Income Tax Return Filing for AY 2022-23- Know about deadlines

Financial Year 2021-22 has ended and everybody is now waiting for the filing of ITR for the year. Do you know that the Income Tax Department has already notified various ITR forms starting from ITR-1 to ITR-7? Filing of ITR on or before the due date is very important for every taxpayer. This article discusses the deadlines for ITR filing for various assessees including individuals, HUFs, LLPs, firms & companies for the A.Y. 2022-23 (FY 2021-22)

What is ITR e filing?

Every taxpayer is required to self-assess his/her taxable income for the financial year and file a declaration of such taxable income by way of a return to the Income Tax Department. This return is known as “Income Tax Return” (ITR). You are required to submit the ITR online through the portal of the Income Tax Department at https://eportal.incometax.gov.in/. The online filing of ITR is known as “ITR e filing”.

What are the due dates of filing ITR for the A.Y. 2022-23?

The due dates for income tax return filing are different for various categories of taxpayers. You should also be aware that the ITR forms for each category of taxpayers are different. The Income Tax Department has prescribed 7 forms for filing ITR. You should efile income tax return using the correct form on or before the due date prescribed by the Income Tax department.

Due dates of filing ITR for Companies AY 2022-23

• The due date of filing ITR is generally 31^st July 2022 for taxpayers (non-audit cases). However, in the case of the taxpayers where an audit is required under the Income Tax Act or any other law, the due date of filing ITR is 31^st October 2022.
• Since, the companies are required to get accounts audited as per the provisions of the Companies Act, 2013, the due date for the companies may be construed as 31^st October 2022. The companies including One-Person Companies are required to file their ITR in Form ITR-6. You should also keep in mind that if the company is liable for a tax audit, the due date of furnishing the tax audit report is 30^th September 2022.
• However, in the case of companies claiming exemption under section 11, Form ITR-7 has been prescribed for income tax e-filing.
• Please note that the e-filing of income tax returns is compulsory in the case of companies irrespective of the amount of taxable income.

Due date of filing ITR of LLPs AY 2022-23

• It is compulsory for an LLP to file its ITR irrespective of the amount of taxable income.
• Where LLP is required to get its accounts audited either under the Income Tax Act (Tax Audit) or under any other law (LLP Act), the due date of filing ITR will be 31^st October 2022. Otherwise, the LLP is required to file its ITR on or before 31^st July 2022 of every year.
• Form ITR-5 has been prescribed in the case of LLPs to file an income tax return.
• It is also important to keep in mind that in case a tax audit is required for LLP, the due date of furnishing the tax audit report is 30^th September 2022.

Due date of filing ITR of firms AY 2022-23

• Income Tax e-filing of return is mandatory in the case of partnership firms irrespective of the quantum of taxable profits. Even in the case of losses, a partnership firm should file its ITR online.
• If the tax audit is required in the case of a partnership firm, the due date of furnishing the tax audit report is 30^th September 2022. In such a case, the ITR should be filed on or before 31^st October 2022.
• In non-audit cases, the ITR of a partnership firm shall be filed on or before 31^st July 2022.
• Where a partnership firm is having total income up to Rs. 50 Lakhs and declaring income u/s 44AD, 44ADA, or 44E, Form ITR-4 (Sugam) has been prescribed by the Income Tax Department. In other cases, the partnership firm should file its ITR in Form ITR-5.

Due date of filing ITR for Individuals & HUFs AY 2022-23

• In the case of individuals & HUFs, the deadlines for e-filing income tax return depends on the fact whether they are subject to tax audit or not. As already discussed, the due date for furnishing the tax audit report is 30^th September 2022.
• If individuals & HUFs are subject to a tax audit, the due date of ITR filing online is 31^st October 2022. In non-audit cases, the due date of filing ITR is 31^st July 2022.
• You can use ITR 1 to ITR 4 for filing of ITR in the case of an individual or HUF. Refer to the table below for a better understanding:

ITR Due date chart for AY 2022-23

Please take note of the deadlines as prescribed by the Income Tax Department and file your income tax return through income tax e-filing portal by accessing the following link: eportal.incometax.gov.in. Please note that late filing of ITR is liable for penalty/ late fees of up to Rs. 5,000 under section 234F.

Read More about Penalty on late filing of ITR

For any assistance for Income Tax Return Filing, you may connect at 9660930417.

Disclaimer: The article is meant for academic purposes only. Readers are requested to act diligently before applying the information contained in this article.