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What is the Last Date to File Income Tax Return (ITR)?

Taxpayers in India must be aware of the important dates pertaining to taxation. Therefore, this comprehensive guide lays out everything you need to know about the due dates to file taxes.

So, let us answer some common questions on due dates that Indian taxpayers have in mind:

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

The last date of filing an income tax return FY 2021-22 and AY 2022-23 is 31st July, 2022 after the end of the financial year for which it has to be filed. Taxpayers whose accounts are to be audited must file their income tax returns by 30th September of the relevant financial year. However, this date is subject to extension by the Income Tax Department of India.

For instance, the last date to file ITR for the financial year 2019-20 was 31st July, 2020. However, the Central Board of Direct Taxes extended this date to 31st December, 2020, for individuals and non-audit cases, and 31st January, 2020, for audit cases.

What is the due date to pay advance tax installments?

Now that you know what the last date to file ITR is, look at the tables below to know the due date of advance tax instalments of a given financial year:

Advance tax payment for self-employed individuals and business owners

Due Date of Paying Tax Instalment (FY 2022-23)	Amount of Tax Payable
1st instalment - Either on or before 15th June	A minimum of 15% of the advance tax liability
2nd instalment - Either on or before 15th September	A minimum of 45% of the advance tax liability
3rd instalment - Either on or before 15th December	A minimum of 75% of the advance tax liability
4th instalment - Either on or before 15th March	100% of the tax liability

Advance tax payment in case of companies

Due Date of Paying Tax Instalment	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

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What is the due date for TDS payment?

Simply knowing what the last date for income tax return in 2023 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 2022-23. The due date for TDS payment this year will be as below:

The Month of Accrued TDS	TDS Due Date
April 2022	7th May 2022
May 2022	7th June 2022
June 2022	7th July 2022
July 2022	7th August 2022
August 2022	7th September 2022
September 2022	7th October 2022
October 2022	7th November 2022
November 2022	7th December 2022
December 2022	7th January 2023
January 2023	7th February 2023
February 2023	7th March 2023
March 2023	7th April 2023

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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, 2022 is to be paid on or before 30th July, 2022.

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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 for FY 2022-23 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 2022
2nd Quarter of the financial year	1st July to 30th September	31st October 2022
3rd Quarter of the financial year	1st October to 30th December	31st January 2023
4th Quarter of the financial year	1st January to 31st March	31st May 2023

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.

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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.

FAQs about Last Date to File Income Tax Return (ITR)

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What happens if we do not file ITR?

When missed out on the due date to file ITR, taxpayers can file a belated return. However, filing a belated return comes with a late fine or penalty of up to ₹10,000.

What is the benefit of filing ITR?

Individuals can claim refunds on the excess tax paid or deducted during a financial year by filing an income tax return. Additionally, filing ITR proves to be helpful when a taxpayer applies for a home loan or vehicle loan as all major banks require copies of tax returns. ITR can also be used as proof of address and income.

Who files TDS return?

Individuals, Employers and organisations with a valid Tax Collection and Deduction Account Number (TAN) can file TDS returns. Moreover, any individual making specified payments as per the IT Act is required to deduct a tax at the source and subsequently deposit it within the stipulated time.

What is TDS payment?

As per the Income Tax Act, any individual or company making payments must deduct tax at source in case this payment exceeds certain threshold limits. This deduction is made as per the rates prescribed by the Income Tax Department of India.

Is it mandatory to file ITR?

Filing ITR is mandatory for those individuals whose income exceeds ₹3,00,000. However, it is recommended that one files a return irrespective of his/her amount of income.

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