| IMPORTANT : 31st July 2022 was the Income Tax Returns filing deadline for AY 2022-23 (for taxpayers whose books do not require audit). There’s an income tax returns due date extension for taxpayers whose books need audit – from 31st Oct ‘22 to 7th November ‘22. |
If you wish to keep your taxes sorted and save on income tax, filing income tax returns timely is non-negotiable. Taking point of income tax return last date helps you avoid unnecessary penalties or interests.
Let’s know the updated income tax return due date for AY 2022-23.
Income Tax Return Last Date
Income Tax Return due date for AY 2022-23 for individuals and HUFs (whose accounts do not require auditing) was 31st July 2022.
For individuals and corporates covered under the IT Act 1961, whose books do require audit, Income Tax return filing date for AY 2022-23 was 31st October 2022. However, as per the notification released by the Income Tax Department, this date is now revised and extended till 7th November 2022.
What is the difference between Assessment Year (AY) and Financial Year (FY)?
Financial Year (FY): A financial year starts from the 1st April of every year and ends on 31st March of the next year. Income earned, investments made and taxes (income tax) paid are calculated for the Financial Year (FY).
Assessment Year (AY): Assessment Year is the year in which you are required to declare your income and file income tax returns to the Income Tax Department.
If the Financial Year (FY) for which taxes are paid is 2021-22, then the Assessment Year (AY) for that financial years will be 2022-23, i.e. the following year.
Filing Income Tax Return after Due Date
Are you wondering if you can file return after the income tax return due date? Well the answer to it is yes. Such an income tax return which is filed after the tax return last date is called Belated Return of Income.
A belated ITR is provisioned under the Section 139(4) of the Income Tax Act of India. Such returns can be furnished 3 months before the end of relevant assessment year or before the completion of assessment year.
Source: Incometaxindia.gov.in.
Fee for Filing Return after Income Tax Return Last Date
If due to any reason you miss the income tax return due date, you can definitely file your returns later as mentioned above but the same will attract late filing fee as given below:
- Rs 5,000 for taxpayer whose taxable income is more than Rs 5 lakhs but less than Rs 50 lakhs
- Rs 1,000 for taxpayer whose taxable income is less than Rs 5 lakhs
Note: Penalties mentioned above are as per the guidelines stated in Section 234F of the IT Act, 1961.
Income Tax Return Last Date: FAQs
For the Financial Year 2021-22, the last date for filing income tax returns was 31st July 2022. However, there is an income tax return date extension from 31st October ’22 to 7th November ’22, for those taxpayers whose accounts require audit.
Yes, there is a standard last date to file tax return. Every 31st July of the Assessment Year is set as the Income Tax Returns due date.
There is a late ITR filing fee of Rs 5,000. If your taxable income is less than Rs 5 lakhs, this amount goes down to Rs 1,000.
Only ITR 1/4 can be filed offline and submitted in hard copy at the local Income Tax Department.
Yes. Revised ITR can be filed 3 months before the end of Assessment Year, as per the Section 139(5) of the Income Tax Act, 1961.
