In India, an individual is required to file his income tax return on or before the due date of filing if income for the financial year is over the basic exemption limit.
Basic exemption limit has been fixed by the government for each financial year in our annual budget.
For the financial year 2020-21 (AY 2021-22) and financial year 2021-22 (AY 2022-23), the basic exemption limit for an individual who is below 60 years of age during the financial year is Rs. 2, 50,000.
In the case of a senior citizen who is 60 years or more but less than 80 years of age, this limit has been set to Rs. 3, 00,000.
Individuals who are 80 years of age or more, the basic exemption limit applicable for the financial year 2020-21 (AY 2021-22) and financial year 2021-22 (AY 2022-23) is Rs. 5, 00,000.
For the financial year 2021-22, you have option to go for new tax regime instead of old tax regime. You need to check if new tax regime is beneficial to you. Income tax rates are the same that was applicable to last financial year 2020-21 as no changes are made by the Government.
If you are liable to file an income tax return then it’s required to be filed on or before the specified due date.
Due date for filing income tax return – FY 2021-22 (AY 2022-23)
As per section 139(1) of Income-tax act 1961, for the financial year 2021-22, an individual whose accounts are not required to be audited under section 44AB is required to file his Income Tax Return on or before 31st July 2022.
If accounts are required to be audited under section 44AB, then instead of 31st July, the actual income tax filing due date is 31st October of the relevant assessment year. This means, in this case, for the financial year 2021-22 (AY 2022-23), the due date of filing ITR would be 31st October 2022. Please note, with effect from the assessment year 2020-21 (FY 2019-20), the 30th September due date has been extended permanently to 31st October.
These income tax return filing due dates can be extended by the Government Of India. If it’s extended, then the new extended date will be considered as an actual due date of filing.
Table Showing Income Tax Return filing due dates for the Financial year 2021-22 (AY 2022-23)
| Individual | ITR filing due date for the financial year 2021-22 (AY 2022-23) |
| If Audit under section 44AB is not Required (Applicable to salaried individuals and self-employed persons whose accounts are not requried to be audited) | 31st July 2022 |
| If Audit under section 44AB is Required | 31st October 2022 |
You can file your income tax return (ITR) even after the above mentioned due dates. However, the late filing fee will have to be paid under section 234F while uploading the IT return.
Section 234F has been inserted from the financial year 2017-18 (AY 2018-19) by the government of India in the Income Tax Act, 1961. This means, if you file your income tax return for the financial year 2021-22 after the due date of filing, then late fee will be charged based on your income.
Also Read: Consequences of Late or Non Filing of the Income Tax Return
As per section 234F, an individual is required to pay a fee of up to Rs 5,000 for filing income tax return after the due dates. Such type of returns filed after the due date are called belated return.
However, the income tax return cannot be filed after 31st December of the relevant assessment year. This means, Income Tax return related to the financial year 2021-22 (AY 2022-23) cannot be filed after 31st December 2022.
If it’s filed after 31st July 2022 but before 31st December 2022, then it will attract a late filing fee under the section 234F for the delay.
We have some more disadvantages if you do not file your income tax return on or before the date of filing. For instances, losses under the head ‘Profits and Gains of Business or Profession’ or ‘Capital Gains’ cannot be carried forward to eight years to set-off against incomes of the future years, subject to certain conditions.
The assessee is also required to pay interest under section 234A @ 1% per month (or part thereof) for the delay in filing the return along with the outstanding tax liability and interest under section 234B and 234C.
Due date of filing of return of income – All cases
| Sr. No. | Status of the taxpayer | Due date for the financial year 2021-22 (AY 2022-23) | Extended due date for the financial year 2021-22 (AY 2022-23) |
| 1 | Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below) | 31st October, 2022 | – |
| 2 | Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E | November 30, 2022 | – |
| 3 | Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law | 31st October, 2022 | – |
| 4 | A working partner or partner of a firm whose accounts are required to be audited under this Act or under any other law. | 31st October, 2022 | – |
| 5 | Any other assessee | 31st July, 2022 | – |
