Income Tax Return Filing Due Date for AY 2021-22

A taxpayer is required to furnish a return of his income annually to the Income-tax department. As an obligatory measure for the taxpayer, it has been sufficient to keep away honest taxpayers from the hefty penalties of the department. Usually, every year Income tax return filing is followed on or before 31^st July. If any taxpayer fails to match this compliance on the specified due date, then he/she has to file a belated return of his income after the notified due date with the required late fees or penalties.

The Income tax department notifies for the tax filing period on the official web portal of the Income tax department located at Incometax.gov.in Before the due date, an ITR can be filed without penalty or late fees.  The due dates for ITR filing vary according to the type of taxpayer, whether being an individual taxpayer, HUF, Corporate entity, Non-Profit entity, etc, and also on the basis of the applicability of provisions of an Income tax audit. For Instance, as said an individual or HUF entity has to file a Return of his Income on or before 31^st July every year and a Corporate entity has to file it before 31^st September, after due diligence of the Audit provisions.

Due Dates for ITR Filing FY 2020-21

As per the Income tax law, a taxpayer was required to furnish his Income tax return for the FY 2020-2021 by 31^st July, but due to the Corona virus Pandemic, the government extended deadlines to later months. This was done to ease the compliance burden on taxpayers and to roll a simpler platform for taxpayers to file their IT returns.

Here the Updated Due Dates for ITR Filing for FY 2020-21

Benefits of Filing Income Tax Return before Due Date

Filing of Income tax return before the due date makes a taxpayer, a responsible citizen and gives him big relief from the penal consequences of delayed filing or non-filing of ITR. Filing an ITR Return requires expertise and knowledge of compliance procedures and provisions of the Income tax law, for a tax professional, it is necessary to ensure identification of Income from all sources and computation of the tax applicable as per guided rules. Here is what you gain from filing ITR on or before ITR filing due date:

1. To carry forward losses incurred against business or profession both can be claimed, only if ITR is filed before the due date.

2. Prior e-verification of IT return, with filing before the due date the chances of getting the status of e-verification and ITR processed from the department can be retrieved sooner.

3. As long as processing of ITR will take, long will be the duration of issue of the ITR refund. Filling prior to the due date will help in the prior issue of ITR refund.

Delayed Filing or Non-filing of ITR

A taxpayer is required to furnish a return of his Income before the ITR filing due dates as per Section 139(1), after which a specified interest or penalty has to be barred by the taxpayer. Taxpayers, even confuse of the penal consequences and provisions provided in the tax law for delayed filing of ITR return and Non-filing ITR return.

Delayed filing of ITR

If any taxpayer fails to file his Income tax return before the specified due date, he shall then have to submit it after the notified due date of the department along with the late fees and penal interest notified under Section 234F.

Non-filing of ITR

If the taxpayer fails to file ITR even after the lapse of the ITR filing due date in such case the taxpayer has to follow provisions and penal consequences applicable on Non-submission of IT return as specified by the accessing officer of the department.

Penalties and Consequences

For lapsing the notified due dates for ITR Filing, a taxpayer is bound by certain penalties and penal consequences after payment of which, the taxpayer would be able to escape the legal compliance or will be able to file his IT return after the due date. In case, if you fail to furnish a return of income before the due date the following consequences have to be dealt with:

1. Post filing of ITR after the due date will attract a penalty of Rs 10,000 (Rs 1000 if total taxable Income is under 5 lakh) under Section 234F. After payment of this penalty, the taxpayer would be able to file his ITR.

2. Delayed filing or IT return would result in a reduced period for revision or resubmission or your Tax return.

3. If you fail to furnish your return before the due date, you shall be punished with a penal interest as applicable under Section 234A, depending on the amount of Income tax payable.

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