Income tax return for company due date

Income tax return for company due date

The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty. The taxpayers filing their return beyond such due date will have to pay interest under section 234A and penalty under section 234F.

Latest Updates

Latest Update:
CBDT has issued a circular on 9th Sep 21 extending the timelines for certain direct tax compliances for AY 2021-22.

1. ITR Filing due date extension:
i) ITR filing by taxpayers not covered under audit is extended from 30th Sep 21 to 31st Dec 21
 ITR filing for Tax audit cases is extended to 15th Feb 22 
iii) ITR filing for 
transfer Pricing is extended to 28th feb 22
iv) ITR filing of 
Belated or Revised Return for FY 20-21 is extended from 31st Dec 21 to 31st March 22

2. Furnishing Audit Report:
i) 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

It is important for all taxpayers to remember the due date of filing income tax returns. The due date varies on the basis of taxpayers. For instance, salaried individuals are usually required to file their income tax returns by the 31st of July whereas Corporates covered under audit can file their returns by 31st September of the assessment year (unless extended by the government).

Income tax filing due dates for the FY 2020-21 (AY 2021-22)

Category of TaxpayerDue Date for Tax Filing – FY 2020-21
Individual / HUF/ AOP/ BOI
(books of accounts not required to be audited)
31st December 2021
(extended from 31st July)
Businesses (Requiring Audit)15th February 2022
(extended from 31st October 2021)
Businesses (Requiring TP Report)28th Feb 2022
(extended from 30th Nov 2021)

Important Due Dates of Income-tax return filing for the year 2021

Whenever we talk about income tax, there is various kind of compulsory tax formalities that need to be followed by a person and that too within the specified due dates prescribed, such as filing of income tax returns, paying advance tax on time, etc.

Here is the TAX CALENDAR for the FY 2020-21 (AY 2021-22) 

Due DateTax Due
15th June 2021Due date for the first instalment of advance tax for the FY 2021-22
15th September 2021Due date for the second instalment of advance tax for the FY 2021-22
15th December 2021Due date for the third instalment of advance tax for the FY 2021-22
31st December 2021Income tax return filing for FY 2020-21 for individuals and entities not liable for tax audit and who have not entered into any international or specified domestic transaction
15th January 2022Submission of audit report (Section 44AB) for AY 2021-22 for taxpayers liable for audit under the Income Tax Act.
31st January 2022Submission of audit report for AY 2021-22 for taxpayers having transfer pricing and specified domestic transactions
15th February 2022ITR filing for taxpayers requiring audit (not having international or specified domestic transactions).
28th February 2022ITR filing for TP cases (for taxpayer having international and specified domestic transaction).
15th March 2022i. The fourth instalment of advance tax due for the FY 2021-22
 The due date for the whole amount of advance tax for FY 2020-21 for taxpayers covered under the presumptive scheme of Section 44AD and 44ADA
Read about how to calculate and pay Advance Tax.
31st March 2022Last date for filing a belated return or revised return for FY 2020-21.

What if you missed filing the return within the due date?

If the due date for filing the original return of income is missed, one can file a return later after the due date, called a belated return. The due date of filing the belated return is also specified by the income tax department. This date is now reduced by 3 months to 31st December of the assessment year (unless extended by the government).

However, the CBDT has extended the due date for filing revised or belated return for FY 2020-21 from 31st December 2021 to 31st March 2022.

For more info visit TAXAJ
Posted by Ramesh Kumar Gupta

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