Most people miss the due date of filing income tax returns every year due to their busy schedules, lack of time, or for some other personal reasons. The due date for filing a income tax return is the date by which the return can be filed by the assess without any late fee or penalty.
In this article we will answer the most frequently asked question by an individual “can i file my income tax return after the due date of filing”.
Please remember our discussion will be limited to those individuals who are not required to audit their books of account under section 44AB of the Income tax act 1961.
This means it is applicable to salaried individuals and those individuals whose incomes are not required to be audited by a practicing chartered accountant under section 44AB of the Income tax act 1961.
The income tax filing due date for Individuals whose books of accounts are not required to be audited under section 44AB of the income tax act 1961 for the financial year ending 31st march 2022 (FY 2021-2022) was 31st July 2022.
In case you have missed the due date, then do not worry, you still have time to file your tax return (ITR) up to 31st December 2022 for the financial year 2021-22. But the filing of such an income tax return will be treated as a belated return and not the original return that you could have filed before the due date.
If for the financial year ending 31st March 2022, you file your income tax return between the due date and 31st December 2022, you will be liable to pay late fee and interest as applicable.
But filing your income tax return after 31st December 2022 is not allowed.
If you do not file your Income Tax return which you are liable to do, then the penalty can be charged by the assessing officer.
You can file your Income Tax Return before 31st december 2022 with a late fee but how about if you have not paid your income tax dues yet.
Please remember, if you have not paid your tax dues yet then you have to be ready with a penal interest of 1% (simple interest) for every month or part of the month starting from the due date of filing Income Tax return till the date of filing.
While deriving the tax liability to be paid at the end of the financial year, you need to make sure that you have taken out all the TDS or advance tax paid from your tax liability.
In case, you have not remembered advance tax paid then you can check form 26AS online.
Remember, Income Tax Return can be filed on or before 31st December of the relevant assessment year. This means before 31st december 2022 you must file your Income Tax Return related to the financial year 2021-2022 (the assessment year 2022-2023)
Similarly, for the financial year 2022-23 (the assessment year 2023-24), you must file your Income Tax Return on or before the due date applicable i.e. 31st July 2023 in order to avoid penal interest and late fee. If you missed the due date of filing, then make sure the income tax return is filed on or before 31st December 2023. Plan your year accordingly.
