Income Tax Return: Due Dates & Penalties FY 2021-22 (AY 2022-23)

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Income Tax Return: Due Dates & Penalties FY 2021-22 (AY 2022-23)

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What is Income Tax?

Tax is a pivotal arm for the good governance of a state or nation.

There are different types of taxes and they can all be categorized into two main groups i.e Direct tax and Indirect Tax.

A direct tax is levied on the income or profit of an individual. Income tax is an example of direct tax. Indirect tax is levied on goods and services.

Income tax due dates come every year in March ending must be followed strictly for safeguarding financial interest.

A popular example in this regard would be the GST or the VAT.

Like all taxes, accrues from Income Tax also constitute a good portion of the country/state treasury. In addition to these Income Tax also acts as a fiscal deficit stabilizer as well as minimizing the impact of Global Economic Cycles.

Types of Income Tax

Income Tax is further subdivided into many categories but there are three main categories of income tax based on the category of payee and time of payment.

These are:

  • 1. TDS (Tax Deducted at Source)
  • 2. Advance Tax
  • 3. Self-Assessment Tax

1. Tax Deducted at Source (TDS)

TDS, as it is commonly known as Tax Deducted at Source. The tax is paid by a third person/corporation who/which happens to be the source of income for the taxpayer if the payment exceeds certain threshold limits at the rate prescribed by the government of India.

The other person/corporation must, however, abide by the prevalent IT laws. TDS is an ideal mechanism for the government to ensure timely Income Tax payment as well as curb tax evasion.

2. Advance Tax

Also referred to as ‘pay as you earn Scheme in in contrast to the scheduled annual tax payment tax procedures, Advance Tax is paid on a Presumptive basis.

Taxpayers, Businesses, Salaried Individuals, and freelancers with tax liabilities during the current financial year are greater than Rs 10,000 are needed to pay advance tax in four instalments throughout the financial year in which they earn income.

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    The taxpayers need to pay Advance Tax as per the following table:

    Latest Extended Notification :

    • The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal till 30th April, 2022. Read more
    • The Central Board of Direct Taxes (CBDT) department has issue general circular number 01/2022 regarding extension audit reports and ITRs for AY 2021-22.” read circular
    • Due Date Income tax return for FY 2019-20 (AY 2020-21) – 31st January 2021 (Audit Required)
    • Due Date Income tax return for FY 2019-20 (AY 2020-21) – 31st January 2021 (For international/specified/domestic transactions)
    • Due Date Income tax return for FY 2019-20 (AY 2020-21) – 31st December 2020 (For Other taxpayers)
    • The due date for furnishing audit reports of tax audit reports and international/specified/domestic transactions – 31st December 2020
    • Due date for self assesment tax payment upto 1 lakh – 15th February 2021 (para 4(a) & para(b)
    • The due date for self-assessment tax payment – 10th January 2021 (para 4(c)
    • The due date for annual return section 44 CGST FY 2019-20 – 28th Feb 2021
    • As per the section 234F of the Income Tax Act, 1961, the taxpayer must pay penalty for delay in filing of ITR.

    Check out Due dates for tax assessment under Vivad se vishwas scheme, direct tax & Benami acts__

    • Due Date Income tax return for FY 2019-20 (AY 2020-21) – 15th February 2021 (Audit Required)
    • Due Date Income tax return for FY 2019-20 (AY 2020-21) – 15th February 2021 (For international/specified/domestic transactions)
    • Due Date Income tax return for FY 2019-20 (AY 2020-21) – 10th January 2020 (For Other taxpayers)
    • The due date for furnishing audit reports of tax audit reports and international/specified/domestic transactions – 15th January 2021
    • Last date for vivad se Vishwas scheme declaration – 31st January 2021
    • Last date for passing orders under vivad se Vishwas scheme – 31st January 2021
    • The due date for passing issuance of notice under direct taxes & Benami acts – 31st march 2021

    Advance Taxes of Income Tax for FY 2021-22 (AY 2022-23)

    Payment of Advance Tax: Self-employed and businessmen

    Due DatePay Advance Tax
    On or Before 15th September30%
    On or Before 15th December60%
    On or Before 15th March100%

    Latest official Update in Income Tax:

    • The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal till 30th April, 2022. Read more
    • The CBDT department enabled can easily download reports for filing tax audit reports in the assessment year 2021-2022 in the Taxpayers. The CBDT department enabled utility on new ITR version 2.0 website for Forms 3CA-CD & 3CB-CD. Read PDF
    • “The Income-tax department again extended the due date for linking PAN with Aadhaar and penalty proceeding from 30th September to 31st March 2022.” Read more
    • “The central government has issued the press release for relaxation of TDS provisions u/s 194A under the Income-tax act.” Read more
    • “​Income Tax Department conducts searches in Mumbai and other regions” Read Press Release
    • ​”Meeting of BRICS Heads of Tax Authorities and Experts on Tax Matters held virtually under Chairship of India” Read Press Release
    • “CBIC issues Income Tax 29th amendment rules 2021.” Check PDF
    • “The Income-tax department issued the press release related carry forward of losses in the shareholding case due to disinvestment.” Read Press Release

    Payment of Advance Tax: Companies

    Due DatePay Advance Tax
    On or Before 15th June15%
    On or Before 15th September45%
    On or Before 15th December75%
    On or Before 15th March100%

    Note: The Assessee who are covered under 44AD and 44ADA (i.e. Presumptive Income) are also required to pay Advance Tax on or before 15th March of the previous year. However, any tax paid till 31st March will be treated as Advance Tax.

    Latest Update:Income Tax Changes Due to Covid19

    • “The Central Board of Direct Taxes (CBDT) department has issue general circular number 01/2022 regarding extension audit reports and ITRs for AY 2021-22.” read circular
      “Dear Taxpayers, Do remember to file your Income Tax Return for AY 2021-22 within the extended due date of 31st December, 2021. Don’t wait, File Now! ” View More
    • Odisha Tax Advocates and Chandigarh Association have requested to the Finance Minister of India related to the extension of income tax return, tax audits and TAR return filing due dates for AY 2021-22. View More
    • “Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022.”
    • “The due date for completion of penalty proceedings under the Act has also been extended from 30th September, 2021 to 31st March, 2022.”. Read more
    • CBDT department again extended the due date of several ITR forms, read press release

    3. Self-Assessment Tax

    This is the balance or remaining tax paid by an individual or taxpayer after taking into account the TDS and Advance Tax.

    What is meant by Assessment year and Financial Year?

    Financial Year is the current working year in which an individual or corporation earns income. The Assessment Year is, on the other hand, the succeeding year in which an evaluation of the previous year’s income has to be made.

    Assessment Year involves:

    • Income Evaluation.
    • Paying Taxes on the evaluated income as per the rate(progressive) and time ( regular or periodical or on an occasional) notified by the IT Department.
    • For FY 2019-20, the AY is 2020–21.
    • Due Date of filing of Income Tax Return for F.Y. 2019-20(A.Y. 2020-21) by assessee’s whose accounts are not required to be audited is 31st July 2020.
    • Due date of filing of Income Tax Return for F.Y. 2019-20 (A.Y. 2020-21) by assessee’s whose accounts are required to be audited is 30th September 2020.
    • Due date  for all the categories of assesses in UTs of J&K and Ladakh who are required to file ITR and accounts not required to be audited  is 31st July 2020 while for those whose accounts required to be audited is 30th September 2020.

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    Income Tax Returns (ITR)

    ITR are forms that are mandatorily filled by individuals whose annual income is greater than a pre-set threshold limit set by the Finance Department.

    These forms provide the details of an individual’s gross income from various sources and the tax paid by the individual taxpayer on the gross income. It also provides the details of refund claims by the assesses as per the rules set by the Finance and IT Department.

    In simple terms, ITR forms are taxpayers’ statements detailing/her earnings Salary, interest, dividends, capital gains, or other profits, the total tax paid on earnings, and the appropriate refunds to be repaid to him/her by the Government.

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    As per the Central Board of Direct Taxes, individual taxpayers need to file only 6 of the 9 ITR Forms.

    These include:

    • ITR-1
    • ITR-2
    • ITR-3
    • ITR-4

    The remaining three forms are to be filed by companies and firms alone:

    • ITR-5
    • ITR-6
    • ITR-7

    Form ITR-1

    Also known as the Sahaj Form, ITR-1 has to be filed by individual taxpayers alone. ITR-1 is filed by taxpayer’s having income up to Rs 50,00,000 from below mentioned sources:-

    •  If the source of Income is Salary or Pension.
    • If the source of income is from one housing property(the case where losses of previous years are carried forward are not included in this ITR).
    • Individuals with income sources like fixed Deposits, Investments, Shares etc
    • ITR-1 can not be filed if the taxpayer is a joint owner in House Property.
    • Individuals whose net agriculture income is less than Rs 5,000.
    • If the clubbed income of the minor or wife is shown, then ITR-1 can be filed only in case of their source of income as mentioned in the above points.
    • ITR 1 cannot be used by residents having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India. 
    •  where TDS has been deducted u/s 194N or
    • if income tax is deferred on ESOP

    Form ITR-2

    This form was introduced during the assessment year 2015-16 for use by Hindu Undivided Family (HUF) or any individual. The following individuals/taxpayers can file ITR-2 Form.

    • Those individuals who is not eligible to file ITR-1 and
    • Those taxpayers have no income under the head of “profits or gains of business or profession”.

    Form ITR-3

    ITR 3 Form is for use by a Hindu Undivided Family or an individual

    • Who claims income under the head “profits or gains of business or profession”
    • Who works as a partner in a firm.
    • claims income under the head “profits or gains of business or profession”.
    • Who has a presumptive income of greater than Rs 50,00,000

    Form ITR-4

    Also known as Sugam, ITR 4 Form is for use by HUF/ individual / Partnership Firm whose total income consists of :-

    • Business income evaluated in reference to special provisions mentioned in section 44AD and section 44AE of the Act for computation of business income; or
    • Professional income evaluated in reference to special provisions of sections 44ADA; or
    • ITR-4 can not be filed if the taxpayer is a joint owner of House Property.
    • Salary/ Pension; or
    • Income from One House Property (excluding cases where a loss is brought forward from previous years); or
    • Income from other sources (excluding windfalls like lotteries or horse racing)

    Form ITR-5

    ITR-5 is for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals). Further, it is also meant for an artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority.

    Form ITR-6

    ITR 6 can be used by companies not claiming exemption on income from property held for charitable or religious purposes under section 11.

    Form ITR-7

    ITR 7 Form can be used by persons as well as companies which are required to furnish returns under:

    • section 139(4A) or
    • section 139(4B) or
    • section 139(4C) or
    • section 139(4D) or
    • section 139(4E) or
    • section 139(4F).
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    Income Tax Return Due Dates for FY 2021-22 (AY 2022-23)

    The income tax due dates for the FY 2021-22 (AY 2022-23) for all the categories of taxpayers are specified below:

    Particulars AY 2022-23

    Due Date
    Individuals, HUF, BOI, AOP (Income Tax Return by Assesse whose Books of Account are not required to be audited)31st July 2022
    Filing ITR Due Date for (Assessee who are required to furnish report under sec 92E)30th November 2022
    Due date of filing the Income Tax Return by businesses whose Books of Account are required to be audit 31st October 2022
    Due Dates for Tax Audit Report (3CA-3CD/3CB-3CD) (“filing of Tax Audit Report for all categories of assessees whose account are required to be audited”) The date one month prior to the due date for furnishing the return of income under sub-section (1) of section 139
    The due date of furnishing of belated/revised Return of Income for the AY 2022-23, under sub-section
    31st Dec 2022

    -> Rebate

    The Interim Budget for F.Y. 2019-20 has introduced full tax rebates under section 87A for individuals earning net taxable income up to Rs 5Lakh which means that the maximum rebate allowed under section 87A is 12,500. However, if the individual earns more than Rs 5 Lakh as net taxable income then no rebate will be allowed.

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    -> Late Fee

    Late filing of tax returns for the financial year 2022-23 was notified to taxpayers by the income tax department, which imposed a penalty of Rs 5000. In the case of incomes below Rs 5 lakh, the penalty will not exceed Rs 1000.

    -> Limit In Donations

    Previously, cash donations of up to Rs. 10,000 was permitted in terms of deduction.

    -> Section 194-IB For HUF and Individuals Paying Rent Exceeding Rs 50,000 a Month

    HUF and Individuals who pay Rs. 50,000 and more in rent per month, 5% TDS will be deducted on such rent amount.

    -> Cess

    Government charges 4%  Health and Education Cess on the direct income tax liability of individuals

    -> Income from Salaries

    From the salaried income, a standard deduction at a fixed price of Rs. 50,000 for reimbursement and Transport of various medical spendings will be permitted. This deduction is also exercisable to Pensioners who presently do not obtain those benefits.

    Moreover, the medical reimbursement advantages in hospitalization cases will be available along with the standard deduction as mentioned above.

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    49 Replies to “Income Tax Return: Due Dates & Penalties FY 2021-22 (AY 2022-23)”

    1. Hey,
      We can file the ITR for the F.Y 2019-20 and 2020-21 now. If yes then how pls let me know. my tax liabilities above 10,000/-

      Thanks & regards
      Gopal Goswami
      Ph# 8826659229

    2. rs.ramaswamy
      March 11, 2021

      I am a state government pensioner. I had requested the treasury to make tds but they have not done that and are asking me to pay directly through bank.
      I am referring to self-assessment tax.
      Financial year 2020-2021
      Should I pay the full tax before 31- march-2021?
      Kindly clarify.

    3. As of today (1-May-2020), I am still not seeing the ITR Form 1 (Sahai) or any other form for AY 20-21 on the Income Tax efiling portal. So I can’t file my IT returns yet. Why so and when will it be available? Thanks.

      • CA Portal
        May 1, 2020

        There is still no ITR Utilities available for the AY 2020-21 from the department site. However, the government has said that may be up to 31st may 2020 utilities will be available. So please wait for the department notification for the AY 2020-21 ITR Utilities.

    4. Hi Team,
      Can you help me to understand that in this current scenario of COVID and the related news on investment,
      If I make any investments on 30th April 2020 or in month of May 2020 then will it be applicable for tax exemption from AY 2020-21 or AY 2021-22

      • CA Portal
        May 1, 2020

        Government has said that the investments made by the assessee in april, may and june 2020 will be eligible for exemption either in FY 2019-20 or in FY 2020-21. Assessee has the option in which Financial Year he wants to claim the exmption

    5. Hi,
      Due to some issue i could not submit my investment proofs to my employer and they have deducted the income tax from my payslip (APR-2020). When should I file my ITR?

      • CA Portal
        April 27, 2020

        You can File ITR for Financial year 2019-20 before 31 july 2020 for non audit case.
        If TDS is wrongly deducted from April 2020 Salary then this return for FY 2020-21 can be filed after March 2021 and before 31st July 2021.

    6. SAVI TRADERS
      October 4, 2019

      I WANT TO KNOW LAST DATE FOR SELF ASSESEMENT TAX

      • CA Portal
        October 4, 2019

        The self assessment tax can be paid anytime before the filling of Income tax return, though it can be paid beyond that also but with with applicable interest.

    7. SANJAY JAIN
      September 27, 2019

      INCOME TAX ADUIT LAST DATE FOR F.Y . 2018-19 PLEASE TELL ME

      • CA Portal
        September 27, 2019

        The CBDT has extended the due date for filing of Income tax returns and Tax Audit Reports for audit cases has been extended to 30th September 2019 to 31st of October 2019.

    8. Thanks for sharing this blog. useful information.
      Keep writing and sharing.

    9. aisha garg
      September 24, 2019

      I found your article very informative and I totally love how the concepts are explained in this blog post. Thanks for sharing your insights. It helps a lot.

    10. Has the last date for Filing IT returns with audit report been extended or not. Any update? For A. Y. 2019-20 it is 30 sep 2019.
      Is there any notification….. Please reply

    11. abhijit halder
      September 23, 2019

      i am abhijit halder i do not submit the 44ab 3cd return at last date please tall me that our from below 5 laks and please tell me that our late fees of income tax act

    12. Sir I’m new tax payers F.Y.2017-18 I’m not filling, F.Y. 2018-19 and 2017-18 both fillings ITR

      Reply

      • CA Portal
        August 7, 2019

        Sir, both filing with Fy 2017-18 and 2018-19 does not file the income tax return.

    13. A K JOSHI
      July 20, 2019

      Sir what is the last date of filing ITR -7 of the trust or society for F Y 18-19

      • CA Portal
        July 22, 2019

        in case of trust is not liable for audit then 31st July 2019 and in case of audit 30th Sept 2019.

    14. Really a useful article for the income tax payer. now i know everything about income tax retun, due dates, penelties
      thanks for the information

    15. Satish Pawar
      July 3, 2019

      Sir, F.Y 2018-19 Income tax Filing Due Date is 31st july 2019 can Extended for 31st August 2019?

      • CA Portal
        July 4, 2019

        No notification the department extended income tax due date of filling.

    16. Dibakar Paul
      July 2, 2019

      Sir, F.Y 2018-19 Date Of Fileing Income tax Will Be Extended?

    17. santosh
      June 11, 2019

      Sir I’m new tax payers F.Y.2017-18 I’m not filling, F.Y. 2018-19 and 2017-18 both fillings ITR

      • CA Portal
        June 12, 2019

        You can file your ITR for FY 2018-19 till 31st july 2019, however for FY 17-18 you cannot file your return now.

    18. M.M.KANNAN
      June 9, 2019

      SIR , DATE OF BIRTH IS NOT MATCHING WITH PAN NUMBER AND AADHAR NUMBER SO IT IS NOT ABLE TO LINK AADHAR WITH PAN IS THERE ANY OTHER MODE TO LINK AADHAR WITH PAN ?
      SINCE IT IS NOT LINKED WITH EACH OTHER I CANNOT ABLE TO DO FILE ITR 4 BUT PREVIOUS FINANCIAL YEAR I HAVE DONE EFILING OF ITR 4 WITHOUT LINKING AND OBTAINED CPC ORDER FOR THAT YEAR ALSO
      PLEASE GUIDE ME NOW WHAT SHOULD I DO

      • CA Portal
        June 10, 2019

        As per notification by the income tax department, pan and Adhara linking has to be done before Filing Income Tax Return for the ay 2019-20. so you are required to apply for change of birth and then after linking, you can file return.

        • M.M.KANNAN
          June 10, 2019

          HOW MANY DAYS IT WILL TAKE FOR MODIFYING DATA IN PAN DATA BASE AND FOR GETTING NEW PAN CARD WITH CORRECT DATE OF BIRTH
          IS THERE ANY OTHER MODE FOR FILING INCOME TAX RETURN – ITR 4 FORM

          • CA Portal
            June 12, 2019

            It generally takes 15-20 days for updation of PAN particulars if all the documents are in order. It is mandatory to link PAN with Aadhar first to file your ITR.

    19. Sir, what is the last date of the audit and return filing of the year 2019-20. Transporter Firm

      • CA Portal
        May 8, 2019

        The last due date is 30th September 2019 for audit and returns filing of the assessment year 2019-20.

    20. GAURAV TYAGI
      April 18, 2019

      I MISS ITR 18-19, CAN I FILING ITR WITH BACK DATE WITHOUT ANY PANALTY

      • CA Portal
        April 22, 2019

        If you miss ITR 18-19 then you can file backdate ITR with the penalty for next financial year.

    21. Girija kailasam
      March 31, 2019

      Having confused information on Last date for filing ITR by salaried Class for F.Year 2018-2019
      In some places it has been mentioned as 31st July 2019 and in some places as 31july 2018
      Which one is correct. please clarify.

      • CA Portal
        April 2, 2019

        31st July 2019 is the last date for filing ITR by salaried class for F.Y 2018-19.

    22. mohan reddy bhavanam
      March 22, 2019

      The last date to file the tax return (ITR) for the financial year 2018-19 is 31st July 2018 IS THE STATEMENT IN THE CONTENT. BUT IT SHOULD BE 31 JULY 2019.
      IT SHOULD BE RECTIFIED.

    23. Elroy Deltoro
      January 9, 2019

      I like this blog so much, saved to bookmarks.

    24. aaradhya creations
      October 1, 2018

      Sir, FY 2017-18 due date of filling income tax is extended?

    25. Priyanka Agarwal
      October 1, 2018

      what is the last date of the audit and return filing of the year 2017-18.

      • CA Portal
        October 1, 2018

        15th October 2018 is the last date of the audit and return filing of the year 2017-18.

    26. SUBHASHINI p
      March 29, 2018

      Hi
      i want to know due datse for tds payments for 2017-18.

      regards
      Subhashini P

      • CA Portal
        March 29, 2018

        TDS Last Dates of FY 2017-18 for Return Filing.
        1st January to 31st March – 31st May 2018

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