,000. Jay has the option to file his belated return until the 31st of December 2022. Suppose he files his return on 25th November 2022. In this case, his return will be considered as a belated return, and he will incur a late filing fee of INR 1,000, since his income is less than INR 5,00,000.

Due Date to file Revised Return

Starting from the financial year 2021-22 (assessment year 2022-23) onwards, taxpayers have the option to file a Revised Return under Section 139(5) of the Income Tax Act if they discover any mistake, omission, or incorrect statement in their original return. The revised return can be filed on or before the 31st of December of the relevant assessment year.

Additionally, since the financial year 2017-18 onwards, taxpayers can also revise a Belated Return if necessary.

Due date to file Updated Return

Under Section 139(8A) of the Income Tax Act, taxpayers have the provision to file an Updated ITR, also known as ITR-U. This option is available to individuals who have filed their Original ITR under Section 139(1), Revised ITR under Section 139(5), Belated ITR under Section 139(4), or have not filed an ITR at all. Taxpayers can file ITR-U within 24 months from the end of the relevant assessment year, provided they meet the conditions specified under this section.

Consequences of missing the due date

Filing your income tax return on time carries several benefits and avoids potential penalties or consequences:

  1. Interest: Late filing incurs interest under section 234A at a rate of 1% per month or part thereof on the outstanding tax amount.
  2. Late Fee: A penalty of up to INR 5,000 is levied under section 234F if the return is filed after the due date.
  3. Loss Set-off: Timely filing allows you to carry forward losses from various sources like the stock market, mutual funds, or real estate, to offset against future income. Failing to file on time may jeopardize this benefit.
  4. New Regime: Opting for the new tax regime requires filing the ITR on or before the due date.
  5. Claiming Relief: Missing the due date can disqualify you from claiming relief under sections 89E or relief under sections 90/90A, 91.
  6. Interest on Refund: Taxpayers are entitled to 0.5% interest under section 244A on the eligible refund amount. Filing before the due date ensures interest is calculated from April 1st, whereas late filing means interest is calculated from the date of filing to the refund date.
  7. Avoiding Notices: Failure to file may result in receiving notices from the Income Tax Department (ITD), leading to unfavorable consequences.

By adhering to the deadline for filing your income tax return, you can avoid penalties, maintain eligibility for various benefits, and ensure compliance with tax regulations, thus mitigating any potential risks associated with non-compliance.

Read More: DSC Utility: Generate Signature File to Register DSC on Income Tax E-Filing Portal

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Official Income Tax Return filing website: https://incometaxindia.gov.in/

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