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.
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
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.
|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|
|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|
|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|
|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|
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.
If you miss the due date or last date of filing income tax returns, you might incur the following penalties:
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:
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.
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.
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.
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.
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.
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.
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
|Section 145A||Section 80P||Section 92CD|
|Section 281||Section 32(2)||Section 270A|
|Section 1399||Section 192A||Section 11|
|Section 35AD||Section 80C||Section 32|
|Section 206AA||Section 92E||Section 9|
|Section 153||Section 10(10D)||Section 194DA|
|Section 10AA||Section 80GG||Section 80TTB|
|Section 80JJAA||Section 1940||Section 23B|
|Section 206AB||Section 44AB||Section 87A|
|Section 115JB||Section 154||Section 194D|
|Section 194J(1)(ba)||Sectio 80U||Section 194K|
|Section 56-59||Section 80TTA||Section 234C|
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