In India, Income earned during Financial year that is April-to-March, is to be reported to the Income tax Department. After end of the financial year, normally a taxpayer gets 4 months time (i.e. July) to file their return with the department. however the due date for different category of taxpayer varies. In this article we will discuss about the due dates of filing Income Tax Return in India for all Taxpayers.
31st July 2022:
The common due date is 31st July for filing the Income Tax Return for the taxpayers who does not cover under Audit. Salary Employees, Small businessman, Freelancers and other taxpayers where their turnover is below audit Limit come under this category.
30th Sep 2022:
All the taxpayers who are required to audit their accounts with a Chartered Accountant, need to submit the audit report prior to one month from Due date u/s 139(1). Form 3CA, Form 3CB and Form 3CD are the forms of Audit that is to be filed by the Chartered Accountant. Due date to file such audit report is 30th September every year.
Form 3CA: This form is for businesses which required mandatory audit under law other Than Income Tax Act. Private Limited Company and Limited Liability Partnership chooses this form.
Form 3CB: Taxpayers which require Audit exclusively under Income tax Act fill this Form. Proprietor, Freelancer, Partnership Firm Fills this Form.
Form 3CD: This comprises of Detail audit report featuring multiple questioner and fields on which chartered Accountant expresses his views.
31st Oct 2022:
Audit Taxpayer gets three months more than the normal taxpayers to file their Income Tax return. Due date to file Income tax Return for Audit Assessee is 31st October 2022 for AY 2022-23.
The due date of filing the Income Tax Return by taxpayer who submits the report u/s 92E is 30th November 2022. Form 3CEB is furnished by a CA for assessee having international transaction covered under this report.
Belated Return u/s 139(4)
If you missed to file your Income tax return within above due dates, Late submission of Return can be made by paying Late filing Fees. Due date for Belated return under section 139(4) is 31/12/2022 for Assessment year 2022-23. for filing Belated return Penalty of Rs.5000/- need to be paid along with applicable Interest. this late fees is Rs.1000/- for assessees with income Less Than Five Lakh Rupees.
Revised Income Tax Return Due Dates for AY 2022-23:
If you have filed your Income tax return and later on discover any omission or any wrong statement therein, you can correct this by filing a revised return. taxpayers can rectify their ITR at any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier. 31st December 2022 is the due date to file revise Income tax return for AY 2022-23.
Due date for Advance payment of Tax
If the Total Income tax for a year Exceeds Rs. 10,000/-, taxpayer needs to pay this in to advance in four installment throughout the year in which this income is earned. following are the due dates for Advance Income tax Payment:
15th June (15 % of total Tax)
15th Sept. (45% of total Tax)
15th Dec. (75% of total Tax)
15th March (100% of total Tax)
The taxpayers who file their income under presumptive tax scheme, need to pay advance tax on or before 15th March every year.
In this year since the pandemic has not infected the working of a common man, nor the glitches on the website are plenty, there are less chances that the government extend the due date. It is advisable to file the return well before the due date for speedy processing of the ITR and to avoid last minute hustle.