What is the due date to file ITR for Companies for AY 2021-22?
What are Financial Year (FY) and Assessment Year (AY)?
You must understand that the return you are filing currently is for the income you earned in FY 2021-22,i.e. for the income earned between 1 April 2021 and 31 March 2022. The assessment year will be the year in which you file your returns and declare the income for tax assessment. For the income earned during the FY ( here FY 2021-22), the assessment year would be the immediate next year, i.e. 1st April 2022 to 31st March 2023. Hence, the assessment year would be AY 2022-23.
What happens if you miss the return filing deadline?
Interest: If you file your return after the due date, you will have to pay interest under Section 234A @ 1% per month or part month on the unpaid tax amount.
Late fee: A late fee of Rs. 5000 under Section 234F will need to be paid. It shall be reduced to Rs 1,000 if the total income is less than Rs 5 lakh.
Loss Adjustment: If you have incurred losses from the stock market, mutual funds, properties, or any of your businesses, then you can carry them forward and adjust them with next year’s income. This helps in significantly lowering your tax liability. Loss adjustment is permitted only if you declare the losses in your ITR and file it with the income tax department before the deadline.
Belated Return: If you miss the ITR filing due date, you can file a return after the due date, called a belated return. But still, you will have to pay the late fee, interest and will also not be allowed to carry forward the losses for future adjustment. The income tax department has also specified the due date of filing the belated return which is 31st December of the assessment year (unless extended by the government). For this year, you may file the belated return latest by 31 December 2022.
Important due dates of income tax return filing for FY 2021-22
Whenever we talk about income tax, there are certain compulsory tax formalities that need to be followed within the specified due dates, such as filing income tax returns, paying advance tax on time, etc.
Here is the TAX CALENDAR for the FY 2021-22 (AY 2022-23):
| Due date | Nature of Compliance | Compliance Particulars | Forms/ documents |
| 15.06.2022 | Advance tax | First instalment for FY 2022-23 | Challan No./ITNS 280 |
| 31.07.2022 | ITR filing (for non-audit cases) | ITR filing for FY 2021-22 | Applicable ITR Form |
| 15.09.2022 | Advance tax | Second instalment for FY 2022-23 | Challan No./ITNS 280 |
| 30.09.2022 | Tax audit report (other than transfer pricing) | Tax audit report for FY 2021-22 | Form 3CA/3CB and 3CD |
| 31.10.2022 | Transfer Pricing Report (undertaken international or specified domestic transactions) | Submission of reports for FY 2021-22 | Form 3CEB |
| 31.10.2022 | ITR filing (for audit cases without transfer pricing) | ITR filing for FY 2021-22 | Applicable ITR Form |
| 30.11.2022 | ITR filing for transfer pricing cases | ITR filing for FY 2021-22 (if having international or specified domestic transactions) | Applicable ITR Form |
| 15.12.2022 | Advance tax | Third instalment for FY 2022-23 | Challan No./ITNS 280 |
| 31.12.2022 | Belated return or revised return filing | Belated return or revised return for FY 2021-22 | Belated/revised return |
| 15.03.2023 | Advance tax | 1. Fourth instalment for FY 2022-23 2. Single and final instalment for taxpayers opting for presumptive taxation scheme for FY 2022-23 | Challan No./ITNS 280 |
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