What is the due date in respect to income tax?

Specified persons are required to file ITR with the income tax department after the end of each financial year. To ensure timely filing of returns, the tax department has defined the last date up to which a person can file the return without paying any late fees. This last date is called the due date of filing an Income Tax returns.
The due date of filing an Income Tax Return varies depending on the type of assessees viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI, and audit applicability.
Generally speaking, individuals and entities, those who have to undergo an audit have a later deadline than those filing Income Tax Return without going through an audit.

What are the due dates of Income Tax Return Filing for FY 2022-23(AY 2023-24)?

Due date of filing return of income by Individuals & HUF - For FY 2022-23 (AY 2023-24)

An individual or HUF are required to file ITR up to 31st July of the relevant assessment year in normal case scenarios i.e, in case if no audit is required or if the same belongs to the category of the non-working partner of the firm whereas in case if the audit applies to the assessee or to the firm or LLP to which our assessee is a working partner then the due date would be 31st of Oct of the relevant assessment year.

Due date of filing return of income by Firm - For FY 2022-23 (AY 2023-24)

Due date of filing return of income by companies - FY 2022-23(AY 2023-24)

In case of companies it is material that whether the company is a foreign company or a domestic one, it needs to file a return of income upto 31st of October of the relevant assessment year.

Due date of filing return of income by Trusts, political parties etc - FY 2022-23( (AY 2023-24)

Due date of filing return of income in special cases - FY 2022-23 (AY 2023-24)

in case of transfer pricing the due date is relaxed up to 30th of November.
However, in case any assessee files his return of income but came to know that the return is filed with some wrong data then he has an option to file a revised return by 31st of December of that year.
Further, it may happen that any assessee forgets to file the return of income on or before the due date in such a case, the return of income can be furnished up to the 31st of December with the payment of late fees as applicable.

Note:

1. An audit is required for
   1. A Company
   2. An Individual requiring an audit of accounts or
   3. A working partner of a firm Or Firms, LLPs etc., requiring an audit of accounts
2. As per section 92E, a person who enters into international or specified domestic transactions is required to submit a report u/s 92E.

What are the due dates for making payment of Advance Tax instalments?

The due dates for the payment of advance tax are:

Note:

• You have to pay advance tax only if your total tax liability is Rs. 10,000 or more in a financial year.
• Any tax payment made on or before 31st March of same FY shall also be treated as advance tax

What is the due date for making TDS Payments?

The due date for making monthly TDS payments can be better understood in terms of Government and non Government assessees as under:-

Note:

• Tax deducted by a Government assessee without challan (i.e. treasury Challan) should be deposited on the same day of deduction. However, in the case of deduction under section 192(1A), it must be deposited on or before seven days from the end of the month in which such deduction is made, where tax is paid and accompanied by an income-tax challan.
• - Tax deducted on the acquisition of immovable property u/s 194IA must be deposited within 30 days from the end of the month in which payment of consideration is made.

Note*:
Under section 192(1A), the payment has to be made within seven days (7 days) of the last day of the month in which the deduction is made or income tax is due.

What is the due date for filing a TDS return?

The due date for submission of quarterly TDS Returns for FY- 2022-2023 in Form 24Q, Form 26Q, Form 27Q & Form 27EQ by Government or Non-Government deductors are:

Note:
Form 24Q is a quarterly statement for the Return of TDS details on Salary Payments.
Form 26Q is a quarterly statement for Return of TDS details on Other than Salary Payments (Domestic).
Form 27Q is also a quarterly statement for Return of TDS details on Other than Salary Payments (NRI/Foreign). Form 27EQ is for TCS Return.

Due Dates to issue TDS certificates (Form 16)

Note:
Form 16A & Form 27D is issued within 15 days from the due date of furnishing the TDS / TCS return.
Form 16A is for TDS deducted on income other than salary
Form 27D is Tax Collection Certificate(TCS)

What is the interest and penalty for delay in filing returns?

Conclusion

Given the new reforms, it is quite clear that waiting for the last date (end of financial year) will not work anymore. Now, you are required to keep track of your tax filing requirements more than ever. For any further clarification, comment in the section below or for guidance related to tax filing, Contact Us Now!!