In the previous article we discussed who is required to file the Return of Income / Income Tax Return also known as ITR (If you have not read it yet, read it here.
Now that we know who is required to file ITR it is important to know when to file it. It is a statutory compliance thing and you cannot file it as per your will and wish. So there are due dates before which we need to file our Return of Income if we are required to file it.
Due date of filing Return of income for various categories of assesses is as under
- For Companies, other assessees whose accounts are subject to audit and working partners of a firm whose accounts are audited is 31st October of the Assessment Year (For example due date for filing ITR for such assessees for FY. 2020-21 would be 31st October 2021)
- For transfer pricing assessees, it is 30th November of Assessment Year (i.e. for FY. 2020-21 it would be 30th November 2021)
- For other assessees, it would be 31st July of Assessment Year (like individuals who have only salary income, etc.)
There are various consequences of not filing return of income on / before due date like penalty, late filing fees, interest, etc., which would be explained in, detailed in later parts.
Please Note: All efforts are made to make the information true and accurate. Any error / omission is unintentional. Please contact your CA / CPA for proper planning.
The author can also be reached at sagardevani139@gmail.com
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