Due Date of ITR filing for FY 2021-22
Before we start discussing about Due date of ITR filing we shall discuss about who all are required to file ITR. As per section 139 of Income Tax Act following Individuals are required to file ITR:
- The turnover of business is more than INR 60 lakh in a financial Year
- The receipts from profession is more than INR 10 lakh in a financial Year
- The TDS and TCS is more than 25000 in a Financial Year. This limit to be checked while clubbing TDS and TCS together. However this limit will be of 50000 if individual is 60 year or more old.
- The aggregate deposit in one or more “Savings bank accounts” is INR 50 lakh or more during the financial year.
- The aggregate deposit in one or more “Current accounts” is INR 50 lakh or more during the financial year
- The individuals holds any assets (including any financial interest in any entity) located outside India (as a beneficiary or otherwise)
- The electricity consumption in a financial year exceeds from INR 1 Lakh
- The expenditure on foreign travelling exceeds from INR 2 Lakh.
Point here to be noted that these individuals are required to file ITR even their income is below threshold limit.
Let’s discuss about due date of ITR for AY 2022-23:
For FY 2021-22 or AY 2022-23 followings are the due date of ITR:
|Type of Person/Business||Due Date for ITR*|
|Individual (Salary Income or any other case except audit case)||31 July 2022|
|Individual with audit||31 Oct 2022|
|HUF||31 July 2022|
|Partners in “Partnership” Firm whose accounts are required to get audited u/s 44AB||31 Oct 2022|
|Partners in “LLP” whose accounts are required to get audited u/s 44AB||31 Oct 2022|
|Partnership and LLP- whose accounts are required to get audited||31 Oct 2022|
|Partnership and LLP- Others||31 July 2022|
|Companies||31 Oct 2022|
|Trust/ Societies -whose accounts are required to get audited||31 Oct 2022|
|Trust/ Societies- others||31 July 2022|
|Any Tax Payer whose accounts are audited under transfer pricing provisions.||30 November 2022|
*These due dates may be extended by CBDT considering difficulties face by taxpayer while filing ITR.
So in general due date for ITR filing for FY 2021-22 is 31 July and it is applicable for Individuals and non-audit cases. However in Audit case it’s 31 October or 30th November as the case may be.
Penalty for Late filing of ITR:
If any taxpayer can’t file ITR within due date then such taxpayer can file their ITR with late fee (Penalty). As per section 234F of Income Tax Act, following is the late fee for delayed filing of ITR:
|Total Income < INR 2.5 Lakh||Total Income < INR 5 Lakh||Total Income > INR 5 Lakh|
|Nil||INR 1000||INR 5000|
Point here to be noted that an ITR cannot be filed after 31 March of relevant AY. Only way to file ITR after 31 March of relevant assessment year is to file ITR U which have altogether different guidelines which needs to be reads carefully.
Old versus New Regime
While filing ITR, an individual can decide whether he should file ITR under existing tax regime or New Tax Regime. For detailed knowledge and comparison of both tax regime read here.