Income Tax Returns are required to be filed by every individual, company, LLP, NGOs’ , partnerships firms subject to their tax exemption limit. The due date for filing income tax returns is different for every kind of taxpayer. If the taxpayers fails to file their return beyond such due date will have to bear interest under section 234A and penalty under section 234F.

Content:

Latest updates in Union Budget 2021 regarding filing of ITR

  • Senior citizens aged 75 years and above, earning only pension and interest income are exempted from filing of ITR.
  • To simplify the return filing process, income tax department launched pre-filled ITRs with additional details.
  • The due date for filing belated and revised returns is reduced by 3 months i.e., IT department will have to process the returns and send a notice under section 143(1) by 31st

ITR filing due dates for the FY 2020-21 (AY 2021-22)

Category of Taxpayer Due Date for Tax Filing – FY 2020-21
Individual / HUF/ AOP/ BOI
(books of accounts not required to be audited)
31st July 2021
Businesses (Requiring Audit) 31st October 2021
Businesses (Requiring TP Report) 30th November 2021

What are the important due dates of Income tax return filing for the year 2021?

  • Whenever we mention income tax, there’s various quite compulsory tax formalities that require to be followed by an individual which too within the required due dates prescribed, like filing of ITRs, paying advance tax on time.
  • The tax calendar for the FY 2020-21 is as follows:
Due Date for advance tax Tax Due
15th June 2020 Due date for the 1st installment of advance tax for the FY 2020-21
15th September 2020 Due date for the 2nd installment of advance tax for the FY 2020-21
15th December 2020 Due date for the 3rd installment of advance tax for the FY 2020-21
10th January 2021 Due date to file ITR for FY 2019-20 (AY 2020-21) other than audit cases.
15th February 2021 The due date for filing of Income-tax Return for FY 2019-20 for those taxpayers whose accounts are subject to tax audit and TP audit
15th March 2021  The 4th installment of advance tax due for the FY 2020-21 and the due date for whole amount of advance tax for FY 2020-21 for those taxpayers covered under the presumptive scheme of Section 44AD and 44ADA.

What if you missed filing the ITR within the due date?

  • If the due date for filing the first return of income is missed, one can file a return later after the maturity date i.e., due date that’s called a belated return for the FY 2019-20 on or before 31 May 2021.(as extended due to ongoing Covid-19 Pandemic).

Frequently Asked Questions

How to file an ITR after the due date?

  • If you have missed the due date for filing ITR then you can file a belated return. A belated return can be filed either before the completion of the assessment year or before the assessment is made, whichever is earlier. For example, for the assessment year 2019 – 20, you can file a belated return before 31st August 2019 or, at the most, by 31st March 2020.However, penalty will be imposed for a belated return of Rs 10,000.

How to pay income tax after the due date?

  • If you have skipped the filing of your return within the due date and payment of taxes, you can do so by filing belated ITR and paying the taxes to the government. Please note that the belated return can be filed latest before the completion of the AY. However, a penalty will be imposed for a belated return of Rs 10,000.

Which section of income tax allows taxpayer to file return after the due date?

  • According to Income Tax Act, Section 139(4) allows for the filing of belated return i.e. return after the due date. However, the taxpayer will face a penalty of Rs 10,000 for the delay in filing of return..

How to revise income tax returns before the due date?

  • Section 139 (5) of Income Tax Act allows the taxpayer to revise the original return due to some amendments. A revised return can be filed either before the completion of the assessment year or before the assessment is made, whichever is earlier.

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

  • If the taxpayer missed the filing of return within the due date and payment of taxes then a belated return can be filed. However, a penalty will be imposed on taxpayer for the filing of belated returns. Hence, it is important to file income tax returns within the due date unless in exceptional circumstances.

What is the last date of ITR for AY 2021-22?

  • The last day for filing Income tax returns for FY 2020-21 is 31st July, 2021 for the individual taxpayers. The last date for filing income tax return for taxpayers whose accounts needs to be audited is 30th September 2021.

Conclusion

One should not wait for the last dates to file ITR as filing ITR on last dates may causes errors in filing, TDS Refund gets delayed and there comes many issues related to processing of websites and OTPs’. Keeping in view of all the issues, file your ITR on time without causing and delay and penalty. It is advisable to contact professionals like CA, CS for filing your ITR so that you can avail maximum benefits of exemptions and you might not face the Notices from IT department.

CategoryIncome Tax

Aayushi Saraf is CA Finalist and doing articleship in Goyal Mangal & Company. She passed her 12 th with flying colors and cleared her CA Intermediate in 1 st Attempt with exemption in 3 subjects. She posse’s good command in accounts as well as in Audit. She has good organizational skills including the ability to multi-task and prioritize. She is good in public speaking and believes in teamwork and also posse’s leadership qualities.

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