Important Keyword: Due date, Income Tax Filing, ITR Due Date.
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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 Taxpayer | Due Date | |
| Taxpayers not requiring Tax Audit | 31st July | |
| Taxpayers requiring Tax Audit | 31st October | |
| Taxpayers requiring Audit u/s 92E (transfer pricing) | 30th November | |
| Belated/Revised return | 31st December |
Tax Audit Due Date
| Category of Taxpayer | Original Due Date | |
| Businesses requiring Tax Audit | 30th September | |
| Businesses requiring Audit u/s 92E | 31st 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.
| Taxpayer | Condition for Tax Audit |
| Business | Turnover 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 |
| Profession | Gross 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 Taxpayer | Original Due Date | Extended Due Date |
| Individuals not requiring Tax Audit | 31st July 2022 | NA |
| Individuals requiring tax Audit | 31st October 2022 | 07th 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 Taxpayer | Original Due Date | Extended Due Date |
| Individuals not requiring Tax Audit | 31st July 2022 | 31st December 2021 |
| Individuals requiring tax Audit | 30th September 2021 | 15th February 2022 |
ITR filing last date for 2020 (AY 2020-21)
| Category of Taxpayer | Original Due Date | Extended Due Date |
| Individuals not requiring Tax Audit | 31st July 2022 | 10th January 2021 |
| Individuals requiring tax Audit | 30th September 2021 | 15th 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:
- Interest: Late filing incurs interest under section 234A at a rate of 1% per month or part thereof on the outstanding tax amount.
- Late Fee: A penalty of up to INR 5,000 is levied under section 234F if the return is filed after the due date.
- 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.
- New Regime: Opting for the new tax regime requires filing the ITR on or before the due date.
- Claiming Relief: Missing the due date can disqualify you from claiming relief under sections 89E or relief under sections 90/90A, 91.
- 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.
- 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.
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Official Income Tax Return filing website: https://incometaxindia.gov.in/
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