About all the due dates of Income tax

20 Oct 2022

Income Tax Return filing due dates for AY 2022-23 (FY 2021-22)

Non-Audit cases

Every individual taxpayer has to file income tax return every year and due date for filing income tax return is 31st July without late fees. If taxpayer misses out to file the ITR within due date then taxpayer can also file ITR even after due date by paying interest under section 234A and penalty under section 234F, however due date for filing ITR with interest u/s 234A and penalty u/s 234F is 31st December. Due dates can be extended by government. For AY 2022-23 (FY 2021-22) is due date is 31st July 2022 without interest and late fee and 31st December 2022 with interest and Late fee.


Consequences of Non filing ITR within due date

If individual does not file ITR within due date then taxpayer have to pay interest, penalty and can not carry forward losses for future years.

Interest: If taxpayer filing ITR after due date then have to pay interest under section 234A @ 1% per month on the unpaid tax amount.

Penalty: Penalty/Late fees is payable under section 234F, if taxpayer is filing ITR after due date. Late fee will be Rs 5,000 if income is equal to or more than Rs 5,00,000 and however it will reduce to Rs 1,000 if income is less than 5,00,000.

Losses Carry forward: If taxpayer has filed ITR within due date then he is allowed to carry forward the losses arising from business, share market, properties etc for the future years and is also allowed to adjust against the income of future years which will results in lesser tax liability but this benefit could only be availed if Income tax return is filed within due date.

Note: Due date mentioned above is for non-audit cases.

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Important Due date Master




Frequently Asked Questions

What is Due date for filing Belated return?

As per section 139(4), Due date for filing belated return is 31st December by paying prescribed interest and late fees.

 

What is the interest and late fees for a person filing ITR having income less than 2,50,000?

If person filing ITR is having income less than 2,50,000, then there is no interest and late fee leviable.

 

What is the late fee for a person filing ITR after the due date?

If a person is filing ITR after the due date, 

  • late fees is Rs 5,000 for person having income equal to or more than Rs. 5,00,000 

  • & Rs 1,000 for person having income less than Rs 5,00,000.

 

What is the due date for filing ITR of Trusts?

The due date of return filing of trust for FY 2021-22, whose accounts are not required to be audited is 31st July 2022. If the accounts of the trust are required to be audited, the due date to file ITR will be 31th October 2022.

Suppose the trust is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2022

 

What is the due date of return filing for Companies?

The due date of return filing of domestic companies for FY 2021-22 is 31st October 2022. However, if the company is having any international transaction or specified domestic transaction who is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2022.


Can a refund be claimed in belated return?

Yes, refund can be claimed in belated return

If you are facing any issues in filing your ITR you can reach out to us atwww.taxbuddy.com. Our experts will help you to file your ITR with ease.

Riteek Jain