Last Date of Filing Income Tax Return (ITR)

What is the last date for filing an income tax return?

What is the due date to pay advance tax installments?

  • Advance tax payment for self-employed individuals and business owners

Due Date of Paying Tax Installment

Amount of Tax Payable

Either on or before 15th September

A minimum of 30% of the advance tax liability

Either on or before 15th December

A minimum of 60% of the advance tax liability

Either on or before 15th March

100% of the tax liability

  • Advance tax payment in case of companies

Due Date of Paying Tax Installment

Amount of Tax Payable

Either on or before 15th June

A minimum of 15% of the advance tax liability

Either on or before 15th September

A minimum of 45% of the advance tax liability

Either on or before 15th December

A minimum of 75% of the advance tax liability

Either on or before 15th March

100% of the tax liability

What is the due date for TDS payment?

Simply knowing what the last date for income tax return in 2020 isn’t enough, as organisations are responsible for paying a month’s accrued TDS in the subsequent month. The due date for TDS payment is the 7th day of the next month.

Allow us to offer clarity on this by way of an example:

Let us take the financial year 2020-21. The due date for TDS payment this year will be as below:

The Month of Accrued TDS

TDS Due Date

April 2020

7th May 2020

May 2020

7th June 2020

June 2020

7th July 2020

July 2020

7th August 2020

August 2020

7th September 2020

September 2020

7th October 2020

October 2020

7th November 2020

November 2020

7th December 2020

December 2020

7th January 2021

January 2021

7th February 2021

February 2021

7th March 2021

March 2021

7th April 2020

Furthermore, the due date of paying TDS from rent for individuals or HUF under Section 194IB and TDS on sale of immovable property as per Section 194IA is 30 days from the end of the month of accrual. For instance, TDS deducted on 15th June, 2021 is to be paid on or before 30th July, 2021.

One must also know about the TCS payment due date to complete tax filing properly.

When should you file TDS returns?

Once a deductor deposits TDS, they must also file a TDS return. The due date for TDS return is as follows:

A Quarter of a Financial Year

Quarter Period

TDS Return Filing Date

1st Quarter of the financial year

1st April to 30th June

31st July

2nd Quarter of the financial year

1st July to 30th September

31st October

3rd Quarter of the financial year

1st October to 30th December

31st January

4th Quarter of the financial year

1st January to 31st March

31st May

Missed out on filing ITR before the due date? Here’s what you can do

You can opt for filing a belated return. It is the same as furnishing one before the last date for filing a TDS return. However, the primary difference while filing the applicable ITR form is that you must select ‘Return Filed under Section 139(4)’.

Furthermore, filing after the due date of ITR calls for the payment of a penalty under Section 234F. The maximum late filing fee levied on a taxpayer is ₹10,000. However, the IT Department levies a penalty of ₹1000 for those whose income does not exceed ₹5,00,000, thereby extending financial relief to these taxpayers.

The table below summarises the payment of penalty on filing belated return:

Date of Filing Return

Penalty for Taxpayers with Total Income More Than ₹5,00,000

Penalty for Taxpayers with Total Income Less Than ₹5,00,000

Up to August 31 of a financial year

A late filing fee is not applicable

A late filing fee is not applicable

Between September 1 to December 31 of a financial year

₹5,000

₹1,000

Between January 1 to March 31 of the financial year

₹10,000

₹1,000

However, we suggest that you file returns before the last date of filing your income tax return. Promptly filing ITRs not only makes you a responsible citizen of the country, but it also offers several benefits. Some of these advantages are as follows:

  • Filing income tax returns on time helps individuals apply for a vehicle loan, house loan, etc.
  • When you file ITR on time, you receive refunds at the earliest.
  • ITR can be used as proof of address as well as income, which are mandatory when applying for a loan or visa.
  • At the time of visa application, most consulates and embassies call for you to submit copies of income tax returns for the past couple of years.
  • Filing ITR before the due date helps you avoid penalties and persecution. When the net tax payable amount exceeds ₹3,000, an income tax officer can initiate proceedings for one’s persecution for a term of up to 2 years. Furthermore, if an individual owes over ₹25,00,000 of tax, the term of persecution may extend to 7 years. Additionally, an income tax officer can impose a 50% penalty on the due tax on account of an under-reporting of income.
  • Taxpayers cannot file ITR without paying taxes. Section 234A mandates the payment of interest at the rate of 1% per month immediately after the due date of paying taxes and till the date of payment. When you file an income tax return on time, you also avoid paying additional interest. Therefore, the longer you wait to pay taxes and file returns, the more you pay.

And with that, we have reached the end of today’s article. This guide was curated to simplify filing income tax returns for you. We hope that knowing all important tax-related dates will make this process less cumbersome and more convenient.

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