Due Date of Income Tax Return(ITR) Filing in India

What is the meaning of the due date as per income tax?

Specified persons are required to file ITR with the income tax department after the end of each financial year. To ensure timely filing of returns, the tax department has defined the last date upto which a person can file the return without paying any late fees. This last date is called the due date of filing ITR.
The due date of filing ITR varies depending on the type of assessees viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI, and audit applicability.
Generally speaking, the individual and entities, those who have to undergo audit have a later deadline than those filing ITR without going through an audit.

What are the due dates for the FY 2020-21(AY 2021-22) and FY 2019-20(AY 2020-21) ?

The income tax return filing for the FY 2020-21 (AY 2021-22) is being currently done, and due to coronavirus outburst, the last date to file ITR for the year has been extended. ITR filing for FY 2020-21(AY 2021-22) are currently being filed.

Note:

1. An audit is required for
   - A Company
   - An Individual requiring audit of accounts or
   - A working partner of a firm Or Firms, LLPs etc., requiring an audit of accounts
2. As per section 92E, a person who enters into international or specified domestic transactions is required to submit a report u/s 92E.

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What are the due dates for making payment of Advance Tax instalments?

The due dates for the payment of advance tax for the FY 2021-22 (AY 2022-23) are:

Note:
- You have to pay advance tax only if your total tax liability is Rs. 10,000 or more in a financial year.
- Any tax payment made on or before 31st March of same FY shall also be treated as advance tax.

What is the due date for making TDS Payments?

The due date for making monthly TDS payments can be better understood in terms of Government and non Government assessees as under

Note:
- Tax deducted by a Government assessee without challan (i.e. treasury Challan) should be deposited on the same day of deduction. However, in the case of deduction under section 192(1A), it must be deposited on or before seven days from the end of the month in which such deduction is made, where tax is paid and accompanied by an income tax challan.
- Tax deducted on the acquisition of immovable property u/s 194IA must be deposited within 30 days from the end of the month in which payment of consideration is made.

What is the due date for filing a TDS return?

• Form 24Q is a quarterly statement for the Return of TDS details on Salary Payments.
• Form 26Q is a quarterly statement for Return of TDS details on Other than Salary Payments (Domestic).
• Form 27Q is also a quarterly statement for Return of TDS details on Other than Salary Payments (NRI/Foreign).
• Form 27EQ is for TCS Return.

• Form 16A & Form 27D is issued within 15 days from the due date of furnishing the TDS / TCS return.
• Form 16A is for TDS deducted on income other than salary
• Form 27D is Tax Collection Certificate(TCS)

What is the interest and penalty for delay in filing return?

Conclusion :

Given the new reforms, it is quite clear that waiting for the last date (end of financial year) will not work anymore. Now, you are required to keep track of your tax filing requirements more than ever. For any further clarification, comment in the section below or for guidance related to tax filing, Contact Us Now!!