However, it is important to note that the last date for filing ITR varies for different taxpayers. As per the current income tax laws, for individuals, Hindu Undivided Families (HUFs), the last date for filing ITR is July 31 (unless extended by the government). The last date for filing ITR of July 31 is applicable to those taxpayers whose accounts are not required to be audited.
Last date for filing ITR for different categories of taxpayers
| tax payer status | fixed date |
| Individuals / assessees whose accounts are not required to be audited (individuals, HUF, association of persons, body of persons etc.) | 31st July of the relevant assessment year |
| Taxpayers whose accounts are required to be audited:
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31st October of the relevant assessment year |
| Taxpayer who is required to furnish report under section 92E* | 30 November of the relevant assessment year |
*Report u/s 92E is furnished when the taxpayer has made an international transaction during the relevant financial year.
Taxpayers should understand the concept of financial year and assessment year Relevant for ITR filing. Financial Year (Financial Year) is the year in which income is earned by the taxpayer. Assessment Year (AY) refers to the year following the financial year in which the income earned by you is assessed. AY is the year in which you file your ITR for the previous financial year. For example, for FY 2021-22, AY is 2022-23. This year you will file ITR for FY 2021-22 or assessment year 2022-23.
Sujit Bangar, ex-IRS officer and founder of TaxBuddy.com – an ITR filing website says, “Currently, the government has not announced the extension of the ITR filing deadline. Hence, FY 2021-22 (age) 2022-23) should be filed on or before 31st July, 31st October or 30th November, 2022, as applicable.”
Consequences of missing ITR filing deadline
The current income tax laws allow individuals to file ITR even after the deadline. ITR filed after the deadline is called delayed ITR. Delayed ITR filing has monetary consequences.
For individuals, if the ITR is filed after July 31, a late filing fee of Rs 5,000 will be levied. This late filing fee will be levied under section 234F. For small taxpayers whose taxable income does not exceed Rs 5 lakh, a penalty of Rs 1,000 will be levied for missing the deadline for filing ITR.
Note that the last date for filing delayed ITR is December 31 (unless the date is extended by the government). In Budget 2021, the government has reduced the deadline for filing delayed/amended ITR by three months from March 31 to December 31.
So, if the deadline for filing ITR of July 31, 2022 (for FY 2021-22) is missed, you can file delayed ITR till December 31, 2022 (for FY 2021-22).
Bangar says, “In addition to late filing, an interest penalty can also be levied under section 234A. This interest penalty is levied if a person returns his ITR filing after July 31, i.e. after the deadline. Pays self-assessment tax. Interest penalty u/s 234B and 234C may also be applicable, provided advance tax arrears are pending at the time of filing ITR.”
Who is exempted from paying penalty on delayed ITR?
As per the income tax laws, certain individuals are exempted from paying late filing fee even if they file late ITR.
If the gross total income of an individual does not exceed the basic exemption limit (unless he/she is required to mandatorily file ITR, even if the total income is less than the basic exemption limit), he/she may pay late filing fee will not be liable to do so. If he files ITR late.
The basic exemption limit depends on whether a person opts for the old tax regime or the new income tax regime.
However, there is a catch on not levying late filing charges on delayed ITR in the above case. If a resident individual has income from foreign assets and files late ITR, late filing charges will be levied even if the gross total income does not exceed the tax exemption limit.