When should ITR be filed: The due date for filing the Income Tax Return (ITR) in India depends on the category of the taxpayer and certain factors.
Here are some general timelines for filing ITR:
Individuals and HUFs (not subject to tax audit):
The due date for filing ITR Filed for individuals and Hindu Undivided Families (HUFs) who are not required to undergo tax audit is usually July 31st of the assessment year. For example, for the financial year 2022-23, the due date would be July 31, 2023.
Individuals and HUFs (subject to tax audit):
If an individual or HUF is subject to tax audit under the Income Tax Act, the due date for filing ITR is generally extended to October 31st of the assessment year.
Companies and other entities:
The due date for filing ITR for companies, partnerships, LLPs, and other entities can vary depending on their specific circumstances. It is typically September 30th of the assessment year.
It’s important to note that these dates are subject to change, and it is advisable to stay updated with the latest notifications and announcements from the Income Tax Department of India.
Filing the ITR on or before the due date is crucial to avoid penalties, interest, and other consequences. However, if you miss the due date, you can still file a belated return within a specified timeframe. It recommends to consult a tax professional or refer to the official website of the Income Tax Department for accurate and updated information regarding the filing deadlines and any extensions that may be applicable.
To visit https://www.incometax.gov.in
FAQs
1.What is the due date for filing ITR?
- For individuals, the usual deadline is July 31st of the assessment year (the year following the financial year).
2. Can the ITR filing deadline be extended?
- Yes, sometimes the government extends the deadline, but it’s not guaranteed every year.
3. What happens if I file ITR after the due date?
- You can file a belated return but may have to pay a late filing fee and interest on unpaid taxes.
4. Who is required to file ITR?
- Individuals whose total income exceeds the basic exemption limit or have certain assets or investments must file ITR.
5. Should I file ITR even if my income is below the exemption limit?
- Yes, it’s advisable if you want to claim a refund, carry forward losses, or show proof of income.
6. What are the perks of filing your ITR within the due date?
- Filing on time helps avoid penalties, allows you to claim refunds, and builds financial credibility for loans or visas.
7. Can I file ITR after the assessment year ends?
- You can file a belated return up to December 31st of the assessment year, but with penalties.
8. When is ITR filing mandatory even for zero income?
- If you hold foreign assets, receive income from abroad, or meet other specific criteria, you must file ITR.
9. What is the deadline for businesses or companies to file ITR?
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For businesses that require an audit, the deadline is typically October 31st of the assessment year.
10. What happens if I don’t file ITR at all?
- Non-filing can lead to penalties, notices from the tax department, and potential legal actions.
