Introduction:

Income Tax Returns, often known as ITR, are forms used to disclose net tax liabilities, claim tax deductions and exemptions, as well as report overall taxable income. People who earn a particular amount of money are required to submit ITR. Firms or corporations, HUFs (Hindu Undivided Families), as well as salaried and self-employed individuals are required to submit ITRs with the Indian Income Tax Department.

This article will provide details about everything you need to know about the filing of an income tax return last date.

What is Income Tax Filing?

Income Tax Return filing is the procedure through which a taxpayer must submit a statement of his overall income generated during the fiscal year. Individuals can finish their return filings using the Income Tax Department’s official portal. It has been announced in seven different forms: ITR 1, 2, 3, 4, 5, 6, and 7.

In India, it is obligatory to submit income tax returns if you meet any of these criteria:

  • People who fall inside the tax brackets.
  • If it is a firm or company, regardless of whether it makes a profit or a loss in a fiscal year.
  • If an income tax refund is claimable.
  • If any amount of loss under one of the revenue categories is carried forward.
  • If you are an Indian resident and you have a property or a financial investment in any company that is based outside of India.
  • If you are an Indian resident and have signing authority in any foreign account.
  • If you receive income from any property held under any charitable or religious trust, political group, research organisation, news organisation, any educational or medical establishment, hospital, trade union, not-for-profit college or educational establishment, infrastructure debt fund, or any authority, trust, or body.
  • If you’re looking for a visa or any loan.
  • If a Non-Resident Indian receives a part of or all of his income from sources in India, his income is taxable, and thus, income tax returns are required.

Tax Calendar for Income Tax Return Due Dates

If you are a regular taxpayer looking for the income tax return last date:

  • The last date of the income tax return was December 31st.
  • Revised and Belated Income Tax Returns can be submitted until March 31st.

Other important tax dates include

  1. TDS Payment

    7th day of the next month. For example, the last date for submitting TDS deducted in the month of April needs to be submitted by the 7th of May.

  2. GSTR 1

    11th of the next month. For example, the last date for filing the GSTR1 for the month of April is the 11th of May.

  3. TDS Filing

    Quarter 

    Period

    Deadline

    First Quarter

    April to June

    By July 31st

    Second Quarter

    July to September

    By October 31st

    Third Quarter

    October to December

    By January 31st

    Fourth Quarter

    January to March

    By May 31st

  4. TCS Filing

    Quarter 

    Period

    Deadline

    First Quarter

    April to June

    By July 15th

    Second Quarter

    July to September

    By October 15th

    Third Quarter

    October to December

    By January 15th

    Fourth Quarter

    January to March

    By May 15th

Extended Income Tax Return Dates

The income tax return last date has been postponed by 3 months, to 31st December from 30th September. Due to difficulties on the current income tax website, which made it impossible for many people to finish their ITR filing procedure, the time frame if ITR filing has been extended.

The Indian government has postponed the income tax return last date two times this fiscal year. Previously, the ITR reporting date was delayed by two months owing to the COVID-19 second wave, from 31st July 31 to 30th September 30 from the regular deadline of 31st July.

What are the consequences of late ITR filing?

If the filing for income tax return last date is missed, a belated return can be filed later after the deadline. The tax department also determines when the overdue return must be filed. The due date of filing Revised and Belated ITR is 31st March. 

According to the new guidelines published under Income Tax Act Section 234F, submitting your Income Tax Returns beyond the deadline might result in a 5,000 INR penalty.

The Indian Department of Income Tax has cut the maximum fine for late income tax return filing from 10,000 INR to 5,000 INR beginning with the fiscal year 2021. To strip it down for the fiscal year 2020-21, if you submit your ITR by the 31st of December 2021 (February 15th 2022 for audit & 28th of February 2022 for cases of transfer pricing), there will be zero penalties.

The penalty limitation for taxes submitted after December 31st, 2021 will be raised to 5,000 INR. Nevertheless, as a comfort to small earners, the Income Tax department has announced that if your overall annual income is less than 5,00,000 INR, the maximum fine for late payment would be 1000 INR.

Late Taxation Fees as per Section 234F

Filing Date

Overall income under 5,00,000 INR

Overall income over 5,00,000 INR

Before December 31st

NIL

NIL

After December 31st

1000 INR

5000 INR

Aspects to remember while submitting an Income Tax Return

Here are some pointers you should keep in mind when filing Income Tax Returns

  1. Choose the appropriate ITR form based on your residency and income from multiple sources.
  2. Select either the new or existing tax system, whichever is most favourable for you.
  3. Data on pre-filled ITR forms should be double-checked.
  4. Form 26AS is necessary to verify prepaid taxes.
  5. Pay down any outstanding taxes.
  6. Keep all essential documentation.
  7. Exempt Income Must Be Reported
  8. Changes in employment should be reported on new Forms 16 and 12BA (if applicable)

Conclusion

Each year, more and more individuals are required to submit their tax data to the Indian Income Tax Department. The number of ITRs that were submitted before the previous income tax return last date is definitely an indicator of this trend. As these forms help determine income tax liability, they are important documents used by the government to estimate revenue inflow. With that being said, we can expect a lot of individuals to be filling in their ITR next year as well. It is thus important for you to make sure that your ITR is accurate and honest—as it could determine whether or not you get into trouble with the tax authorities.


FAQ’s

ITR or Income Tax Return is a document that must be submitted to the Indian Income Tax Department. It comprises information on the individual’s income as well as the amount of taxes that must be paid on that income during the financial year.


Yes. All registered taxpayers with taxable income must file their income tax forms online.


The last date of the income tax return submission is 31st December. The due date of Belated and Revised ITR is 31st March.