Has the Income Tax Due Date for AY 2022-23 Extended?

The one word answer to this is "NO" to income tax due date for AY 2022-23 has not extended. However, if you have missed filing your income tax returns, here's what you have to do.

What if the due date for filing the return is missed?

If the original due date for filing an income tax return is missed, you can file a return later after the due date - such return is known as a "belated return". The income tax agency also mentions the date by which the belated return must be filed. This deadline has been pushed back three months to December 31st of the assessment year (unless extended by the government).

However, if you file your ITR after the deadline, you'll have to pay a penalty under Section 234F. A taxpayer can be charged up to ₹10,000 in late filing fees. The IT Department, on the other hand, imposes a ₹1,000 penalty on those whose income does not exceed ₹5,000,000. This provides financial relief to these taxpayers.

The penalty for filing a late return is described in the following table:

Date of Filing Return Penalty for Taxpayers with Total Income More Than ₹5,00,000 Penalty for Taxpayers with Total Income Less Than ₹5,00,000

Up to prescribed time limit u/s 139(1)

A late filing fee is not applicable

A late filing fee is not applicable

After time limit

₹5,000

₹1,000

How to claim an income tax refund after the due date?

You can only claim an income tax refund at the time of filing an ITR (Income Tax Return). If you miss the deadline for filing your ITR, you can submit a belated return on or before December 31st of the Assessment Year (AY). For late filing of a return, a penalty of Rs 5,000 is charged. Having said that, if the person's total income is less than Rs 5 lakh, the cost is only Rs 1,000.

Suggested Read: How to Check the Status of Income Tax Refund

After the due date, under what Section of the Income Tax Return is filed?

A belated return, that is, the return filed after the due date, is allowed under Section 139(4). For late filing of a return, a penalty of Rs 5,000 is charged. Having said that, if the person's total income is less than Rs 5 lakh, in that case, the penalty to-be paid is only Rs 1,000.

How do you make changes to your tax returns after the due date?

Due to some amendments, if the taxpayer needs to make changes to the original return, he or she can do so by using a revised return under Section 139(5). On or before the 31st of December of the Assessment Year, you can file a belated return.

Once this deadline has past, taxpayers will not be able to file any returns. If the return was missed due to an unforeseen circumstance, you can ask your A.O. asking for permission to file past returns under Section 119.

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What is the meaning of “due date” as per Income Tax?

After the conclusion of each financial year, certain specified people are required to file an Income Tax Returns with the Income Tax Department.

To ensure that returns are filed on time, the tax department has established a deadline by which a person can file a return without having to pay late fees. This last date is known as the “Income Tax Return Due Date”.

The deadline for filing an Income Tax Return varies based on the type of the taxpayer; for example - Individual, HUF, firm, LLP, company, trust, and AOP/BOI; and whether or not an audit is required.

Taxpayers who file their return beyond the due date will be subject to interest under Section 234A and a penalty under Section 234F.

What are the due dates of Income Tax Return Filing for AY 2022-23?

For Individuals and HUFs - the due date for filing their income tax returns for financial year 2021-22 (AY 2022-23) are as follows:

Category of Taxpayer Due Date for Tax Filing- AY 2022-23*(unless extended)

Individual / HUF/ AOP/ BOI

(books of accounts not required to be audited)

31st July 2022

Businesses (Requiring Audit )

31st October 2022

Businesses (Requiring TP Report )

30th November 2022

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Disclaimer13

Important Income Tax Return Filing Due Dates for AY 2022-23

When it comes to income tax, there are a number of mandatory tax formalities that must be completed within the specified due dates/ deadlines, for example, filing income tax returns and paying advance tax on time, and so on.

Here is the TAX CALENDAR for the AY 2022-23:

Due Date Tax Due

15th June 2022

First instalment of advance tax for the Financial Year (FY) 2022-23

31st July 2022

Filing Income Tax Returns for the Financial Year (FY) 2021-22 – Individuals and companies who are not subject to a tax audit and have not engaged in any international or specified domestic transactions

15th September 2022

Second instalment of advance tax for the Financial Year (FY) 2022-23

30th September 2022

Under Section 44AB - Submission of audit report for AY 2022-23 – Taxpayers eligible for audit under the Income Tax Act

31st October 2022

ITR filing for taxpayers who need to be audited (not having international or specified domestic transactions)

31st October 2022

Submission of audit report for AY 2022-23 – For Taxpayers with transfer pricing and specified domestic transactions

30th November 2022

ITR filing for taxpayers who need to be audited – Having international or specified domestic transactions.

15th December 2022

The third instalment of advance tax for the FY 2022-23

31st December 2022

The last day to file a revised or a belated return for Financial Year (FY) 2021-22.

15th March 2023

i. The fourth advance tax instalment payment for the Financial Year 2022-23.

ii. The due date for the entire amount of advance tax for FY 2020-21 for taxpayers covered by Section 44AD and 44ADA's presumptive scheme.

What is the due date to pay advance tax instalments?

Having learned when the last date for filing an ITR is, the following table will help you to find out when advance tax payments are due for the current financial year.

The deadlines/ due date for paying advance tax are as follows:

Instalment Number Due Date (Deadline) For all taxpayers (except taxpayers referred in next column) Taxpayer declaring income under presumptive schemes under Sections 44AD / 44ADA

1st

Till 15th June of FY

15% of the amount of advance tax

Nil

2nd

Till 15th September of FY

45% of the amount of advance tax

Nil

3rd

Till 15th December of FY

75% of the amount of advance tax

Nil

4th

Till 15th March of FY

100% of the amount of advance tax

100%

Note:

  • If your total tax payable in a financial year is ₹ 10,000 or higher only than you must pay advance tax.
  • Any tax payment made on or before the 31st of March of the same financial year is considered advance tax.

What is the due date to file TDS returns?

A deductor must file a TDS return after paying TDS. The following is the TDS return deadline:

A Quarter of a Financial Year Quarter Period TDS Return Filing Date

1st Quarter of the Financial Year

1st April to 30th June

31st July

2nd Quarter of the Financial Year

1st July to 30th September

31st October

3rd Quarter of the Financial Year

1st October to 30th December

31st January

4th Quarter of the Financial Year

1st January to 31st March

31st May

What are the benefits of filing ITR before the due date?

Filing ITRs on time not only makes you a responsible citizen of the country, but it also provides you with a number of advantages. The following are a few of these benefits:

  • If you file your income tax returns on time your chances of getting a car loan, a house loan, and other types of loans improve.
  • When you file your ITR on time, you will receive your refunds as soon as possible.
  • ITRs can be used to prove address and income, both of which are required when applying for a loan or visa.
  • Most consulates and embassies need you to submit copies of your income tax returns for the previous two years when applying for a visa.
  • Taxpayers are unable to file an ITR without first paying their taxes. Section 234A requires the payment of interest at the rate of 1% per month beginning on the due date of taxes and continuing until the date of payment. You can avoid paying additional interest if you file your tax return on time. As a result, the longer you delay to pay taxes and file returns, the higher your tax bill will be.

Suggested Read: Benefits of Filing Income Tax Returns Regularly

Conclusion

The conclusion of this article is now at hand. Using this guide, you can file tax returns with ease. Having a clear understanding of all tax-related dates can make this process smoother and more convenient.

Similarly, knowing about various tax-saving financial products, can help you save tax. To do so, fill in your details and connect with a trusted financial advisor NOW!