ITR Filing Last Date FY 2021-22 (AY 2022-23) – Income Tax Return Due Date

When it comes to ITR filing or Income Tax Return Filing, an individual is expected to do it within a set period. There are various ways to ensure timely filing of their income tax return. If not done on time, one is liable to pay a penalty of ₹ 5000. Other than the penalty, there are also certain other consequences that an individual has to face. 

The last date for the ITR filing is July 31, 2022, for the financial year (FY) 2021-22 or Assessment year (AY) 2022-23.  

Filing ITR in time can bring in numerous benefits, from quick visa processing to easy loan approvals. So, before we dive into the advantages and the consequences of filing an ITR on time, let us first check out the whole procedure:

How to File an Income Tax Return

In order to file an income tax return, one has to go through the following steps:

• Firstly, one has to log into the Income Tax Department portal – https://www.incometax.gov.in/iec/foportal and use their PAN card as a User ID. 

• An individual can find the form for their ITR filing. One needs to ensure that the relevant assessment year is chosen.

• Enter details from form 16 after opening the Return Preparation Software. 

• Compute all their tax and challan details. In case of no tax liability, one can skip this step.

• Confirm all the details and generate an XML file. 

• Go to the ‘Submit Return’ section and upload the XML file. 

• The portal might ask for a digital signature. 

• You will then get a message confirming your submission of the e-filing of your ITR. The ITR verification would also have been generated, and you can download it easily. The same will be mailed to your registered email ID. 

• You must now follow the last step to e-verify the return. There are various modes via which you can easily e-verify the return. Here they are:
  • Netbanking
  • Bank ATM
  • Demat Account Number
  • Registered Mobile Number & Email ID
  • Aadhaar OTP 
  • Bank Account Number

Consequences of not Filing Your ITR on Time

As mentioned before, there are a few consequences that any individual has to face in case they have not filed their ITR.

• Tax Evasion

Whenever someone does not file their income tax return, whether because it slipped their mind or something else, there is only one perception that the income tax authorities see it. And that is that the individual is trying to commit tax evasion. The authorities can take some of the major actions that can lead one to the trouble of prosecution. They can also levy a tax penalty of up to half of the income tax amount evaded. 

Imprisonment is also a possibility in such cases where the individuals might be subjected to it for 3 months to 2 years, completely depending upon the tax money evaded. 

• Late Returns

If an individual misses the deadline of their income tax return filing but files them at a later date, they will also be subjected to late returns. They will also be subjected to a late fee when filing for an ITR after the due date. 

• Loss of Benefits

At the time of failure of not filing an ITR return on time, there comes a loss of a few benefits. Now, these benefits would have been something to take advantage of when one filed their ITR on time. This also includes benefits such as carrying forward losses. 

• Interests

Once a person misses their ITR filing, they are liable to be paid an interest of 1% a month or just a part of the respective month for the remaining unpaid amount of the tax.

Consequences for Different Entities for Not Filing ITR on Time

Late fees are always something that any individual or an organization is very much liable to pay in case they have not filed their ITR. That being said, the provisions for the amount vary as per the type of entity. However, they can be differentiated in the following manner:

• A Salaried Person or Self-Employed Person

For a salaried person, the penalty is ₹ 5000, given that they have filed their ITR after the 31st of August but before the 31st of December. The amount might get lowered to ₹ 1000 since the person’s income does not exceed ₹ 5 lakhs. 

There are provisions in place that may even lead to a ₹ 10,000 compensation in total in case there is any delay in the ITR filing. 

• A Company

The delay in filing an ITR for a company is also the same as that of a salaried person or a self-employed person. However, the costs are incurred by an organization in this case rather than an individual.

• A Senior Citizens

When it comes to senior citizens having to pay a late fine of ₹ 10,000 in case they have not declared their ITR on or before the due date. And in case their annual income is below.

Possibility of Non-Payment of ITR Penalty for Late Filing

One is liable to pay a set amount for the late filing of their ITR. However, suppose the individual is able to provide an explanation that is suitable at the discretion of the respective income tax officer. In that case, they may not have to pay the penalty. That being said, it all depends on the Income Tax officer and if they find the reasoning acceptable or not.

Advantages of Filing Your ITR on Time

• VISA Application

It has been proven for years now that while applying for a VISA, one must also include proof of ITR, which can help in the likelihood of their application being accepted. ITR is basically proof that an individual is a responsible citizen. And in recent times, proof of ITR is actually a necessity due to all the security concerns, especially in some countries.  

• Loan Acquisitions

In case you have a car loan, house loan, or any similar loan to acquire, then ITR offers great proof of assurance to the lender that you are a responsible citizen. 

• Setting Off Losses

In case you have a stock market loss, you should file for a return. It may be NIL. However, it is required to carry forward the losses to next year. In case of setting off of capital losses, and regardless of profits and losses, one needs to file their ITR. Furthermore, the filing of the ITR comes as a necessity at a time when there are foreign stock investments involved. 

• Proof of Address 

The proof of ITR is counted as among the acceptable proof of address. It can be shown in various government offices in order to get some of the documentation done. Some of the inclusions for which it can be utilized are Aadhaar Card, License, Passport, etc. 

Unverified ITR

There are cases when the ITR is not verified within a 120-day time limit. With respect to such cases, the income tax department does not take the income tax return to be a valid one. Additionally, one’s ITR is not taken for further processing when it is not verified. That being said, after this, one is not liable for a tax refund that they might have claimed. 

Hence, it is quite significant that one has already verified their ITR, after which it has to be confirmed by the income tax department for further processing.

IT Filing Due Dates

The ITR filing dates depend on the taxpayer categories. Here they are:

• Individual / HUF/ AOP/ BOI (where the books of accounts do not require to be audited) – 31st July 2022
• Businesses (After being audited) – 31st October 2022
• Businesses (Requires TP Report ) – 30th November 2022

Now, one may or may not be familiar with such a thing as a tax calendar that is a must to be kept in mind: 

• 15th June 2022

The first installment of advance tax has to be paid for the Financial Year (FY) 2022-23

• 31st July 2022

Filing for Income Tax Returns for the Financial Year (FY) 2021-22 – This applies to individuals and companies not subject to a tax audit. They also do not have to be not engaged in any international or specified domestic transactions.

• 15th September 2022

The second installment of advance tax has to be paid for the Financial Year (FY) 2022-23.

• 30th September 2022

Under Section 44AB – This is the due date for submitting the audit report for AY 2022-23. This is valid for taxpayers who are eligible for audit under the Income Tax Act.

• 31st October 2022

The due date for ITR filing for taxpayers who need to be audited. This is for ones who do not have international or specified domestic transactions.

• 31st October 2022

The submission of an audit report for AY 2022-23 has to be done – This is for taxpayers with transfer pricing and specified domestic transactions.

• 30th November 2022

ITR filing date for taxpayers who need to be audited. These have to be the taxpayers who have international or specified domestic transactions.

• 15th December 2022

The third installment of the advance tax has to be paid for the Financial Year 2022-23

• 31st December 2022

This is the last date to file a revised or a delayed return for Financial Year (FY) 2021-22.

• 15th March 2023
  • This is when the fourth advance tax installment payment has to be done for the Financial Year 2022-23.
  • This is also the due date for the advance tax in its entirety for FY 2020-21 for taxpayers, which is covered by Section 44AD and 44ADA’s presumptive scheme.

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ITR Filing Last Date FAQs: