Income Tax Return Filing: Due Dates And Penalties

The Central Board of Direct Taxes (CBDT) sets the due date for filing ITR and audit reports, and they also extend the deadline when deemed necessary. 

Depending on the type of taxpayers, the due dates for filing ITR are different. In India, there are 6 types of taxpayers: Individuals, Hindu Undivided Family, Firms, Companies, Association of Persons and Body of Individuals. Generally, those taxpayers who have to undergo an audit have a later deadline than those who do not. 

Keep reading further to learn more about the recent updates on the last date to file ITR for the financial year 2020-21. 

Due Date for Filing Income Tax for FY 2020-21 (AY 2021-22)

Owing to the COVID-19 pandemic and issues with the new e-filing 2.0 portal, many taxpayers requested a deadline extension. The latest changes to the due date for a certain section of taxpayers were announced on January 11, 2022. 

Here is a summarised table of the last dates to file ITR:

Taxpayer Category	Original Due Date for FY 20-21	Extended Due Date for FY 20-21	Due Date for FY 21-22 (Unless Extended)
Individuals, HUF, AOP, BOI, firms (non-audit cases)	July 31, 2021	March 15, 2022	July 31, 2022
AOP, BOI, firms, company (Audit cases)	October 31, 2021 (Audit report filed by September 30,  2021)	March 15, 2022 (Audit report filed by  February 15, 2022)	October 31, 2022 (Audit report filed by  September 30, 2022)
Business requiring Transfer pricing report	November 30, 2021	March 15, 2022	November 30, 2022
Trusts, political parties, colleges	October 31, 2021 (Audit report filed by  September 30, 2021)	March 15, 2022 (Audit report filed by February 15, 2022)	October 31, 2022 (Audit report filed by September 30, 2022)

Also Read: Section 194K Of The Income Tax Act

Important Income Tax Return Dates to Remember for FY 2021-22 

Apart from the deadline for filing ITR, there are various other tax formalities that one has to fulfil. Have a look at the following tax tables to learn about the deadline for other tax-related procedures. 

• Payment of Advance Tax Instalments: When persons opt to pay income tax in instalments across the year rather than making a lump sum payment, they incur advance taxes. The set deadline for each instalment every year is given below:

Due Date	Instalment	Amount Payable
June 15	1st	15% of advance tax amount
September 15	2nd	45% of advance tax amount
December 15	3rd	75% of advance tax amount
March 15	4th (final)	100% of advance tax amount

• Payment of Tax Deducted at Source (TDS): Before paying an individual, a deductor deducts tax directly from the deductee’s source of income. This system is known as TDS. 

1. The monthly deadlines for making TDS payments are given below:

Month	Due Date
For government assessees
From April to March (with challan)	7th of the next month
From April to March (without challan)	The day of deduction
For non-government assessees
From April to February	7th of the next month
For March	April 30

2. Quarterly deadlines

Quarter	Due Date
Quarter ending on June 30, 2021	July 7, 2021
Quarter ending on September 30,2021	October 7, 2021
Quarter ending on December 31, 2021	January 7, 2022
Quarter ending on March 31, 2021	April 30, 2022

• Deadline for Filing TDS Returns:

Quarter	Period	Due Date
1st	April 1, 2021 to June 30, 2021	July 31, 2021
2nd	July 1, 2021 to September 30, 2021	October 31, 2021
3rd	October 1, 2021 to December 31, 2021	January 31, 2022
4th	January 1, 2022 to March 31, 2022	May 31, 2022

Late Filing of Income Tax Returns 

If taxpayers miss the due date set by the Central Board of Direct Taxes, they are given another chance. They can file late returns, known as belated returns, but there is a deadline set for that as well. 

Generally, the last date of filing belated returns is December 31 of the Assessment Year. However, for Financial Year 2020-21, this deadline has been extended to March 31, 2022. 

Nonetheless, to save yourself from unnecessary troubles and legal consequences, it is crucial to stick to each deadline. Additionally, by filing ITR on time, you will get your tax refunds sooner and avoid facing any penalties. 

Penalty for Delay in Filing Returns

If you miss the due date or last date of filing income tax returns, you might incur the following penalties:

• For missing the ITR deadline 

In the Union Budget of 2018, the Government of India introduced a late income tax filing fee. Under Section 234F of the Income Tax Act, you will be charged in the following way for FY21-22:

1. When a taxpayer files ITR after the due date (July 31, 2022) but before the last date (December 31, 2022): Late fee of Rs. 5,000
2. When a taxpayer earns up to Rs. 5 lakh annually and files ITR after the due date but before the last day: Late fee of Rs. 1,000
3. In case a taxpayer does not file ITR within the last day (December 31, 2022): Late fee of Rs. 10,000

• For missing TDS returns deadline

1. Under Section 234E of the Income Tax Act, a late filing fee of Rs. 200 per day applies until you file TDS returns. The total penalty amount should not exceed TDS amount. 
2. Under Section 201(1A) of the Income Tax Act, non-payment and non-deduction of TDS are subject to interest. In the case of the former, an interest of 0.5% applies per month till the day of payment. In case of the latter, an interest of 1% per month applies until the day of deduction. 

Also Read: Step By Step Guide To Make TDS Payment Online

Final Word

Keeping up-to-date with the deadlines for filing ITR is necessary for every taxpayer. It not only saves you from incurring hefty penalties but also carries multiple benefits, like increasing loan eligibility, faster tax refund, quick visa processing, etc. 

Frequently Asked Questions 

1. How do I file income tax returns before the due date?

To easily file income tax returns, you can visit the Income Tax Department’s e-filing portal. You will have to log in and select the “File Income Tax Return” option on the taskbar. After this, you will have to fill in some details, give bank account information and validate all pre-filled particulars. 

2. Can I revise my income tax returns?

If you make any mistake while filing income tax returns, the Income Tax Department allows you to furnish revised returns. Under Section 139(5) of the Income Tax Act, a taxpayer can file revised ITR before the completion of the assessment year. 

3. When will I receive my income tax refund?

After filing income tax returns and verifying the same, it generally takes 25-60 days for taxpayers to receive the refunds. However, if you filed ITR close to the due date, there might be a delay due to processing a higher volume of ITR. 

4. My annual income is Rs. 1.8 lakh. Do I have to file ITR?

The Income Tax Department has set a basic exemption limit of Rs. 2.5 lakh. Any individual who earns below this amount faces no tax liability. Thus, they do not have to file income tax returns. 

5. I am 70 years old, and I earn a total income of Rs. 2.5 lakh. Do I have to file ITR?

In case of taxpayers from 60 to 80 years, the basic tax exemption limit is Rs. 3 lakh. That said, for those above the age of 80 years, the limit extends to Rs. 5 lakh. Thus, individuals earning below this amount do not have to file ITR.

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