*Due dates unless extended
Businesses and organizations must file an income tax return. Individuals and HUFs with incomes over Rs.2,50,000 must file an ITR. For people aged 60-80, the income limit is Rs.3,000,000, while those over 80 must make at least Rs.5,000,000 to file.
Filing income taxes offers numerous benefits- more accessible access to loans, no fines, no issues with foreign Visas, refunds if excessive taxes are paid, better credit, demonstrates loyalty to the nation, and compliance.
You can only get your income tax refund when you file an ITR. If you miss the due date, you can still submit a belated return, with a penalty, before December 31st of the assessment year.
If you still need to complete the due deadline, you may file a belated return before the 31st of the subjective assessment year.
If past-due taxes are unpaid, a penalty fee and interest are incurred when filing a delayed return. An Rs.5000 late fee applies; however, if yearly income exceeds Rs.5000, the cost is reduced to Rs.1000.
It is possible to file revised income tax returns after filing an original return. However, the taxpayer will have to file income tax returns according to Section 139(5), which requires E-verification to be completed while revising the ITR.
The deadline for filing trusts' returns is 31 July. This deadline can vary depending on the year but is usually around the same. If audits are required, the deadline is 31 October. If trusts are required to provide a report in section 92E of No. 3 CEB u/s, the deadline is 30 November 2022.
Domestic companies must file returns by Oct. 31. For companies with international or certain domestic transactions, the filing must occur by Nov. 30, with Form 3CEB under Section.
Individuals must file ITR by July 31st of the year. Those whose accounts are subject to audit have until October 31st.