Don’t Be in a Hurry to File Your ITR Before June 2022

This year, the Government live the Income Tax Return Filing forms well before the due date, which need to be uploaded before 31st July for a non Audit Taxpayers like Salary employed, Freelancers, Businessman, etc. But the Tax expert advises not to file your Income Tax Return before June 2022. In this article we’ll discuss it in detail.

Taxpayers are required to declare their Income earned during Financial Year 2021-22 i.e. April-21 to March-22 before 31st July 2022. To Prepare Income tax return one needs to match the details entered in ITR form with the total TDS deducted during the year.

TDS is the with holding amount deducted from the source of your Income. If you are an employer, your employer calculate and deduct the actual amount of Income Tax which you need to pay from the total salary. If you are a freelancer/businessman then your client/vendor may clear your bill after deducting TDS. The amount so deducted are required to be deposited to the Government account and later it needs to be mapped with the PAN no of the deductee. your PAN get the credit of TDS amount in every quarter and for the Last quarter of the year that is Jan-March, Govt gives 2 months time to the deductor till 31st May to file the TDS return.

Taxpayers who desire to file their Income Tax Return within this period i.e. Before June, won’t get the credit of their TDS credit if it is not filed by deductee. Practically it takes few more days after filing of TDS return to get credit under your PAN. For example, If we consider the TDS return for Q4 is filed on 31st May, your 26AS will be updated by first or second week of June. {Read More:  Form 10BD}

So it is advisable that first ask for the form 16 from the employer/client/vendor for the full financial year including Q4 and check this with 26QB then ITR Filing process shall be initiated.

Taxpayers who file their Return return without considering this fact, may get the notice of. Moreover, Now a days timely returns are processed very fast, the chances of demand notice will be high if deductor proceed the TDS filing after your ITR submission.


First of All you need to check whether your TDS has been deducted by the employer/Client, if yes then you should wait until all your deducted TDS amount is reported & reflecting is your 26AS. If the total TDS in 26AS is less than the actual TDS deducted then you should check this with your deductor and wait till it is shown in your 26AS.


All About Due dates of Filing Income tax return (Assessment Year 2022-23)

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.

30st Nov:

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 31st March 2023 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.


Income Tax – 8 Deductions Available Under Section 80C Of Income Tax Act 1961

Section 80C of Income Tax Act 1961 has been a widely used tax deduction for many individuals, but it does come with some caveats. Here are 8 Deductions Available under Section 80C of Income Tax Act 1961 which guidelines can be followed to claim deductions according to the lay of your land.

LIC Premium Paid

If you are an individual resident in India, you can claim a deduction of the LIC premium paid under Section 80C of the Income Tax Act, 1961. The LIC premium is a mandatory tax paid by individuals with an income above a certain level.

If you are an individual resident in India who pays a LIC premium, you can claim a deduction for it on your income tax return. If you choose to do so, be aware that there are some limits on the amount of the deduction that you can claiming.

Investment in Provident Fund

Under the provisions of section 80C of the Indian Income Tax Act, 1961, an individual can claim a deduction for the investment made in a provident fund. A provident fund is a scheme which is incorporated for the purpose of providing pensions, social security, and other retirement benefits to its members. The particularities of this scheme are that it is registered with the relevant authority and all its transactions are transparent. This provides individuals with peace of mind as they know that their assets are protected in case of any unforeseen event.

Investment in Five Years Fixed Deposit

You can claim deduction of investment in five years fixed deposit under section 80C of Income Tax Act, 1961. The exemption limit for this is Rs 1.5 lacs. Here are the details:

You can claim deduction of Rs 1,50,000 as investment in five years fixed deposit under section 80C of Income Tax Act, 1961. This includes providing information about your monthly average log balance, total deposits made in each of the past five years, and total interest earned during these periods.

Investment in National Saving Certificate

Under Section 80C of the Income Tax Act, 1961 in India, deductions can be made for investments made in National Saving Certificate (NSC). Investments in NSC are categorized into two categories- Public and Private. Public NSCs are those which are invested primarily in the public sector such as general government, provident funds and social security schemes. Private NSCs are those which are invested primarily in the private sector.

Investments in Public NSCs qualify for a deduction if they are held as capital assets. This means that the investment must have a fair market value at the time of acquisition. The deduction is allowed provided that the holding period is more than 1 year and the expenditure on interest, management fees and other charges related to the investment is also deductible.

Investments in Private NSCs do not qualify for a deduction if they are held as capital assets. However, they can be used to generate income and this income can be taxed at ordinary rates.

Investment in Sukanya Samruddhi Yojana

Under Section 80C of Income Tax Act, 1961, there are a number of deductions that are available to individuals for investment in Sukanya Samruddhi Yojana. These deductions include the deduction for section 80C, which is applicable to interest on PRE-BUDGETed funds, and the deduction for section 84D, which is applicable to investments in rural small businesses.

The eligibility criteria for these deductions vary depending on the investment made, but all investments have to be made through an eligible financial institution. These investments have to be made for the purpose of promoting gender equality and women’s empowerment, and they have to be put into effect within three years of the date of formation.

Investment in Sukanya Samruddhi Yojana is a great way to generate income while also supporting women’s empowerment.

Investment in Equity Linked Saving Scheme

Section 80C of the Income Tax Act, 1961 provides for a deduction of investment in equity-linked saving schemes. This section covers such schemes where the premium paid is used to contribute towards the purchase or redemption of shares in the scheme.

The provisions of section 80C of the Income Tax Act, 1961 are explained below.

To be eligible for deduction under this section an individual must have contributed towards the purchase or redemption of shares in a recognised equity-linked saving scheme during the previous year. The shares can be held directly, through a nominee, or through any other legal form.

The amount invested in such a scheme can be claimed as deduction only if it is available to withdraw without penalty and if it is not treated as capital gains in computing taxable income. In other words, you cannot claim deduction for amounts that have already been taxed as capital gains.

An individual may also be eligible for deduction under this section even if he did not actually make any payments towards the purchase or redemption of shares in the scheme.

Investment in Senior Citizen Saving Scheme

Investment in Senior Citizen saving scheme under Income Tax Act, 1961 is eligible for deduction under Section 80C of Income Tax Act. Eligibility depend on two factors- Scheme participation and investment in the scheme. Investment in the scheme should not be less than Rs 25,000/-.

If you are an individual investor who has made an investment in a Senior Citizen savings scheme operated by a financial Institution registered under the provisions of the Companies Act, 2013, your investment is eligible for deduction under Section 80C of Income Tax Act. The following conditions have to be met:-

  1. You have to have made an ‘investment’ in the scheme i.e., you must have paid money into the scheme as opposed to receiving money back from it. This could either be through regular contributions or through one time lump sum deposits.
  2. The amount you invest should not be less than Rs 25,000/- per annum.
  3. Your investment should be for a period of at least 5 years from the date of investment.
  4. You must be a resident of India at the time you make your investment and your income from the investments should be taxable in India.

5 .60 years of age

Those who have opted for voluntary retirement scheme i.e VRS can opt for it after the age of 55.

Principal Repayment of Home Loan

If you have taken a home loan from a financial institution and then paying the loan amount as EMI, you may be able to claim a deduction for the principal repayment of the loan. This deduction is available under section 80C of the income tax act, 1961.

The interest that you paid on the home loan during the year will also be deductible. The interest must have been paid on time and in full, regardless of whether you actually used the home loan to purchase your residence.

The above mentioned Deductions are some of the deductions available under Section 80C of Income Tax Act, 1961. For more Investment options and Tax Savings options Kindly contact us on +91 98204 44477 or you can also send us mail on


Instant Tips On Income Tax Deductions That You Can Start Figuring Out Today

Taxes are unavoidable, but it’s not your fault – which brings us to this article on claiming the appropriate deductions. A blog article containing information and advice on tax deductions you can take advantage of today to help lower your Income Tax liability. Save money with these key tips!

New Concessional Tax Regime for Individual and HUF in India

From FY 2020-21 onwards, the government has implemented a new simplified optional personal income tax regime for Individuals & HUF.

Individuals and HUFs are allowed to pay income tax at reduced slab rates that are applicable without certain exemptions and deductions if certain requirements are met. As a result, one can compare the tax payments under the existing and new tax regimes and choose the one that is more tax advantageous and help save more income tax.

Benefits on Purchasing New House

If you are considering purchasing a new house in India, there are many income tax benefits to take into account. Here are three key deductions you can claim on your tax return: Principal Repayment and the home loan interest deduction.

For the purchase or construction of a home, a home loan is required. If the loan is for the construction of a residence, it must be finished within five years of the end of the Financial year in which the loan was received.

Section 24 of the Income Tax Act, 1961 allows you to deduct the interest portion of your EMI paid for the year from your total income up to a maximum of Rs 2 lakhs.

The maximum deduction for interest paid on self-occupied house property is Rs 2 lakhs starting with the assessment year 2018-19.

However, the total amount that can be claimed under the heading of “House Property” is limited to Rs 2 lakh. This deduction is available beginning with the year in which the house property is constructed.

Increase the monthly contribution to Retirement Funds in India

There are a few simple things you can do to increase your monthly retirement contribution in India without having to shell out too much cash up front. Also, you can also take advantage of Income Tax Deductions available to you.

Increasing contributions for the retirements funds not only helps in tax savings but you can also have access to these savings for the period when it is actually needed.

Save Taxes on Charity and Donations

In India, charitable donations are deductible under Section 80G of Income Tax Act.

Charity is an important part of society. It helps to improve the lives of people who are less fortunate. In India, charitable donations are deductible under Section 80G of Income Tax Act. This means that you can save tax on your donations.

To qualify for a deduction under Section 80G of Income Tax Act, you must make a donation to a qualifying charity. A qualifying charitable Institute/Trust/Society is one that meets the following conditions:

1) It is registered with the government.

2) It is a voluntary organisation.

3) The main purpose of the charity is to benefit society as a whole.


Donations made to a qualifying charitable Institute/Trust/Society are treated as if they were made directly to the government. This means that you can save tax on your donation by claiming it as a deduction from your taxable income.

There are several ways to make your donations tax efficient. You can make your donation through an online fund-raising website or through a financial institution. You can also make your donation in cash or by using a gift card.

Claim your Telephone & Internet Expenses

One deduction that many people may not be aware of is the deduction for telephone expenses. You can deduct the cost of your regular phone bill, including taxes and fees, from your taxable income. This includes both landline and mobile phone bills.

Employee telephone reimbursement is not taxable under the Income Tax Rules, Rule 3(7) (ix). As a result, if your job needs you to use a mobile phone or the internet, you can save money on taxes. To take advantage of this tax-saving opportunity, you must provide original bills to your employer.

You should consult Taxzona (A Tax Consultant in Mumbai) to explore more such uncommon ways of saving of what is Income tax.


Income Tax Heads: 5 Types of Heads of Income for Computing Income Tax in India

Income tax is a type of tax that people have to pay to the government on anything they earn through paid work. Many countries have an income tax return filing in mumbai, which is collected as part of a progressive system and uses deductions, exemptions, and allowances to modify the amount of taxation owed by individuals. In this blog post, you’ll find all related information that’ll help you to understand five different types of heads of Income as defined in Income Tax Act, 1961

Income From Salary

Salary income, in India, includes all income received by an employee as a salary or wages in respect of services rendered to an employer. This includes fixed, recurring or stipend payments as well as commissions, tips and other amounts derived from work performed.

In addition, salary income includes any other remuneration that is clearly assigned as consideration for the performance of services.

The main categories of salary income that are taxable in India as per Income Tax Act, 1961 are:

– Fixed salary

– Commission based salary

– Tips and gratuities

– Profit sharing

– Performance bonuses

– Other forms of compensation

– Crop share income

– Rent received from occupier of immovable property owned by private individual (other than residential premises)

Under the Income Tax Act, all individuals who earn salary from a job are liable for income tax. This includes employees, self-employed people, and pensioners. In general, every individual who earns more than Rs 5,00,000 per annum is subject to income tax.

The basic exemption limit for financial year 2021-22 is Rs 2.5 lakhs as per Income Tax Act, 1961. This means that if your annual salary is more than Rs 2.5 lakhs and below Rs. 5 Lakhs, you are not required to pay any income tax on this salary.

Salary includes all remuneration that is received in cash or in kind, including commission, tips, bonuses, severance pay, and other similar payments. However, it does not include any benefits that are provided in connection with your employment (such as medical care and life insurance).

Income from House Property

House Property Income includes rental income from both residential and commercial property. Property rental income received from hotel, restaurant, amusement park and other businesses run by private entities is also treated as house property income as per Income Tax Act, 1961.

There is no concept of primary residence in India. thus all types of rental income such as rent from furnished accommodation, holiday lettings, short-term lease and contract work is taxable as per Income Tax Act, 1961.

However, Income derived on the resale of a house or plot of land after deducting allowable charges like registration fee, survey fee and stamp duty etc falls in the category of capital gains.

House property is taxable as per the Income Tax Act, 1961. The following are the criteria that must be met in order for house property to be considered as taxable income:

1) The property must be situated in India.

2) The property must be an asset of the individual.

3) The individual must be liable to pay tax on the income from the property.

4) The individual must have actually been in occupation of the property at any time during the year it is liable to tax.

5) The value of the property must be more than Rs 50,000 ( Rs 50000 if leased).

There are a few exclusions to this rule, however. These exclusions include residential premises occupied by members of the Armed Forces on active service or civil defence personnel in actual use; residence of a judge or member of an intellectual institution; and agricultural land having a value not exceeding Rs. 2 lakh ( Rs. 250000 if leased).

Income from Business & Profession

Income from business includes all forms of income derived from figures on a company’s Income Statement. This could include profits (or losses) from sales of products or services, rental income from properties owned by the business, dividends paid to shareholders (from companies that are publicly traded), and any other form of revenue generated. It’s important to remember that this definition includes both taxable and non-taxable income.

Taxable income is simply what’s subject to taxation by the government; non-taxable income is not taxed as per Income Tax Act, 1961.

Businesses (including sole proprietorships) are assessed income tax on their profits. Profits are the sum of all taxable income, minus all allowable expenses. The profit figure is then reduced by a necessary business expense deduction. This leaves the net profit figure as the taxable income for purposes of calculating income taxes.

Income from businesses and professions can include any form of income that is generated by an establishment or activity. This could include wages and salaries, commissions, royalties, startup costs, and other types of income. Additionally, income from businesses and professions can also include profits made from selling assets or products.

When calculating your income from business or profession in India, keep in mind a few important factors. First and foremost, you must take into accounting services all applicable taxes. Second, make sure to track your expenses carefully so that you can accurately determine your net profit. Finally, be sure to file correct tax returns so that your income is correctly reported to the government.

Capital Gains

In India, capital gains are taxable as per the provisions of Income Tax Act, Section 10(1)(a). This means that any gain or loss on the sale of an asset is taxable. The asset includes any share in a company, right or security, land, building and other movable property.

Capital gains is a term used in taxation that refers to the increase in the worth of an asset. An asset is anything that has value, apart from your own body. This includes investments such as stocks, real estate, mutual funds and properties.

When you buy an asset, the purchase price is more than the current value of the asset. The difference between these two values is known as your capital gain. If you sell an asset within a year of buying it, your capital gain is also known as short-term capital gain. If you hold onto the asset for more than one year, your capital gain is known as long-term capital gain.

There are several factors that determine whether an asset has increased in value or not. These include interest rates, inflation rates, market trends and other individual factors. However, one of the most important factors is whether you have taken any active steps to increase its value. This includes making any repairs or improvements to the asset, investing

Income from Other Source

Any other income, which is not categorized in the above source of Incomes, can be reported as Income from Other Source as per Income Tax Act, 1961. It includes Interest income from bank deposits, lottery awards, card games, gambling or other sports awards. These incomes are attributed in Section 56(2) of the Income Tax Act and are chargeable for income tax.

Conclusion for heads of Income in India

Above mentioned are the five types of Heads of Income defined under Income Tax Act, 1961 for computing Income Tax. This is the first step to identify your incomes in respective heads. If you need expert help in doing so, get in touch with our experts at Taxzona who will guide you in the best possible way to plan your income tax.


Revised Return under Income Tax Act 1961

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. Section 139(5) of Income Tax Act, 1961 allows taxpayers to 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. any mistake or omission such as Change of Particulars, submission of wrong ITR form, change in head of income, increase/decrease of income, claiming TDS, etc. can be made in such Revised Return.

Who can file Revised Income Tax Return:

Any Person who has earlier filed his Original ITR (u/s 139(1)) can revise and furnish a Revised Income Tax Return. From FY 2016-17 belated return that is return filed after the due date(u/s 139(4)) can also be revised. earlier only those returns can be revised which were filed on or before the due date.

How to File Revised Income Tax Return:

The process of filing revised return is the same as filing a fresh ITR with few changes. Here one has to select the section under which the ITR is to be filed by choosing ‘Revised Return under Section 139(5)’ and enter 15-digit ‘Acknowledgement Number’ and ‘Date of Filing’ of the original income tax return filing in Mumbai. You can file the revised return online or with the help of Income tax offline utility where you can import the json/xml file of the original return and make necessary changes and generate revised json/xml to upload on the portal.

Time Limit for filing Revised Income Tax Return:

After filing the original return under section 139(1) or Belated return u/s 139(4), one can file Revised return during  any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier.

For Financial Year 2021-22, revised return can be filed before 31st Dec 2022 or completion of assessment whichever is earlier.

Things to be considered while filing revised Return:

Though the option to revise your return enables you to rectify any mistake in the return, it is advisable to avail this option with care. Excessive modification specially in Income or Deduction may increase the chances of choosing one’s file for scrutiny.

What is the remedy to make the changes after time period mention u/s 139(5)

Through the newly introduced ‘ITR-U’, the assessee can update his return within 24 months from the end of the assessment year on payment of additional tax and interest.


there is no fees on the Income tax portal for filing revised return

It can be filed multiple time, but it is advisable to avoid that.

Yes, It needs to be E-verified after submission to complete the process for income tax filing in mumbai.

Yes, a revised return will be considered as a final return.

Yes, Revised return can be filed after receiving intimation u/s 143(1).



What is income tax? Income tax is a direct tax imposed on the income of individuals and other entities by the government. Indian residents are required to consider their income from India as well as overseas during tax filing; whereas, foreigners are taxed only on their income originating from India. Incomes of different nature and volumes of entities other than corporate bodies are stacked under different income heads and slab rates.



Apart from a few exemptions and deductions almost all income earned during a previous year from whatever sources e.g. salary, business, profession, rental property, sale of assets, interest, etc. are subject to income tax. Following are the 5 categories under which income needs to be classified.

  1. Income from salary
  2. Income from House Property
  3. Income from Business or Profession
  4. Income from Capital Gains
  5. Income from Other Sources.
  6. What is income tax? Read more


To calculate taxable income one needs to take professional advice from CA or income tax consultants for taxability of various transactions and required experts to compute net income from each head of income. Under an income tax, there are different provisions and schemes for the computation of income tax return filing for a different type of assesses. Below is an overview for having a brief idea about the taxable amount computed under different heads of what is income tax?


Income from

Taxable Amount

1 Salary Net salary after deduction of few allowance and PT
2 House property Total annual rent less Standard deduction of 30% and municipal tax paid
3 Business and Profession Net profit from the business/profession
4 Capital gain Gain on sale of Capital Assets
5 Other sources All other income such as Interest income, winning from lottery, residual income, etc.



Income tax return (ITR) is the form that is filled and submitted by taxpayers to declare their income earned and tax payable, with the income tax department.

Is it mandatory to file ITR by every citizen?

In any of the following situations (as per the Income Tax Act), it is mandatory for you to file an Income Tax Return in India.

  1. Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2019-20.
  2. You are a company or a firm irrespective of whether you have income or loss during the financial year
  3. You want to claim a Refund of TDS.
  4. You want to carry forward a loss under a head of income
  5. if you are a Resident individual and have an asset or financial interest in an entity located outside of India.
  6. If you are a Resident and a signing authority in a foreign account. You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust
  7. If you are a foreign company taking treaty benefit on a transaction in India
  8. Proof of return filing may also be required at the time of applying for a loan or a visa



ITR Filing Date

All individuals, HUFs, Association of persons, the body of individuals who needs to file ITR return and are not liable for accounts audit lies into this category

31st July of the relevant assessment year

All individuals, companies (sole proprietorship firms, partnership firms), persons of firms who need to file IT returns and are liable for accounts audit lies into this category

31st October of the relevant assessment year as per Finance Bill 2020 (Previously it was the 30th Day of September)

Taxpayers who are required to furnish reports u/s 92E

30th November of the relevant assessment year

Deadline for filing late income tax returns for all individuals & companies

31st march of the immediate next year


The Late fees for not filing ITR FY 2019-20 are given in the table below –

E-filing date
Income below Rs 5,00,000
Income above Rs 5,00,000

Up to 30th Nov 2020



Between 1st Dec to 31st Dec 2020

Rs 1000

Rs 5000

Between 1st Jan 2021 to 31st Mar 2021

Rs 1000

Rs 10000

Apart from the penalty for late filing, interest under section 234A at 1% per month or part thereof will be charged till the date of payment of taxes & knowing what is income tax.



Income Tax Slab FY20-21
Tax Rates As Per New Regime
Tax Rates As Per Old Regime

₹0 – ₹2,50,000



₹2,50,001 – ₹ 5,00,000



₹5,00,001 – ₹ 7,50,000

₹12500 + 10% of total income exceeding ₹5,00,000

₹12500 + 20% of total income exceeding ₹5,00,000

₹7,50,001 – ₹ 10,00,000

₹37500 + 15% of total income exceeding ₹7,50,000

₹62500 + 20% of total income exceeding ₹7,50,000

₹10,00,001 – ₹12,50,000

₹75000 + 20% of total income exceeding ₹10,00,000

₹112500 + 30% of total income exceeding ₹10,00,000

₹12,50,001 – ₹15,00,000

₹125000 + 25% of total income exceeding ₹12,50,000

₹187500 + 30% of total income exceeding ₹12,50,000

Above ₹ 15,00,000

₹187500 + 30% of total income exceeding ₹15,00,000

₹262500 + 30% of total income exceeding ₹15,00,000


If a person’s total tax liability is Rs 10,000 or more in a financial year you are required to pay advance tax. The advance tax applies to all taxpayers, salaried, Self-employed, and businesses. Senior citizens, who are 60 years or older who do not run a business, are exempt from paying advance tax.

Due Date
Advance Tax Payable

On or before 15th June

15% of advance tax

On or before 15th September

45% of advance tax less advance tax already paid

On or before 15th December

75% of advance tax less advance tax already paid

On or before 15th March

100% of advance tax less advance tax already paid


Income-Tax Returns & Other Audit Reports for The Assessment Year 2021-22 Have Been Extended

Income Tax Audit Due Date Extension: Latest News

Some people who have to file tax audit reports and income tax return filing for FY 2020-21 have had their deadlines pushed back by the Central Board of Direct Taxes. By a press release on January 11, 2022, the income tax department announced that this would be the case.

Extension of Due Dates for TAR & It Return


Current Due Date

Extended Due Date

Tax Audit Report



Transfer Pricing Report



Audited Case IT Return



Transfer Pricing Case IT Return



The Central Board of Direct Taxes (CBDT), while exercising its powers under Section 119 of the Income-tax Act,1961 (Act), offers relaxation for the following compliances in light of challenges raised by taxpayers and other stakeholders due to COVID and electronic filing for various audit reports:

For the previous financial year 2020-21, the deadline for submitting a report of audit was 30th September 2021. Circulars 9/2021 and 17/2021, which were both sent on May 20, 2021, changed that deadline. It was then extended to October 31 and January 15 of the next financial year. It has now been pushed back until February 15, 2022.

In the case of those who had to submit their report of audit by Oct. 31, 2021, the deadline has been pushed back to 15, Feb, 2022. This is for those who had to submit their report of audit by Oct. 31, 2021.

A person who has an international transaction or a "specified domestic transaction" under Section 92E of the Act for the previous year 2020-21 must submit a report from an accountant by the due date of October 31, 2021. This date was already extended to November 30, 2021 and January 31, 2022 by Circulars 9/2021 and 17/2021, but it has been extended again to February 15, 2022.

The due date for submitting the Return of Income for the Assessment Year 2021-22, which was originally due on October 31, 2021, but was extended to November 30, 2021, and February 15, 2022, respectively, by Circular No.9/2021 and Circular No.17/2021, is now extended to March 15, 2022.

It is now extended to 15 March, 2022, by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021, the due date of providing the Return of Income for the Assessment Year2021-22, which was November 30, 2021, under sub-section (1) of Section 139 of the Act, as it was the final date.

Clarification 1

Section 234A of the Act says that Explanation 1 to that section doesn't apply to people who pay more than one lakh rupees in taxes on their total income, but this doesn't apply to people who pay less than one lakh rupees in taxes on their total income.

Clarification 2

It's important to note that for the purposes of Clarification 1, only the tax paid by an individual in India under section 207 of the Act, which is the "advance tax," will be considered to be the tax paid by him under section 140A of the Act.

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