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A generous four-month window to is opened for a tax return file that merely takes minutes, for the party to consolidate the income details for the financial year. The government demands taxpayers to file the ITR until the end of the assessment year (AY) relevant to the financial year (FY), unless extended. There is a provision to submit a revised file of return of income in case it comes to the assessee’s notice that there has been some error or wrong data included in the same. In special cases, recently due to the pandemic, for example, due dates are relaxed to three months (31 st December) before the end of the Financial Year (31 st March).Companies, trusts, and political parties are too expected to file their return of income by 31 st October 2022 for their accounts to be audited.Since most audit reports are due to be filled by 31 st September 2022, audit-requiring partner cases are to be filed by 31 st October 2022. An individual and HUF (professionals or individuals, small businesses with non-audit cases) date of filing return of income is 31 st July 2022.To ensure timely filing of returns and avoid collision of dates among the jamboree of assesses in the country, the tax department of India has defined some varied last dates up to which a person can file the return, depending upon their category- viz. Section 5 of the Limitation’s Act of 1963 observes that the Court may choose to accept the party’s Condonation of Delay appeal, provided they can procure apparent causes and circumstances that are deemed excusable according to the ordinance of the Court. Filing a Condonation of Delay is a relief to an individual or party who fails to file an appeal or suit in a limited time period called the Limitation Period. However, there’s ample respite too, and a delay might not immediately and inexorably attract a penalty. What to do in the event of missing a due date in filing the ITR?

The provision of belated returns is observed as the last chance to file an income tax return voluntarily, which is- three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier, and anything after that could spell trouble for the party.Īs the name suggests, a belated return is the one filed after the asseverate date mentioned under income tax rules. Usually, Income Tax Returns in India need to be filed before 31st July for individuals and non-audit cases, and 31st October for audit cases of the relevant assessment year.

The hubbub around the filing of an Income Tax Return, after the due date, is lawful and quite understandably obvious.