Income tax department has released all forms for filing income tax returns for the financial year 2021-22 (Assessment year 2022-23) and it has issued utilities for filing tax audit report for individuals, HUF, Corporates. ITR forms are open and due dates are already specified under the income tax act. Income tax act says that every taxpayer should file its ITR on or before the due date to avoid adverse consequences. Now in order to avoid the adverse consequences we first need to understand what is the due date under the income tax act 1961.
Income tax act specified the category person and due dates for them for filing ITR. Due date simply means that ITR should be filed before the date specified under the law. If you file your ITR before the due date, interest and late fee will not be levied.
Due dates for filing ITR if Income are given below:
| Description | Due date of filing ITR |
| Where the assessee is required to furnish a report of transfer pricing under section 92E pertaining to international transaction or specified domestic transaction | November 30 |
| For company (not having International Transaction or Specified Domestic Transaction) | October 31 |
| For assessee other than company In case where accounts is required to be audited under any law In case asseesee is a partner of a firm whose accounts are required to be audited In any other case (Non audit case) | October 31 October 31 July 31 |
Note:
- It is to be noted that no documents, audit report, statement, bank statement, accounts etc. can be attached with the income tax return.
- For Individual and HUF ITR filing due date is 31st July if they are not required to submit audit report.
- For partnership firm, LLP, AOP, BOI due date is 31st July. If they are to be audited, then due date is 31st October.
- Income tax return is to be filed electronically.
- ‘ITR-V’ should be sent with in specified period by ‘ordinary post or Speed post’ to the income tax department-CPC post box no-1, Electronic city post office, Bengaluru-560100 karnataka. For this purpose, specified period is 120 days from the date of uploading return on income tax portal.
- In case ITR-V is not submitted with in 120 days then it will be deemed that the assessee has not submitted his ITR. In such case assessee must resubmit the return.
Benefits of filing ITR within the due date:
Carry forward of losses: Any person incurred losses during the financial year can carry forward losses. Where income tax return is filed after the sue dates in that case losses are not allowed to be carried forward.
Avoid late fee and Penalty: As it was mentioned that filing late ITR will invite late fees and penalties, hence you can file it before the due date and avoid all those hefty fines.
