Lot of people want to know the Income Tax Return Filing Due Date. People often make inquiries from the Chartered Accountants and Tax Consultants to know about the due date for filing the Income Tax Return. Some of the questions frequently asked by people are listed below:
- What is due date for filing income tax return?
- What is the ITR filing date?
- What are the different due dates for filing of return of income?
- What is income tax return last date ?
- What is the penalty for late ITR filing?
- What happens if you miss tax filing?
After considering all these questions, we will discuss in detail about the various provisions of the Income Tax Act,1961 with regard to the filing of Income Tax Return.
Who is required to File the Income Tax Return?
Under Section 139(1) of the Income Tax Act,1961 every person is required to file the Income Tax Return by the prescribed due dates in the prescribed Form
It is important to note that:
[1] Every Company or Firm is required to file the Income Tax Return irrespective of its income.
[2] Every other persons (except the Company or Firm) is required to file the Income Tax Return only if the taxable income of such person is exceeded the maximum amount which is not chargeable to income-tax.
Period of Income considered for filing the ITR:
Income Tax Return is filed in respect of 12 months period starting from the 1st April of every year to 31st March of the next year. This year is also called is Financial Year. For example income earned during the period starting from 1st April 2022 to 31st March 2023 shall be called as the income earned by a person during Financial Year 2022-23
Income Tax Return Forms applicable to different types of persons:
Different Income Tax Forms have been prescribed for different types of Persons under the Income Tax Act. These Forms are being listed below:
Form No.:ITR-1 SAHAJ
For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand
Form No.:ITR-2
For Individuals and HUFs not having income from profits and gains of business or profession
Form No.:ITR-3
For individuals and HUFs having income from profits and gains of business or profession
Form No.:ITR-4 Sugam
For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
Form No.:ITR-5
For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
Form No.:ITR-6
For Companies other than companies claiming exemption under section 11
Form No.:ITR-7
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
DUE DATES FOR FILING OF INCOME TAX RETURN
Different due dates have been prescribed for different types of persons under the Income Tax Act. These dates are listed below:
- For Individuals/HUF/AOA & BOI: Due date for filing the ITR is 31st July every year.
- For Any Person whose Accounts are required to be Audited: Due date for filing the ITR is 31st October every year.
- For Persons requiring Transfer Pricing (TP) Report : Due date for filing the ITR for such persons is 30th November every year.
Every person is required to file the Income Tax Return by these due dates or the due dates further extended by the Income Tax Department.
What happens if the Person fails to file the ITR by Due Date?
In case you fail to file the Income Tax Return by the prescribed due dates given above, then you can file the same by paying applicable interest and penalty in the following manner:
Interest: If you miss your ITR for any reason and file your return after the due date, you will have to pay interest under Section 234A @1% per month or part month on the unpaid tax amount.
Late fee: A late fee of Rs. 5000 under Section 234F will need to be paid. It shall be reduced to Rs 1,000 if your total income is less than Rs 5 lakh.
OTHER CONSEQUENCES OF NOT FILING THE ITR BY DUE DATE:
Apart from the levy of Interest and Penalty, you will not be allowed to carry forward the Losses in your ITR in case you file your Income Tax Return after the due date.
Frequently Asked Questions:
- Whether we should engage or consult a CA or Tax Consultant for filing of Income Tax Return or should filed at our own?
Answer: It is always advisable to engage or consult a CA or Tax Consultant for filing the ITR as the Income Tax return filing is a very complex and requires lot of expertise
- Should be file ITR online or Offline?
Answer: Except some prescribed circumstances, Income Tax Act does not allow filing of ITR in Offline mode and all Income Tax Returns need to be filed in online mode.
- I do not have taxable Income but my TDS has been deducted. How I can get the refund of my TDS?
Answer: Even if you do not have any taxable income, you should file your ITR to get the refund of your TDS amount.
· What is an Tax Audit?
Answer: It is the examination and inspection of an entity’s books of accounts to ensure compliance with the Income Tax Act, 1961. Only certain types of assessees need to get their tax audit done by a Practicing Chartered Accountant or a firm of Chartered Accountants.
- Should I file my Income Tax Return even though my Income is below the taxable limit?
Answer : Filing of Income Tax Return is not required if your income is not taxable. However, in case you have to claim the refund of the Income Tax/TDS deducted, then you should file your ITR just to claim the refund. Further, you can file your ITR even if your income is below the taxable limit as it helps in getting the Home Loans/Personal Loans and Credit Card etc.
- Who Is Not Required To File Income Tax Return?
Answer : Please Read the answer at the link given below:
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