Income Tax Return filing due dates – For Individuals

In India, an individual is required to file his income tax return on or before the due date of filing if income for a financial year is in excess of the basic exemption limit.

Basic exemption limit has been fixed by the government for each financial year in our annual budget. For financial year 2018-19 and 2019-20, basic exemption limit for an individual who is below 60 years of age is Rs. 2, 50,000.

In case of a senior citizen who is 60 years or more but less than 80 years of age this limit has been set to Rs. 3, 00,000.

For Individuals who are 80 years of age or more, basic exemption limit applicable to them is Rs. 5, 00,000.

If you are liable to file income tax return, then it’s required to be filed on or before the specified due date.

Due date for filing income tax return

As per section 139(1) of Income tax act 1961, an individual whose accounts are not required to be audited under section 44AB, is required to file his IT Return on or before 31st July of the relevant assessment year.

If accounts are required to be audited under section 44AB, then instead of 31st July, the actual income tax filing due date is 30th September of the relevant assessment year.

These return filing due dates can be extended by CBDT. If it’s extended, then the new extended date will be considered as actual due date of filing.

Table Showing Income Tax Return filing due dates for Assessment Year 2019-20 and 2020-21
IndividualFor AY 2020-21
For AY 2019-20
If Audit under section 44AB is not Required31st July 202031st July 2019
If Audit under section 44AB is Required31st September 202030th September 2019

You can file your income tax return even after the above mentioned due dates. However, late filing fee will have to be paid under section 234F while uploading the IT return.

Section 234F has been inserted from AY 2018-19 by the government of India in the Income Tax Act, 1961.

As per this section, an individual is required to pay a fee of up to Rs 10,000 for filing income tax return after the due dates. Such type of returns filed after the due date are called belated return.

However, return cannot be filed after 1 years from the end of the relevant financial year.

This means, Income Tax return related to financial year 2018-2019 cannot be filed after 31st march 2020. If it’s filed after the due date and before 31st march 2020, then it will attract late filing fee for the delay.

We have some more disadvantages if you do not file your income tax return on or before the date of filing. For instances, losses under the head ‘Profits and Gains of Business or Profession’ or ‘Capital Gains’ cannot be carried forward to eight years to set-off against incomes of the future years, subject to certain conditions.

Assessee also required to pay interest under section 234A @ 1% per month (or part thereof) for delay in filing the return along with the outstanding tax liability and interest under section 234B and 234C.

is a fellow member of the Institute of Chartered Accountants of India. He lives in Bhubaneswar, India. He writes about personal finance, income tax, goods and services tax (GST), company law and other topics on finance. Follow him on facebook or instagram or twitter.