Income Tax Return Due Date

F.Y. 2020-21, A.Y. 2021-22 Income Tax Return Due Date

Due date to file income tax returns comes when one can file the returns without any late charges or penalties. The taxpayers who can file their return beyond such due date will have to pay interest under section 234A and sentence under section 234F.

All taxpayers need to remember the due date of filing income tax returns. The due date varies on taxpayers. For instance, if salaried individuals are usually required to file their income tax returns by 31st July, Corporates covered under the audit can file their returns by 31st September of the AY.

Also Income tax has introduce deadline Calendar for All upcoming due dates click here.

Income Tax Return Due Date for filing Income tax for the FY 2020-21 (AY 2021-22)

Categories of Taxpayer

Due Date for Tax Filing (FY 2020-21)

Individual / Hindu Undivided Family/ AOP/ BOI (books of accounts not required to be audited) 30th September 2021 (extended from 31st July)
Businesses (Requiring Audit) 30th November 2021 (extended from 31st October 2021)
Businesses (Requiring TP Report) 31st December(extended from 30th November 2021)
  • If you have received the salary, then you can upload your Form-16.
  • A freelancer or a person runs a small business or a home-based business like a general store or an e-commerce seller under Section 44AD or Section 44ADA.

Now, let’s understand all the ITR forms below:

ITR 1 form

To make tax compliance more manageable, the income tax department has categorized taxpayers into several groups based on income and its source. So accordingly, you are needed to file your returns. ITR-1, also named as Sahaj Form, it is for a person with up to 50 lakhs INR.

Eligibility for filing the ITR 1 for AY 2021-22?

ITR -1 Form is a normal one-page form for those individuals who are having income of up to 50 lakh INR from the following sources-

  1. Income earned from Salary/Pension
  2. Income earned from One House Property which excludes the cases where the loss is brought forward from previous years
  3. Income earned from Other Sources which excludes the winning from Lottery and Income earned from Race Horses

If a spouse or a minor is included in the scenario of clubbed Income Tax Returns, they can go ahead for this if their income has been limited to the above specifications.

Who is not eligible for filing ITR 1 for AY 2020-21?

  1. An individual having income above 50 lakh INR is not allowed to use this Form.
  2. During the financial year, a person who is either a director of a company or having any held unlisted equity shares is not allowed to use this Form.
  3. Residents who are not ordinarily resident considered as RNOR and non-residents are not allowed for filing the returns using the ITR -1
  4. Also, those individuals who have earned income through the following means are not eligible to file Form ITR 1 :
  • More than one House Property.
  • Lottery, Racehorses, Legal Gambling etc.
  • Capital gains are taxable (Short term and Long term).
  • Agricultural income is exceeding 5,000 INR.
  • Business and Profession.
  • An individual is a Resident who is having assets which includes the financial interest in any entity who is outside India or signing authority in any account which is located outside India.
  • Individuals can claim relief of foreign tax paid or double taxation relief under section 90/90A/91.

ITR 2 form

The income-tax department has categorized taxpayers based on income, source of income and many other factors for ensuring easy compliance.

Taxpayers who are earning incomes from different categories, thus, have to download and fill various Income Tax Return forms.

For instance, the ITR-2 Form is for those individuals and HUFs who are not carrying any profession or business.

Eligibility for filing ITR 2 for AY 2020-21 and 2021-22

ITR Form 2 are for those Individuals and HUF who are receiving Income other than Incomes from “Profits and Gains from various Business or Profession.” Thus persons who are earning income from the following sources are eligible for filing the Form ITR 2=

  • Income earned from Salary/Pension
  • Income earned from House Property (earning can be from more than one house property)
  • Income earned from Capital Gains/loss on sale of investments/property (Both can be Short and Long Term)
  • Income earned from Other Sources, which includes Winning from Lottery, bets on Race Horses and other legal means of gambling.
  • Foreign Assets/Foreign Income
  • Agricultural income more than 5000 INR
  • Resident who are not ordinarily resident and even considered as Non-resident

A Director of any company or an individual who has invested in unlisted equity shares of a company would be required to file their returns in ITR-2.

Who cannot file ITR 2 for AY 2020-21 and AY 2021-22?

  • Any individual or HUF having income earned from businesses or professions.
  • Individuals who are eligible enough for filling out the ITR-1 Form

ITR 3 form

The ITR 3 can be applicable for those individuals and HUF who have income from profits and gains from business or professions. The persons who are having income from the following sources are eligible to file ITR 3

  • Carrying on a business or work (both tax audit and non-audit cases)
  • The return may also include Income from House property, Salary/Pension, capital gains and Income from other sources

ITR 4 form

What is the ITR 4?

ITR-4 is the Form in which the Income Tax Return Form for the taxpayers who have opted for a scheme of presumptive income under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

However, if the business turnover mentioned above exceeds 2 Crores INR, the taxpayer would have to file ITR-3.

Who are eligible for filing the ITR 4?

ITR 4 is to be filed by those individuals/HUF/ Partnership firm whose total Income of AY 2020-21 is included as below=

  • Business income under section 44AD or 44AE
  • Income from profession calculated under section 44ADA
  • Salary/pension having income up to 50 lakh INR
  • Income from One House Property which is having income up to 50 lakh INR excludes the brought forward loss or loss which are to be carried forward cases under this head.
  • Income from Other Sources: We can earn up to 50 lakh INR, which also excludes the winning from lottery and income earned from horse races.
  • Note= Freelancers who are engaged in the above profession can also opt for this scheme if their gross receipts don’t exceed 50 lakhs INR.

Who is not eligible for filing ITR 4 for AY 2021-22?

  • An individual who are earning income from salary, house property or other sources above 50 lakh INR is not allowed to use this Form.
  • An individual person who is either a being a director in a company and has been invested in unlisted type of equity shares should cannot use this type of Form.
  • An individual, HUF or a partnership firm whose has books of accounts should have been audited under the section of Income Tax Act, 1961.

ITR 5 form

What is the ITR-5 Form?

This income tax return is specially meant for firms, Limited Liability Partnerships, Association of persons and Bois, Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.

Eligibility for filing the ITR-5 Form-

One can use this Form for a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), the estate of deceased, the estate of insolvent, business trust and investment fund, cooperative society and local authority. However, when a person shall not use this form when it is required for filing the return of income under the section 139(4A) or 139(4B) or 139(4C) or 139(4D).

ITR 6 form

What is the ITR-6 Form?

Companies other than those companies who claims for the exemption under the section 11 is required to furnish their income tax returns in the form of ITR-6.

What are the companies who claims for the exemptions under section 11?

Companies those who are claiming for the exemption under section 11 are those whose income from the property are held for public welfare like charitable or religious purposes.

ITR 7 FORM

What is the ITR-7 Form?

ITR-7 can be filed when persons have been included by the companies to fall under section 139(4A) or (4B) or (4C) or 4(D).

Who are eligible for filing the ITR-7 Form?

  1. Return under section 139(4A) is allowed to be filed by every person in receipt of income which have been derived from the property which is held under the trust or other legal obligation completely for charitable or religious purposes or considered in part of only for such purposes.
  2. Returns under the section 139(4B) are required to be filed by a political party if their total income is not giving effect to the provisions of section 139A and exceeds the maximum amount, which is considered as non-chargeable to income-tax.
  3. Returns under the section 139(4C) are required to be filed by every=
  • Association dedicated for Scientific research ;
  • Various news agencies ;
  • Association or institution which are referred in section 10(23A);
  • Institution referred to in section 10(23B);
  • Public welfare sections like funds or institutions or universities or various other educational institutions or any hospitals or other medical institutions.
  1. Returns under the section 139(4D) is required to be filed by every educational institution, who are not allowed for furnishing the return of income or other losses under the provision of this section.
  2. Return under section 139(4E) is required to be filed by every business trust, which is not allowed for furnishing the return of income or other losses under the provision of this section.
  3. Return under section 139(4F) is required to be filed by any investment fund who are referred to in section 115UB. It is not required to furnish a return of income or loss under any other provisions of this section.

Necessary Income Tax Return Due Date filing for the year 2021:

Whenever we talk about income tax, various kinds of compulsory tax formalities need to be followed. Within the prescribed specified due dates, such as filing income tax returns, pay advance tax on time.

Tax calendar for the FY 2020-21 (AY 2021-22)-

Due Date Tax Date
15th June 2020 1st instalment due date of advance tax for the FY 2021-22 
15th September 2020 2nd instalment due date of advance tax for the FY 2020-21
15th December 2020 3rd instalment due date of advance tax for the FY 2020-21
10th January 2021 Other than audit cases due date to file an income tax return for the FY 2019-20 (AY 2020-21)
15th February 2021 Due date for filing the Income-tax Return for FY 2019-20 for taxpayers whose accounts are subject to tax audit and TP audit 
15th March 2021  a.       The fourth instalment of advance tax is due for FY 2020-21.

b.       Due date for the entire amount of advance taxes for the FY 2020-21 for taxpayers which are covered under the scheme of presumptive of Section 44AD and 44ADA. 

What if you have missed filing your returns within the Income Tax Return Due Date?

In any case, if the due date for filing the original return of income have been missed, then one can file a return later after the due date called a belated return for the FY 2019-20 on or before 31st March 2021.

The income tax department also specifies the due date of filing the belated return. Now, this period has been reduced by 3 months to 31st December of the assessment year against the previous due date at the end of the assessment year. Hence the due date for filing the overdue return for FY 2020-21 will be 31st December 2021.

Frequently Asked Questions:

How to claim a refund of income tax after the Income Tax Return Due Date?

An income tax refund can be filed when you are filing ITR. Hence if you have missed the due date for filing ITR, you can file a overdue return. An overdue return can be filed either before completing the assessment year or by the end of the relevant assessment year, whichever can be earlier. You can also file a overdue return before 31st August 2019 or, at the most, by 31st March 2020 for assessment year 2019 – 20. However, a fine can be charged for an overdue return of 10,000 INR.

What is the method to file an income tax return when it exceeds the due date?

Because of any reason, if you have missed the due date for filing ITR, you can file an overdue return. An overdue return can be filed either before completing the assessment year or before the assessment is made. For the assessment year 2019 – 20, if you are filing an overdue return before 31st August 2019 or by 31st March 2020. However, the penalty will be charged for an overdue return of 10,000 INR.

How to make a payment for income tax after the due date?

If you have missed filing your return because of any reason within the due date and making payment of taxes, you can also do so by filing overdue ITR and paying the taxes to the government. Please note that the overdue return can be filed the latest before a completion of the Assessment Year.  However, there is a penalty will be going to charged for an outstanding amount return of 10,000 INR.

Under which section income tax return can be filed after the due date?

Section 139(4) allows an individual to file for an overdue return, i.e., returns after the due date. However, the taxpayer may have to pay a penalty of 10,000 INR for the delay in filing of return.

What is the due date for filing an income tax return?

Normally, the due date to file income tax returns is 31st July for individuals and non-audit cases and for the assessment year 31st September is considered for the audit cases. However, the due date for FY 19-20 have been extended by CBDT due to COVID -19; the extended due date for individuals and non-audit cases is 31st December 2020, and for audit cases, it is 31st January 2021.

How to make a revision of income tax returns before the Income Tax Return Due Date?

If the taxpayer is willing to revise the original return due to some amendments, the same can be followed by using revised return u/s 139 (5). A revised return can also be filed either before the completion of the assessment year or before the assessment is made.

How to make a revision of income tax returns after the due date?

If the taxpayer is willing to revise the original return due to some amendments, the same can be followed by the usage of revised return u/s 139 (5). Either before completing the assessment year or before the assessment is made, a revised return can be filed. Taxpayers also cannot be filed under any return once this date is passed; however, if the return was missed due to an extreme situation, you can also lodge a request to your assessing officer for seeking permission to file past returns u/s 119.

What will happens if the income tax return is not filed before the due date?

If the filing of an income tax return within the due date fails, an overdue return can be filed. However, charges will be applied for the filing of overdue returns. Hence it is advised of the timely filing of income tax returns unless it is in exceptional circumstances.

Which date is considered as the last date for filing ITR ? for Income Tax Return Due Date ?

For an individual, the 31st July and 30th September of the relevant assessment year and 30th September for those taxpayers whose accounts are subjected for auditing is considered as the late date for filing ITR. Due to pandemic, this date have been extended for AY 2020-21 to 31st December and 31st January respectively.

Which date is considered as the last date of ITR for AY 2020-21?

31st December 2020 is the last date for filing Income tax returns for FY 2019-20, which is for most individual taxpayers. The later date for income tax return filing for taxpayers whose accounts are needed to be audited is 31st January 2021. Because of the ongoing pandemic situation, these dates were extended. Filing of returns beyond the deadline can attract a penalty of up to 10 000 INR.

Leave a Comment