Financial Year 2021-22 was the year when the due date for filing Income tax return was not extended to a large extent and assessee were required to file Income tax return within due date.
The original due date for filing Income tax return was:
- For assessee other than company and non-audit cases: 31.07.2022.
- For company and audit cases: 31.10.2022. The due date in audit cases was further extended by 7 days.
- For assessee where transfer pricing was applicable: 30.11.2022.
Earlier the due date for filing revised return under section 139(5) of the Income tax act or belated return under section 139(4) of the Income tax act was 31st March of relevant assessment year.
However, w.e.f. 01.04.2021 it was announced by Income Tax Department that the due date for filing belated or revised return would be three months prior to the end of relevant assessment year or before the end of assessment whichever is earlier.
Accordingly, now the due date for filing belated or revised return would be 31st December.
Thus, it is advisable to everyone to file the return who have not already filed it and those who wish to revise their income tax return for any reason should revise it till 31st December.
You can read the implications of filing belated return here: Can you file Income tax return for FY 2020-21 after 31.12.2021 | Late fees and other consequences for filing Income tax return after 31.12.2021 – Taxontips
Further it is advisable to get your income tax return filed, checked by a Chartered Accountant if it was not already filed by a Chartered Accountant to see if it needs any revision or if you have not filed the income tax return already get it checked whether you are required to file Income tax return or not, because if you were required to file Income tax return and you did not file it then it could lead to getting a notice from Income tax department.
Hence, it is advisable that if a person has entered into any transaction related to sale of shares, mutual funds or other securities or sale of land or property then they should file Income tax return irrespective of the income earned by them from such transaction because this could lead to Income tax notice.
Therefore, if you any consultation as to whether you are required to file Income tax return or not you can book a consultation below or book a filing of Income tax return from below links with a Chartered Accountant.
You can book phone consultation/ assistance online with expert as mentioned below:
To book ITR filing with experts CLICK ME.
To book phone consultation with experts for any Income tax related matters CLICK ME.
To book consultation for Faceless Assessment with experts CLICK ME.
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