Normally every year tax payers asking for extension for due date for filling return of income. Under the Income Tax Act section 139(1) read as under:

Every person,-

(a) being a company or a firm or

(b) being a person other than a company or firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income tax,

Shall on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed:

Explanation 2. In this subsection due date means:-

Where the assessee is

(i) a company or

(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in the force; or

(iii) a partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force

Due date 31st October of the assessment year

  • in the case of a person other than a company, referred to in first proviso to this sub-section, the 31st day of October of the assessment year;
  • in the case of any other assessee, the 31st Day of July of the assessment year

To understand the above section, we can simply say as under:

(a) where the assessee is a company; or a person (other than a company) whose accounts are required to be audited under Income Tax Act or under any other law; or a partner of a firm whose accounts are required to be audited under Income tax Act or any other law……………. 31st October

(b) in the case of any other assesee other than (a) above……..31st July

If we can look at Assessment Year 2021-22, due date for submitting return of income as above was 31st July, 2021, but these due date was extended to 30th September, 2021 and then again 31st December, 2021. Suppose if are not able to submit your return of income before 31st December, 2021, is there any remedy? The answer is YES.

Under the Income tax Act, if an assessee is not able to submit his return of income before due date, i.e. 31st December,2021 than the last date for submitting return of income is 31st March, 2022. This is the difference between these two dates, as both are different.

What is the Difference between Due Date and Last Date for Filing Return of Income

As per the Income tax, if an assessee did not submit his return of income before due date, he can submit his return of income. i. e. belated return can submit  before last date of assessment year, in the above case 31st March, 2022 that is the last date for filling return of income. After this last date, no one can file their return of income except by the notice of the department.

As per section 139(4), any person who has not furnished a return of income with in time allowed to him, under sub section (1), (may furnish the return for any previous year at any time before three months prior to) the end of assessment year or before the completion of the assessment year. According to this sub section last date was 31st December,2021 which was extended to 31st March 2022.

If assessee has not submitted his return before due date, he is liable to pay Late Fee as well as Penalty. U/S 234F of the Act prescribe following amount as penalty.

Income Amount of Fees
Gross Income up to Rs. 2,50,000 NIL
Taxable income up to Rs. 5,00,000 Rs. 1,000
Taxable income more than Rs. 5,00,000 Rs. 5,000

Section 234A : Over and above fees u/s 234 F,  interest u/s 234A is also to be paid. Under this section interest @ 1% per month is to be payable, if advance tax paid is less. If liability to pay tax is more than Rs. 1,00,000 you are liable to pay interest from the due date, and if tax payable is less than Rs.1,00,000 you are liable to pay interest from the last date of submitting return. For current year due date was 31st July, 2021 so you have to pay interest from August. 2021 to March, 2022 and if your liability to pay tax is less than Rs. 1,00,000, up to 31st December, 2021 no interest is to pay.

Another disadvantage of submitting return after due date, assessee is not entitle to get carried forward of loss.

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