The last date to file Income Tax Return (ITR) for FY 2021-22 (AY 2022-23) without late fee is 31st July 2022
The return you are currently filing is for the income you earned in FY 2021-22, i.e. for the income earned between 1 April 2021 and 31 March 2022. The assessment year is the year you file your returns and declare your investments for tax assessment. For the income earned during the FY (here FY 2021-22), the assessment year would be the subsequent year, i.e. 1st April 2022 to 31st March 2023. Hence, the assessment year would be AY 2022-23.
So, the last date to file ITR for FY 2021-22 is discussed below.
|Category of Taxpayer||Due Date for Tax Filing- |
FY 2021-22 *
|Individual / HUF/ AOP/ BOI |
(books of accounts not required to be audited)
|31st July 2022 |
|Businesses (Requiring Audit)||31st October 2022 |
|Businesses (Requiring TP Report)||30th November 2022 |
Interest: If you file your return after the due date, you will have to pay interest under Section 234A @ 1% per month or part month on the unpaid tax amount.
Late fee: A late fee of Rs.5000 under Section 234F will need to be paid. It shall be reduced to Rs.1,000 if the total income is less than Rs.5 lakh.
Loss Adjustment: If you have incurred losses from the stock market, mutual funds, properties, or any of your businesses, then you can carry them forward and adjust them with next year’s income. This helps to significantly lower your tax liability. Loss adjustment is permitted only if you declare the losses in your ITR and file it with the income tax department before the deadline.
Belated Return: If you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee, interest, and will also not be allowed to carry forward the losses for future adjustments. The income tax department has also specified the due date of filing the belated return which is 31st December of the assessment year (unless extended by the government). For this year, you may file the belated return latest by 31 December 2022.
Whenever we talk about income tax, there are certain 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):
|Due date||Nature of Compliance||Compliance Particulars||Forms/ documents|
|15.06.2022||Advance tax||First instalment for FY 2022-23||Challan No./ITNS 280|
|31.07.2022||ITR filing |
(for non-audit cases)
|ITR filing for FY 2021-22||Applicable ITR Form|
|15.09.2022||Advance tax||Second instalment for FY 2022-23||Challan No./ITNS 280|
|30.09.2022||Tax audit report |
(other than transfer pricing)
|Tax audit report for FY 2021-22||Form 3CA/3CB and 3CD|
|31.10.2022||Transfer Pricing Report (undertaken international or specified domestic transactions)||Submission of reports for FY 2021-22||Form 3CEB|
|31.10.2022||ITR filing |
(for audit cases without transfer pricing)
|ITR filing for FY 2021-22||Applicable ITR Form|
|30.11.2022||ITR filing for transfer pricing cases||ITR filing for FY 2021-22 |
(if having international or specified domestic transactions)
|Applicable ITR Form|
|15.12.2022||Advance tax||Third instalment for FY 2022-23||Challan No./ITNS 280|
|31.12.2022||Belated return or revised return filing||Belated return or revised return for FY 2021-22||Belated/revised return|
|15.03.2023||Advance tax||1. Fourth instalment for FY 2022-23 |
2. Single and final instalment for taxpayers opting for presumptive taxation scheme for FY 2022-23
Read about how to calculate and pay Advance Tax.
|Challan No./ITNS 280|
An income tax refund can be claimed only when you file ITR. However, if you miss the due date for filing ITR, you can file a belated return on or before 31st December of the assessment year. A penalty of Rs.5,000 is charged for the delay. However, if the total income of the person is less than Rs.5 lakh, then the fee payable is Rs.1,000.
If you have missed paying taxes and filing your return within the due date, you will still be allowed to do so post the due date. However, a late filing penalty and interest will be levied while filing ITR. A penalty of Rs.5,000 is charged for the delay in filing of return.
However, if the total income of the person is less than Rs.5 lakh, then the fee payable is Rs 1,000.
Section 139(4) allows for the filing of a belated return, i.e, return after the due date. A penalty of up to Rs.5,000 is charged for the delay in filing of return.
Usually, the due date to file an income tax return is 31st July for individuals and non-audit cases, and 31st October for audit cases of the relevant assessment year. You can seamlessly e-file your income tax return with ClearTax in under 7 minutes.
If the taxpayer wants to revise the original return filed, the same can be done using the revised return under Section 139 (5). The revised return can be filed as per the standard procedure followed for original return filing. However, the taxpayer has to submit the ITR under Section 139(5). The entire process of e-verification needs to be completed while revising the return.
If the taxpayer wants to revise the original return after the due date, the same can be done using revised return u/s 139 (5). You can file a belated return on or before 31st December of the assessment year.
Taxpayers cannot file any return once this date is passed. However, if the return was missed due to an extreme situation, you can lodge a request to your A.O. seeking permission to file past returns under Section 119.
If you fail to file an income tax return within the due date, a belated return can be filed. However, a penalty of up to Rs.5,000 for late filing will be charged for filing belated returns. If the total income of the person is less than Rs.5 lakh, then the fee payable is Rs.1,000.
The due date of return filing for trusts for FY 2021-22, whose accounts are not required to be audited is 31st July 2022. If the accounts of the trust are required to be audited, the due date to file ITR will be 31th October 2022.
Suppose the trust is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2022.
The due date of return filing of domestic companies for FY 2021-22 is 31st October 2022. However, if the company is having any international transaction or specified domestic transaction who is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2022.
The last date to file ITR for individuals is 31st July of the relevant assessment year and 31st October for taxpayers whose accounts are subject to audit.
The last day for filing income tax returns for FY 2021-22 is 31st July 2022 for most individual taxpayers. Filing returns beyond the deadline can attract a penalty of up to Rs.5,000. However, if the total income of the person is less than Rs.5 lakh, then the fee payable is Rs.1,000.
It is the examination and inspection of an entity’s books of accounts to ensure compliance with the Income Tax Act, 1961. Only certain types of assesses need to get their tax audit done by a CA or a firm of CAs.
Any business with annual turnover exceeding 1 crore and any professional with receipts above 50 lakhs have to get their tax audit done.
The deadline is here and it is never a good idea to wait for extensions. Filing your income tax return has been made easier with ClearTax e-filing website. Files yours now in under 3 minutes.