Income Tax Return Due Date

Income tax return filing must be done by all individuals, businesses and not-for-profit entities on or before the due date to avoid penalty. The due date for an income tax return for individuals is 31st July of each financial year. In case of a business or legal entity, the Income Tax Return Due Date would vary based on the question of whether tax audit is required. In this article, we briefly discuss the concept of the applicable due date for filing income tax returns.

Who should File an Income Tax Return?

The following persons are required to file the income tax return in India.

Every individual/HUF/AOP/BOI/artificial judicial person, if their total income exceeds the maximum exemption limit. Hence, any person having an income of more than Rs.2.5 lakhs in a year must file an income tax return.
All companies must file an income tax return, irrespective of turnover, profit or loss.
A partnership firm and LLPs must file an income tax return, irrespective of turnover, profit or loss.
Charitable/religious trust must file an income tax return if the total income exceeds the specified exemption limit.
Political parties must file an income tax return if the total income received by the political party exceeds the maximum exemption limit.
Associations must file an income tax return if their total income exceeds the specified exemption limit.
University, college or institution, disregarding the quantum of profit or loss.
Business trusts which are not regulated to file a return of income or loss under any provisions of the Act, disregarding the quantum of profit or loss.
Investment funds specified in Section 115UB which is not regulated to file a return of income or loss under any other provisions of the Act, disregarding the quantum of profit or loss.
Assessees possessing assets outside India.

Due Date for Filing Income Tax Return

The due dates for filing income tax returns are as follows:

Salaried taxpayers who are in receipt of salaried income, interest income and income from house property must file an income tax return before 31st July.
Taxpayers enrolled under the presumptive taxation scheme not requiring tax audit must file an income tax return before 31st July.
Taxpayers having a business or professional income who do not require a tax audit must file an income tax return before 31st July.
Taxpayers having a business or professional interest income who require tax audit must file an income tax return on or before 30th September.
Companies and corporate taxpayers required to obtain tax audit must file the required income tax return on or before 30th September.

Due Date for Belated Returns

Taxpayers who fail to file an

income tax return before the due date can file belated income tax returns along with payment of penalty. This provision enables the taxpayer to file the returns before the end of the particular assessment year or prior to the completion of the assessment, whichever is earlier.

Due Date for Filing Revised Income Tax Return

A person is entitled to file a revised return if he/she identifies any omission or wrong statement in the returns so filed, even if it is a belated return. The due date for filing the revised return for the Assessment Year of 2018-19 is stipulated to be the 31

st of March, 2019.

Latest Update on the Pay Later Option for Income Tax Filing

The Income Tax e-filing portal has recently rolled out a 'Pay Later' option, allowing you to complete your tax filing process before making any tax payments. You can pay taxes after you are done filing. For additional information, please refer to our guide – Pay later option for the Income tax return filing.

Penalty for Late Filing

The income-tax laws are being formulated in such a way as to ensure proper compliance with the system. Delayed filing of returns will not only lead to significant penalties but will also result in the following consequences:

Losses, except for the ones incurred under the head “Income from house property” cannot be carried forward.
The defaulting taxpayer will be imposed with interest under Section 234A.
The taxpayer will be deprived of certain exemptions and income tax deductions.

Latest Amendment

In addition to the stipulations mentioned above, the defaulting taxpayer will be imposed with a penalty that amounts to Rs 5000 if the return is furnished within the 31

st of December of the particular assessment year. If the filing of returns is even further delayed, the penalty will rise to an amount of Rs 10,000. Taxpayers should observe that those whose income is limited to Rs 5 lakhs would be imposed with a penalty which exceeds Rs.1000. The due date for IT returns for companies and Audit reports for the assessment year 2019-20 is 30th September 2019. Due to various reasons put forth by assessees, the due date has been extended till 31st October 2019. The relevant notification released on 27th September is provided below:

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Frequently Asked Questions

Common questions about Income Tax Return Filing Deadline and Penalties.

According to the article, the following individuals and entities are required to file an income tax return in India: every individual, HUF, AOP, BOI, or artificial judicial person whose total income exceeds the maximum exemption limit of Rs. 2.5 lakhs; all companies, partnership firms, and LLPs regardless of turnover, profit or loss; charitable or religious trusts whose total income exceeds the exemption limit; political parties whose total income exceeds the exemption limit; associations whose total income exceeds the exemption limit; universities, colleges, or institutions regardless of profit or loss; business trusts and investment funds specified in certain sections of the Income Tax Act; and assessees possessing assets outside India.

Salaried taxpayers who receive income from salary, interest, or house property must file their income tax returns before 31st July of the relevant financial year.

Taxpayers enrolled under the presumptive taxation scheme not requiring tax audit, and taxpayers having business or professional income who do not require a tax audit, must file their income tax returns before 31st July of the relevant financial year.

Taxpayers having business or professional income who require a tax audit, and companies and corporate taxpayers required to obtain a tax audit, must file their income tax returns on or before 30th September of the relevant financial year.

Yes, taxpayers who fail to file their income tax returns before the due date can file belated income tax returns along with payment of a penalty. This provision allows them to file the returns before the end of the particular assessment year or before the completion of the assessment, whichever is earlier.

A person is entitled to file a revised return if they identify any omission or wrong statement in the returns they have filed, even if it is a belated return. The due date for filing the revised return for the Assessment Year 2018-19 is stipulated to be 31st March, 2019.

The Income Tax e-filing portal has recently introduced a 'Pay Later' option, which allows taxpayers to complete their tax filing process before making any tax payments. They can pay their taxes after they are done filing their returns.

Delayed filing of income tax returns can lead to significant penalties, inability to carry forward losses (except for losses from house property), imposition of interest under Section 234A, and deprivation of certain exemptions and income tax deductions.

The penalty for late filing of income tax returns is Rs. 5,000 if the return is furnished by 31st December of the assessment year. If the filing is further delayed, the penalty increases to Rs. 10,000. However, for taxpayers with income limited to Rs. 5 lakhs, the penalty will not exceed Rs. 1,000.

Yes, the article mentions that due to various reasons put forth by assessees, the due date for companies and audit reports for the assessment year 2019-20, which was initially 30th September 2019, has been extended till 31st October 2019 through a notification released on 27th September.