Most people missed 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 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 question asked 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 requried to audit their books of account. This means its applicable to salaried individuals and those individuals whose incomes are not requried to be audited by a practicing chartered accountant.
The tax filing due date for Individuals whose books of accounts are not required to be audited for the financial year ending 31st march 2021 (FY 2020-2021) was 31st July 2021 which has been extended by CBDT till the 31st December 2021.
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 March 2022 for the financial year 2020-21. But the filing of such return will be treated as a belated return and not the original return that you could have filed before the due date.
But filing your Income Tax Return after 31st march 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 march 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 within 1 year from the end of the financial year. This means before 31st march 2022 you must file your Income Tax Return related to the financial year 2020-2021 (the assessment year 2021-2022)
Similarly, for the financial year 2021-22 (the assessment year 2022-23), you must file your Income Tax Return on or before the due date applicable i.e. 31st July 2022 in order to avoid penatl interest and late fee. If you missed the due date of filling, then make sure the tax return is filed on or before 31st March 2022. After the end of 1 year from the end of the financial year, you are not allowed to file your Income Tax Return for the respective financial year.
If you file your ITR on or before 31st March of the assessment year relevant to the previous year, then such IT returns can be revised number of times based on your requirements.