Due Date for filing of Income Tax Return in India for Company, Individual, HUF,Business Required audited or not Required audited under Income Tax Act are given as under :-
Assessee Type Due Date
- A Company & a person other than a company whose
accounts are required to be audited under the Income
Tax Act or any other Law. = 30-Sep-YYYY
- A working Partner of a Firm whose accounts are required
to be audited under the Income Tax Act or any other Law. = 30-Sep-YYYY
- Any other taxpayers = 31-Jul-YYYY
Note :- In case last day of filing of Income Tax Return falls on a day on which the Income Tax Office is closed, return can be filed on the next day afterwards on which the Income Tax Office is open and in such cases, the return will be considered to have been filed within the specified time limit/due date.
(Income Tax Return can be filed after the above due dates upto the end of the Assessment Year, e.g. For Financial Year 2010-11, lat day without penalty is upto 31-March-2012)
Impact of Late Filing of Income Tax Return :-
- Interest: You will be liable for penal Interest u/s 234A @ 1% per month and their part of on the amount of tax due from the due date of filing returns.
- Carry Forward of Losses: Losses like Business Loss (speculative or otherwise), Capital Loss (short term or long term), and Loss from owning and maintaining race horses are not allowed to be carried forward. Other losses, if any can be carried forward.
- Deductions: Deductions u/s 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC are not allowed
- Revision: Late returns cannot be revised except if it is in pursuance of a notice under section 142(1)
- Penalty: A penalty of Rs.5000 may be imposed u/s 271F if belated return is submitted after the end of assessment year (after 31-March-YYYY, e.g. for FY 2010-2011, end of assessment year is 31-March-2012)