The last date to file Income Tax Return (ITR) for FY 2021-22 (AY 2022-23) without a late fee is 31st July 2022.
The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty. Taxpayers filing their return beyond such due date will have to pay interest under Section 234A and penalty under Section 234F.
It is important for all taxpayers to remember the due date of filing income tax returns. The due date varies on the basis of the taxpayer’s category. For instance, salaried individuals are usually required to file their income tax returns by the 31st of July whereas corporates required to conduct audits can file their returns by the 31st of October of the assessment year (unless extended by the government).
For example, if your financial year starts from 1 April 2021 and ends on 31 March 2022, then it is denoted as FY 2021-22. The assessment year for the income earned during this period (1st April 2021 to 31st March 2022) would begin after the financial year ends – that is from 1st April 2022 to 31st March 2023. Hence, the assessment year would be AY 2022-23. Accordingly, the return filing due date for FY 2021-22 would be as mentioned below.
Income tax filing due dates for FY 2021-22 (AY 2022-23)
Important due dates of income tax return filing for FY 2021-22
Whenever we talk about income tax, there are certain compulsory tax formalities that need to be followed within the specified due dates, such as filing income tax returns, paying advance tax on time, etc.
Here is the TAX CALENDAR for the FY 2021-22 (AY 2022-23):
What if you missed filing the return within the due date?
If the due date for filing the original return of income is missed, one can file a return later after the due date, called a belated return. The income tax department also specifies the due date of filing the belated return. This date is now reduced by three months to 31st December of the assessment year (unless extended by the government).
However, a penalty of Rs 5,000 will be charged for the delay in filing of return. But if the total income of the person is less than Rs 5 lakh, then the fee payable is up to Rs 1,000.
Income Tax Return filing | Last date, details on new forms & complete checklist
The income tax department has notified new ITR forms – Form 1 to Form 6 – which seek details of income from overseas retirement benefit accounts.
Income Tax return filing for Assessment Year 2022/23 is now available on the government’s e-filing portal. As per Income Tax Act provisions, the last date to file ITR (excluding those facing tax audits) for AY 2022/23 (also identified as Financial Year 2021/22) is July 31, 2022. For other taxpayers (for whom an audit is applicable), the return filing due date is October 31, 2022.
ITR filing for AY 2022/23 | What’s new and how to file income tax returns:
New forms: The income tax department has notified new ITR forms – Form 1 to Form 6 – which seek details of income from overseas retirement benefit accounts.
> ITR Form 1/SAHAJ – For salaried employees who don’t have any other income and their annual income is less than ₹50 lakh.
> ITR Form 2 – For salaried employees who have other sources of income, but not from businesses.
> ITR Form 3 – For those with incomes from businesses.
> ITR Form 4 – For big business income groups who can provide a presumptive figure of their annual turnover.
> ITR Form 5 – For taxpayers who earn income from a partnership firm.
> ITR form 6 – For companies registered other than under Section 11.
What documents do I need to file ITR?
> PAN card – The Permanent Account Number (PAN) acts as identity proof and has to be mentioned in all IT returns.
> Aadhaar card – It is mandatory to provide Aadhar details; Section 139AA of the Income-Tax Act makes this necessary.
> Form 16 – Also known as TDS (tax deducted at source) certificate, this is the basis of completed IT returns for salaried employees. It can be collected from your employer after furnishing information related to taxes paid on your behalf, which is done after taking salary, allowances, and deductions into consideration.
> Salary slips – For salaried taxpayers, details like dearness allowance (DA), house rent allowance (HRA), and traveling allowance (TA) are mentioned in pay slips.
As the deadline is approaching, it is never a good idea to wait for the return filing deadline. Filing your income tax return has been made easier with I Connect Financial Solutions.