Answer By law4u team
Due Date for Filing Income Tax Return (ITR) in India In India, the due date for filing an Income Tax Return (ITR) depends on several factors, including the type of taxpayer (individual, company, partnership, etc.), the nature of the income, and whether the taxpayer is required to undergo an audit. The due dates are set by the Income Tax Department of India and may be revised annually through a notification in the official gazette. Below is a breakdown of the general due dates for filing ITR in India. 1. General Due Date for Individuals and HUFs (Hindu Undivided Families) For most individual taxpayers (including Hindu Undivided Families (HUFs)), the due date for filing the ITR for the Assessment Year (AY) is typically July 31 of the respective financial year (FY). For FY 2024-25 (Assessment Year 2025-26): The due date for filing ITR is July 31, 2025. However, if the due date falls on a weekend or public holiday, the due date will be extended to the next working day. Who falls under this category? Individuals, HUFs, and non-audited taxpayers (who don’t require tax audit under section 44AB of the Income Tax Act). 2. Due Date for Taxpayers Requiring Audit (Tax Audit) For taxpayers who are required to undergo a tax audit (for example, businesses and professionals whose annual turnover exceeds certain thresholds), the due date for filing ITR is extended. The typical due date for these individuals is October 31 of the assessment year. For FY 2024-25 (Assessment Year 2025-26): The due date for filing ITR is October 31, 2025. Who falls under this category? Businesses or professionals whose annual turnover exceeds the specified threshold and are required to undergo tax audit under Section 44AB. This also includes companies and firms whose financial statements need to be audited. 3. Due Date for Companies For companies (whether private or public), the due date for filing ITR is generally September 30 of the assessment year, regardless of whether they are required to undergo an audit. For FY 2024-25 (Assessment Year 2025-26): The due date for filing ITR is September 30, 2025. This due date applies to both domestic companies and foreign companies doing business in India. 4. Due Date for Taxpayers with Overseas Income (Foreign Assets) For taxpayers who have foreign income or foreign assets, such as income from foreign investments or bank accounts, the due date for filing the ITR is generally extended by one month. For FY 2024-25 (Assessment Year 2025-26): The due date for filing ITR is September 30, 2025. This extended due date applies to individuals and HUFs with foreign income and/or foreign assets (whether they are required to be audited or not). 5. Extended Due Date for Belated Returns If the taxpayer misses the regular filing deadline, they can still file the Income Tax Return under the provision of a belated return. A belated return can be filed any time before December 31 of the assessment year or within a period of 12 months from the end of the relevant assessment year, whichever is earlier. For FY 2024-25 (Assessment Year 2025-26): The due date for filing a belated return is December 31, 2025. However, filing a belated return may lead to penalties, interest on unpaid taxes, and the loss of certain exemptions or deductions. 6. Due Date for Filing ITR for Charitable Trusts and Non-Profit Organizations In case of charitable trusts, NGOs, and other similar non-profit organizations that are exempt under Section 12A or 80G, the due date for filing the return is July 31. For FY 2024-25 (Assessment Year 2025-26): The due date is July 31, 2025. However, if the charitable trust is also required to undergo a tax audit, the due date will be extended to October 31 of the assessment year. Consequences of Missing the ITR Filing Deadline If you fail to file the ITR by the specified due date, you may face several consequences: 1. Penalty: A penalty of up to ₹5,000 can be levied for late filing (under Section 234F). For individuals with income up to ₹5 lakh, the penalty may be reduced to ₹1,000. 2. Interest: You may be liable to pay interest under Section 234A on any outstanding tax dues from the original due date until the actual date of filing. 3. Loss of Refund: If you are eligible for a tax refund, the refund may be delayed if the return is filed late. 4. Ineligibility for Certain Deductions and Exemptions: Filing late may cause you to lose eligibility for certain exemptions, deductions, or rebates, including the carry forward of losses (such as house property loss or capital gains loss). 5. Prosecution: In case of deliberate attempts to avoid tax filing, criminal prosecution may be initiated. Summary of Key Due Dates Individual taxpayers (no audit required): July 31 of the assessment year. Taxpayers requiring audit: October 31 of the assessment year. Companies: September 30 of the assessment year. Taxpayers with foreign assets/income: September 30 of the assessment year. Belated returns: December 31 of the assessment year. Note that the government can extend these due dates through notifications, and extensions may be given in certain circumstances such as natural disasters or other events that disrupt normal operations. Conclusion Filing an Income Tax Return (ITR) on time is critical to avoid penalties and ensure compliance with tax laws. It’s essential to be aware of the applicable due dates based on your specific circumstances, including whether you are required to undergo a tax audit or have income from foreign sources. Keeping track of these deadlines and filing your ITR within the specified time frame will help ensure that you meet your tax obligations without facing unnecessary complications.
