How do I File Income Tax Returns Before the Due Date?

9 August 2024

594 7 mins read

The blog has information regarding the Income tax slabs for the financial year 2021-22. It mentions a few important dates for ITR filing.

As per the Income Tax Act, in India, all individuals, Hindu Undivided Families (HUFs), partnership firms, Limited Liability Partnerships, and/or corporate firms are liable to File Income Tax Returns on the total income they earn within one financial year. In India, for anybody earning more than ₹2,50,000 within one financial year, Income tax filing is mandatory.

For levying income tax, the Government of India has defined different income slabs. The income tax rate across these slabs remains to be different. For individuals earning less than ₹2,50,00, it is not mandatory to file income tax.

Failing to file income tax within the proposed due dates would mean paying a huge penalty later. The Income Tax department can charge a penalty of up to ₹10,000 for that. Small taxpayers, whose annual income is below ₹5 lakh face a penalty of ₹1000 for failing to file ITR.

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Table of Contents

Income tax slab rate for Financial Year 2021-22

For the financial year 2021-22, the Government of India has introduced a more flexible tax regime. It is giving the individual the choice to decide on their own. Individuals in India can be given two options. They can either opt for lower tax rates and then sacrifice certain permissible exemptions. At the same time, they can also look for necessary deductions approved by the government. Or, they can carry on paying existing tax rates and opt for the rebates and exemptions introduced by the Government of India (GoI).

Income Tax Slab Rate for FY 2021-22 (AY 2022-23)

(Applicable for All Individuals & HUF)

Income Slab	Tax Rate
₹ 0.0 – ₹ 2.5 lakh	NIL
₹2.5 lakh – ₹ 3.00 lakh ₹ 3.00 lakh – ₹ 5.00 lakh	5% (tax rebate u/s 87a is available)
₹5.00 lakh- ₹ 7.5 lakh	10%
₹ 7.5 lakh – ₹ 10.00 lakh	15%
₹ 10.00 lakhs – ₹ 12.50 lakh	20%
₹ 12.5 lakhs – ₹ 15.00 lakh	25%
> ₹ 15 lakh	30%

Based on the above information, it is worthy to be mentioned that, the tax structure is necessarily valid for all individuals within the age of 60 years. Such rates are also applicable for senior citizens within an age bracket of 60 to 80 years. Under section 87A, any individual whose net taxable income is less than or equal to ₹5 lakh is eligible to apply for a tax rebate. It is important to note that, for non-residential Indians, the basic exemption limit is ₹ 2.5 Lakh across all age groups as per Government directives.

Surcharge charge applicable as per tax rates

Collecting data from authentic sources, it is understood that, surcharge rates are imposed based on specific income categories. Such details are as listed below.

If an individual has an income of more than Rs 50 lacs 10% of income tax can be levied as per directives. The surcharge can be about 15% of income tax if the total income is more than a crore. 25% of the income tax needs to be paid if the income is more than 2 crores. Again about 37% of the income tax needs to be paid as a surcharge if income is more than 5 crores.

Important dates for Income tax filing

31st July 2022

unless extended, all the taxpayers are liable to file their income tax by 31st July of the current assessment year. After the completion of the financial year, the Government of India allows an additional period of four months- starting from 1st April to 31st July to calculate the income during the previous financial year and file the requisite tax return.

30th September 2022

Taxpayers whose accounts need to be audited (excluding cases of transfer pricing )are liable to file their income tax returns by 30th September of the current assessment year.

30th November 2022

Taxpayers who fall under the category of transfer pricing need to file the income tax return by 30th November 2022 of the assessment year

31st December 2022

Taxpayers need to file for revised returns by 31st December 2022 of the current assessment year

Benefits of Filing an Income Tax Return on time

Claim Tax Refund- Individuals who have paid extra income tax during previous financial years, are advised to file their income tax to facilitate the process of refunding of extra payment.
Avoid Penalty and Prosecution – Failing to file income tax is a punishable offence. Individuals are liable to pay the penalty and should be ready for legal consequences. Thus, in order to avoid such circumstances, taxpayers should file ITR on time.
Income and address proof- Filing an income tax return validates address and income which can be used as an address proof later. It is a mandate that, income proof certificates are to be produced during visa processing or while applying for a bank loan.
Easy Loan Approval – If someone is applying for a home loan or car loan or even a personal loan, on-time payment of income tax return should help.
Quickens Visa processing – Income tax filing authenticates individuals’ credentials during visa processing, making the whole process easier and faster.

For every law-abiding citizen, filing Income tax is the responsibility. And remembering the important dates for such filing is also important to avoid any dire consequences.

What are Financial Year (FY) and Assessment Year (AY)?

Financial Year (FY): The Financial Year (FY) is a 12-month period during which a business, individual, or entity calculates its financial performance and reports its income and expenses. In India, the FY typically runs from April 1st to March 31st of the following year.

Assessment Year (AY): The Assessment Year (AY) is the year immediately following the Financial Year in which the income earned during the Financial Year is assessed and taxed. It’s the year in which individuals and businesses file their income tax returns, reporting their income, deductions, and tax liabilities based on the financial activities of the previous Financial Year.

Income Tax Filing Due Dates for FY 2022-23 (AY 2023-24)

Category	ITR Due Date FY 2022-23	Deadline to File Audit Report for FY 2022-23
Businesses (Audit cases including Private Limited Company, OPC, LLPs, and firms)	31st Oct, 2023	30th Sep, 2023
Business (Non-Audit cases including Private Limited Company, OPC, LLPs, and firms)	31st July, 2023	–
Association of Persons (AOP)	31st July, 2023	–
Body of Individuals (BOI)	31st July, 2023	–
Individual	31st July, 2023	–
Trusts, colleges, political parties (Audit Cases)	31st Oct, 2023	30th Sep, 2023
Trusts, colleges, political parties (Non-Audit Cases)	31st July, 2023	–
Report to be filed u/s 92E	31st Oct, 2023	–
Furnishing of Income Tax Return in case of Transfer Pricing	30th Nov, 2023	–
Revised Return	31st Dec, 2023	–
Belated/Late Return	31st Dec, 2023	–

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What Happens if You Miss the ITR Filing Deadline?

If you miss the Income Tax Return (ITR) filing deadline, several consequences can arise:

Penalties: The most immediate consequence is a penalty. Depending on your total income and the delay, you could face penalties under Section 234F. The penalty can range from Rs. 1,000 to Rs. 5,000 or even more, depending on the delay and your income.

Loss of Refunds: Filing late can result in the loss of any potential refunds. Even if you’re eligible for a refund, the delay might cause unnecessary complications.

Carry Forward Losses: If you have incurred losses that you want to carry forward, filing the return on time is crucial. A late filing could result in losing the ability to carry forward these losses to offset future income.

Interest on Tax Due: If you owe any tax, you might be liable to pay interest on the amount due, calculated from the original due date.

Non-Compliance: Consistent failure to file returns can lead to non-compliance issues, which could attract further scrutiny from tax authorities.

Limited Time for Rectification: Filing on time allows you sufficient time for rectification in case of any errors or discrepancies in your return.

It’s crucial to adhere to ITR filing deadlines to avoid these potential complications and ensure a smooth tax filing process.

What Is the Due Date for Making Payment of Advance Tax Installments?

Installment	Deadline	Assessee not declaring income under presumptive schemes under 44AD / 44ADA	Assessee declaring income under presumptive schemes under 44AD / 44ADA
1st	Till 15th Jun of FY	15% of the amount of advance tax	Nil
2nd	Till 15th Sep of FY	45% of the amount of advance tax	Nil
3rd	Till 15th Dec of FY	75% of the amount of advance tax	Nil
4th	Till 15th March of FY	100% of the amount of advance tax	100%

What is the Due Date for Making TDS Payments?

Government assessees must pay TDS by the last date of the deduction or collection month, except for March 2023 when the due date is 7th April 2023. Non-government assessees pay TDS by the 7th of the next month for most months, while the due date for March 2023 is 30th April 2023.

Due Date for Filing a TDS Return?

Quarter	Due Date
1	31st July 2022
2	31st October 2022
3	31st January 2023
4	31st May 2023

Interest and Penalty for Delay in Filing Returns:

Income Tax Return (ITR) Filing: Section: 234F

– Total Income > INR 5 Lakhs: Penalty – Rs. 5,000

– Other Cases: Penalty – Rs. 1,000

– Interest – 1% per month/part month on unpaid tax under Section 234A if filed after the due date.

Late TDS Return Filing: Sections: 234E, 271H

– Fee: INR 200 per day from due date to filing, not exceeding TDS amount.

– Penalty: Minimum INR 10,000, maximum INR 1,00,000. No penalty if filed within one year from the due date.

Conclusion

Income tax filing is an important activity for all citizens residing in the country. Specific dates are given by Government authorities to file the returns: https://incometaxindia.gov.in/Pages/tax-services/file-income-tax-return.aspx, and each and everyone should abide by them. Expert tax consultants can help you in this regard, although clicking on the Government portal can enable access to valuable information. We hope that this article will come in handy for you whenever you would have to file your tax returns before the due date.

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FAQs

Can I file an income tax return before the due date?

Yes, you can file your income tax return before the due date to avoid last-minute rush and penalties.

How do I file my income tax return for earlier years?

You can file belated returns for earlier years on the income tax portal by selecting the respective assessment year.

What is the benefit of filing an income tax return before the due date?

Filing before the due date avoids penalties, ensures timely processing, and provides opportunities for refunds if eligible.

What happens if the income tax return is not filed before the due date?

Filing after the due date may lead to penalties and loss of certain benefits, such as carrying forward losses.

What is the last date for ITR filing for salaried employees?

The last date for most salaried employees to file ITR is usually July 31st.

What are the important due dates for income tax?

The due dates vary based on the type of taxpayer and the type of income. Generally, individual taxpayers have a due date of July 31st, while others may have different dates.