ITRTaxation

Last Date to File ITR and the Penalty To Pay if You Miss It

Are you worried about the last date to file ITR? Don’t worry; we have got you covered. We'll update you on the due dates and the penalty you must pay if you miss the deadline. 

The income tax return (ITR) is an essential feature of organised rules-based societies. To put it plainly, income tax is a small percentage of your annual income that you pay to the government. Every citizen must pay their taxes within the notified period if their income falls under the criteria set by the government. The government mandates a timely payment of the taxes to utilise them for implementing various schemes and policies. 

The government does this by notifying the last date to file ITR, known as the due date. Different due dates are notified based on the category of the assessee and the level of audit required for different institutions. Various types of assessees within the ambit of income tax are Individual, HUF, firm, LLP, trust, BOI, and company. 

The audit applicabilities on these assesses are also different, which are notified via gazettes rolled out by the government. It is crucial to note here that assesses that have to go through an extensive audit process have a later deadline than those who can file their taxes without an audit. This article will give you a detailed note on the last date of ITR filing so that you don’t attract a penalty.

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Due Dates for Income Tax Return Filing for the FY 2021-22(AY 2022-23)

Let’s take a look at the ITR last dates for different assesses. We will also try to cover as many variables as possible to help you out in the best way. 

Due Date for Filing of the Return of Income by Individuals and HUF – For the FY 2021-22 (AY 2022-23)

 

Class of Assessee FY 2021-22 (AY 2022-23)
Individual & HUF

Non-Audit Cases (Individuals, professionals, small businesses, etc.)

[ITR-1, ITR-2 or ITR-4 sugam]

31 July 2022
Working Partner of a Firm or LLP whose audit is required u/s 44AB (ITR-2) 31 October 2022
Non-Working Partner

31 July 2022

2022

Audit Cases

[ITR-3]

31 October 2022

(Audit report is required to be filed by 30 September 2022)

It is clear from the table above that assesses under the category – individuals and Hindu Undivided families – can file their returns by 31st July of the relevant assessment year(AY) in a normal scenario. This means that 31st July shall apply to those entities that don’t have to go through an audit. 

This may also include non-working partners of a firm. Conversely, for the entities that have to go through an extensive auditing process, the last date to file ITR is 31 October of the relevant AY. These entities are firms, LLPs, etc. 

Due Date for Filing Return of Income by Firm – For FY 2021-22 (AY 2022-23)

Class of Assessee FY 2021-22 (AY 2022-23)
Firm, LLP, AOP, BOI, AJP, Local Authority, Co-operative Society

Audit Cases

[ITR-5]

31 October 2022

(Audit report is required to be filed by 30 September 2022)

Non-audit cases

[ITR-5]

31 July 2022

As discussed earlier, different institutions require different levels of auditing. Hence, the government mandates different due dates. From the table above, it is clear that for Limited Liability partnership firms, artificial judicial persons, BOI, AOP, local authorities, etc., the due date for filing is 31 October 2022, if they are required to undergo an audit and submit the report. 

Conversely, for the same class of assessees, the income tax return last date is 31 July 2022, if no audit is required.

Due Date for Filing Return of Income by Companies – FY 2021-22 (AY 2022-23)

Class of Assessee FY 2021-22 (AY 2022-23)
Company

All companies

[ITR-6]

31 October 2022

(Audit report is required to be filed by 30 September 2022)

The company law act requires every registered company to undergo an audit at the end of every financial year. Therefore, it is clear that the income tax return filing due date for the companies is 31 October 2022. It is pertinent to note here that you are required to file the ITR even if you are a foreign company. 

Due Date for Filing Return of Income by Trusts, Political Parties, etc. – FY 2021-22 (AY 2022-23)

Class of Assessee FY 2021-22 (AY 2022-23)
Trusts, Colleges, Political Parties

Trusts, colleges, political parties, etc. who are required to file their return u/s 139(4A), 139(4B), 139(4C) or 139(4D)

[ITR-7]

31 October 2022

(Audit report is required to be filed by 30 September 2022)

In case the audit is not required 31 July 2022

From the table above, it is clear that political parties, colleges, and trusts are also eligible entities under the income tax act to file returns. Under sections 139(4A), 139(4B),  and 139(4C), these assessees are required to file their ITR for the relevant financial year. 

The auditing due date rules apply in this case too. The assesses that are required to undergo the auditing process have to submit the audit report by 30 September 2022, and they can file their return by 31 October 2022. In any other case, the due date for filing the return is 31 July 2022. 

Penalty

The penalty for missing the due date for ITR filing is ₹5000 for those who have taxable income above ₹5 Lakhs and ₹1000 for people with taxable income less than ₹5 lakhs. 

Conclusion

It is crucial to take note of the ITR due date to avoid penalties. As mentioned earlier, different entities have different due dates due to auditing requirements. If you fall under the category requiring auditing requirements, ensure that you submit the report by 30 September 2022. 

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