What is the Due Date for Income Tax Return Filing? ITR Last Date for – FY 2020-21 or AY 2021-22

-

Contents:

1. Introduction
2. Due Dates for Income Tax Return filing
3. Belated Income Tax Return filing - Missed filing Income Tax Return within the Due Date
4. Other Important Questions

Introduction

It is very important for all the taxpayers to file their Income tax return within the Due Date specified in the Income Tax Laws. 

The due date varies on the basis of taxpayers.  

The due date for filing Income Tax Returns is the date by which the returns can be filed without any late fee or penalty. 

The taxpayers filing their return beyond such due date will have to pay interest under section 234A, 234B, 234C and penalty under section 234F.

Income Tax Return filing Due Dates for the FY 2020-21 (AY 2021-22)

1. Individual / HUF/ AOP/ BOI (books of accounts not required to be audited)
      Due Date - 30th Sep 2021 (extended from 31st July)
      Applicable to - All salaried persons, persons opted for presumptive taxation etc.

2. Businesses (Requiring Audit)
      Due Date - 30th Nov 2021 (extended from 31st October 2021)
      Applicable to - All companies etc.

3. Businesses (Requiring Transfer Pricing Report)
      Due Date - 31st December (extended from 30th Nov 2021)
   Applicable to - persons who have entered into international or specified Domestic transaction.

What if you missed filing the Income Tax Return within the due date?

You can also file your Income Tax Return later after the due date called a Belated Income Tax Return for the FY 2020-21 on or before 31st December 2021 (after payment of Interest and Penalty). Hence it is advisable for timely filing of Income Tax Return unless in exceptional circumstances.

Other Important Questions

How to claim my Income Tax Refund after the due date?

An income tax refund can be filed only when you file your Income Tax Return. Hence if you have missed the due date for filing ITR, you can file a belated return. However, a penalty will be charged for filing Belated Income Tax Return.

Under which section Income Tax Return is filed after the due date?

Section 139(4) allows for the filing of Belated Return i.e. Return after the due date. 

How to Revise Income Tax Returns?

In case the taxpayer wants to revise the original return due to some changes, the same can be done by filing revised return u/s 139(5). A revised return for the FY 2020-21 can be filed till 31st March 2022.

Comments

Unknown said…
Great information! Keep going.. :)
6 September 2021 at 23:44
Post a Comment

Popular posts from this blog

GST - Important Reconciliations must be done before finalization of the Financial Statement

-
Image
To Ensure that there are no major / material misstatements, It is important to check compliance with GST laws and rules even during the finalization of the Financial Statement. An important list of reconciliations is given below:  Balance of Electronic Credit ledger with Balance of Input Tax credit (ITC) in Books of Accounts  Balance of Electronic Cash ledger with Balance of excess cash paid in Books of Accounts  GST paid in cash in March return, with GST Payables as per Books of Accounts  Refund claimed in GST portal with ITC refund receivable in Books of Accounts  Output Liability in GST returns with Books of Accounts  ITC Reconciliation in FORM GSTR-2A/ 2B with FORM GSTR-3B and Books of Accounts  ITC reversed in FORM GSTR-3B with Books of Accounts  Ineligible ITC in FORM GSTR-3B with Books of Accounts  Reconciliation of Gross Turnover in Books of Accounts with FORM GSTR-1, e-Way Bills and FORM GSTR-3B  Reconciliation of accounts of the suppliers  Adjustments of previous year, do
Read more

Non-Profit Organisation (NPO)

-
Image
Non-Profit Organisatoin’s (NPO) have played a crucial role in development of India. There are various NPOs that work all over India and for a wide range of causes.  The World Bank defines NPO’s as “private organizations that pursue activities to  relieve suffering,  promote the interest of the poor,  protect the environment,  provide basic social services, or  undertake community development.”  NPOs do not work for profit motive and apart from own sources, NPO utilises funds raised through donations. NPOs receiving foreign contributions in India come under the purview of Foreign Contribution Regulation Act, 2010 i.e. FCRA. Corporate Social Responsibility (CSR) is practical way to give back to society and NPOs are the best way to do this. NPOs can be registered in any of the applicable acts as mentioned below, according to the type of organisation chosen to be formed. Major laws and acts applicable to NPO are as follows – Society registered under Societies Registration Act, Central or r
Read more

Income Tax dated 04.01.2019- CA Samadhan Series

-
Image
1.      Income Tax : Charitable Activities - Exemption under Section 11 denied - AO should have restricted the denial of exemption only to that portion of the investments, which were made by the assessee in violation of Section 11(5) of the Income Tax Act - Madras High Court in case of [M/S. Vincentian Madras Society , Chennai V s. The D CIT ( Exemptions ) III] 2.      Income Tax : TDS u/s 195 - Time-Writing Charges - The service provided by employees of BGIL are merely in the nature of routine support services and, therefore, cannot be termed as ‘FTS’ under Article 13 of the India UK DTAA -  ITAT Delhi in case of [M/S B.G. India Energy Solutions P Ltd . V s. The DY. C.I.T, Circle – 1 (1) , Gurgaon ] 3.        Income Tax: Valuation of Shares - Restriction as per Rule 11U(a) on the auditor’s acceptance as Accountant for the purposes of Rule 11UA (2) is well founded. - There is no merit in this argument of the assessee that only because the certifica
Read more