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When is the last date for filing ITR in India?

The last date for filing Income Tax Returns (ITR) in India varies depending on the type of taxpayer and the financial year for which the return is being filed. It is important to file ITR within the deadline to avoid penalties and interest charges. In this blog, we will discuss the last date for filing ITR in India for different categories of taxpayers.


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Individuals and HUFs

For individuals and Hindu Undivided Families (HUFs), the last date for filing ITR for the financial year 2021-22 (Assessment Year 2022-23) is July 31, 2023. However, if the individual or HUF is required to get their accounts audited or is engaged in international transactions, the last date for filing ITR is September 30, 2023.


Companies and Firms

For companies and firms, the last date for filing ITR for the financial year 2021-22 (Assessment Year 2022-23) is October 31, 2023. However, if the company or firm is required to get their accounts audited, the last date for filing ITR is November 30, 2023.


Taxpayers who are subject to Transfer Pricing Regulations

Taxpayers who are subject to Transfer Pricing Regulations are required to file their ITR on or before November 30, 2023.


It is important to note that taxpayers can file a belated return within a specified time period after the deadline has passed. However, belated returns attract a penalty and interest charges. For example, for individuals and HUFs, if the return is filed after the due date but before December 31 of the assessment year, a penalty of Rs. 5,000 will be charged. If the return is filed after December 31 but before March 31 of the assessment year, the penalty increases to Rs. 10,000. For companies, the penalty for late filing is much higher, ranging from Rs. 10,000 to Rs. 1,00,000.


In conclusion, it is important to file ITR within the specified time period to avoid penalties and interest charges. Taxpayers should ensure that they have all the necessary documents and information before filing their returns. They can also seek the help of a chartered accountant or a tax professional to file their returns correctly and in a timely manner.

 

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