IT due dates for payment and filing for current FY

In this post, we will see income tax due dates for FY 2020-21 (AY 2021-22).

We will cover the following topics in this post:

• What is ITR filing?
• ITR filing Due Date for the FY 2020-21
• Important Tax Due Date
• Penality for late ITR filing

What is ITR filing?

The Income Tax Return (ITR) is a form where taxpayers report their tax liability, claim exemption, and report gross taxable earning. It is mandatory to file ITRs if the income is above the exemption limits, and it is filed by individuals, companies, LLP, NGOs’, partnerships firms. If failed to file ITR, they need to pay interest under Section 234A and penalty under Section 234F.

There are 3 different interests under Section 234 :

• Delay in filing ITR – Section 234A
• Delay in advance tax payment – Section 234B
• Deferred advance tax payment – Section 234C

They can file their ITRs through the official portal of the IT Department. It is notified with 7 forms, which are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.

ITR filing Due Date for the FY 2020-21 (AY 2021-22)

Category of Taxpayer	Previous due date	Extended due date
Individual / HUF/ AOP/ BOI (not liable for tax audit)	31st July 2021	31st Dec 2021
Taxpayers liable for tax audit (other than transfer pricing)	31st October 2021	15th Feb 2021
Taxpayers covered under transfer pricing	30th November 2021	28th Feb 2021
For Revised return / Belated return of income	31st Dec 2021	31st Mar 2022

Note:

• Senior citizens 75 and above, earning only pension and interest income are exempted from filing of ITR.
• The IT department launched pre-filled ITRs with additional details.
• The due date for late filing and revised returns is reduced by 3 months. Thus, IT department will process the returns and send a notice under Section 143(1) by 31st.

Important Tax Due Date

The table shows the important tax due date for FY 2020–21 (AY 2021–22):

Due Date	Tax Due
15th June 2021	The 1st instalment of advance tax for the FY 2021-22
15th September 2021	The 2nd instalment of advance tax for the FY 2021-22
15th December 2020	The 3rd instalment of advance tax for the FY 2021-22
31st December 2021	ITR filing for FY 2020-21 for individuals/ entities not liable for tax audit and who don’t have any international/specified domestic transaction
15th January 2022	Audit report submission (Section 44AB) for AY 2021-22 liable for audit
31st January 2022	Submission of the audit report for AY 2021-22 for taxpayers who have transfer pricing (TP) and specified domestic transactions
15th February 2022	ITR filing for taxpayers liable for audit (not having international/specified domestic transactions).
28th February 2022	ITR filing for TP cases (having international and specified domestic transactions).
15th March 2022	i. The 4th instalment of advance tax due for the FY 2021-22 ii. The due date for the whole amount of advance tax for FY 2020-21 who are covered under the presumptive scheme of Section 44AD and 44ADA
31st March 2022	Last date for filing a belated return / revised return for FY 2020-21.

Note:

• If the assessee fails to file his return on or before the due date, they can file a belated return.
• Due date to furnish the audit report is extended to 15th Jan 22
• Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan 22

Penality for late ITR filing

The following table shows the penalty taxpayers must pay as per Section 234F.

ITR filing date	Penalty (income less than 5 lakhs)	Penalty (income over 5 lakhs)
September 1 – December 31	INR 1,000	INR 1,000
January 1 – March 31	INR 1,000	INR 5,000

Note:

• The due date for FY 2020-21 is 31st Dec 2021under Section 234F.
• If taxpayers are eligible for income tax refunds, a delay in ITR due date results in receiving the money late. They must pay 1% interest on any amount that is pending.

With that, we have come to the end of this post.

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