Due-dates For Filing Income Tax Returns

Filing your income tax returns is perhaps one of the most important duties as a citizen of this nation that you are obligated to perform. Filing your ITR before the declared due-dates save you from any kind of penalty or fine. Being updated and aware of these deadlines is essential in timely filing your taxes. We are going to make this easier for you by listing all the important information regarding deadlines for the financial year 2020-21.

There are various distinctive categories of taxpayers such as individuals, Hindu Undivided Family, business entities (firms, private limited company, LLP, etc.), BOI, and others. The due dates of these taxpayers differ with respect to the case of them being an auditor non-audit case as provisioned by section 139 (1) of the income tax.

Table of Contents

In This Blog:

• Due Dates For Non-audit Taxpayers For FY 2020-21/22
• Due Dates For Audit Case Of Taxpayers For FY 2020-21/22
• Due Dates For Advance Income Tax Filings For FY 2021-22
• Consequences Of Not Filing Tax Returns

You can navigate to the topics directly from here.

Due-dates For Non Audit Taxpayers For FY 2021-22

For the following taxpayers who do not need to have their account books audited by an auditor, the due date for filing their tax returns is 31st July 2021

• Individuals
• Body of Individuals (BOI)
• Association of Persons (AOP)
• Hindu Undivided Family (HUF)

Also Read: What Is A Faceless Assessment Scheme?

Due-dates For Audit Cases Of Taxpayers For FY 2020-21/22

For the taxpayers who require an audit of their account books and financial statements by an auditor (business entities etc.), the due date for filing their annual returns for this particular year is 30th September 2021.

Important: Due date for those taxpayers who are stipulated to provide a report under section 92 (e) of the Income-tax is 30th November 2021.

Due-dates For Advance Income Tax Filings For FY 2021-22

The criteria for the requirement of payment of advance tax by a taxpayer is that his tax liability needs to be more than ₹10,000 in a financial year. The advance tax will correspond to the following dates in the following percentage –

• 15th June – 15%
• 15th September – 45%
• 15th December- 75%
• 15th March – 100%

Those taxpayers who find themselves covered under section 44 AD and 44 ADA, i.e. presumptive income, are also required to pay advance tax till 15th March or before that in the previous year. Payment of tax till 31st March 2022 will be considered as advance tax.

Consequences Of Not Filing Tax Returns

The penalty will be levied on tax-payers if they fail to comply with the stipulated deadlines in the following manner:

• If the taxpayer files the returns after the due date but on or before 31st December 2021, then the penalty levied will be ₹10000, provided total income exceeds Rs 5 lacs.
• If the total income of the taxpayer does not exceed ₹5 lakh, the maximum penalty that can be levied shall not exceed ₹
• There is no penalty for belated return if the taxable income is less than Rs 2.5 lacs.
• The tax returns have to be filed before or on 31st December 2021 in any condition whatsoever.