Importance of the due date
To avoid any interest or late fee from the income tax department, you should file your income tax returns within the due date set by the Income Tax Department.
The due date is the date by which you should file your income tax returns to avoid any interest, penalty or late fee. In case you fail to file your tax returns within the due date, you shall have to pay interest under section 234A and penalty under section 234F. However, the income tax department can extend the due dates of a particular FY by issuing an official notification and notifying in the official Gazette.
What are the due dates for filing your income tax return
The due date differs from taxpayer to taxpayer. In case you are an individual, you will have to file your tax returns usually by July 31st of every assessment year.
Taxpayer category | Due dates |
Individuals/ Body of Individuals (BOI)/ Association of Persons (AOPs)/ Hindu Undivided Family (HUF), Trusts |
July 31st |
Companies/ Firms/ LLP/ Individuals and others who are subject to Tax Audit under the Income Tax Act |
October 31st |
Companies (Registered under Companies Act 2013) |
October 31st |
Taxpayers required to furnish Transfer Pricing Report as per Section 92E of the Act |
November 30th |
What happens if you fail to file your income tax return within the due date?
In case you miss filing your income tax returns within the due date, you will have to incur penal costs in the form of interest and penalty which have been mentioned below:
- Interest under section 234A: An interest of 1% per month or part of the month will be charged in the outstanding tax liability as computed in your return. You will have to pay interest from the due date till the date you actually file your return. However, if you do not have any tax outstanding or you have a tax refund, then no interest under section 234A shall be charged.
- Penalty under section 234F: A maximum penalty of INR 5,000 (INR 1,000 if your total income is upto INR 5 lakhs) is charged, if your income tax returns (ITR) is filed after the due date.
- Adjustment of losses: You will not be allowed to adjust and carry forward the losses you incurred during the year except for losses incurred under house property.