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Last date to file income tax returns

Date: 25 Mar 2013    Group: Finance and Investments    Category: Tax Planning   


When I checked the internet and some other media it shows that the last date to file income tax returns is 31st July 2013.
But why is the news papers and many other media cautioning to file income tax returns before 31st of march 2013?
Actually what is the deadline for filing IT returns? Is it 31st march or 31st July in any given year?
please do clear my confusion.

Do you want to know the last date to file income tax return? Find out more about the last dates and other rules about filing IT return here.

Author: Ashok Goyal    25 Mar 2013      Member Level: Gold     Points : 1    Voting Score: 0

The Last date for Individuals is 31st July every year. Last year it was extended up to 31st August 2012. Unless and until extended the last date remains 31st July every year for Individuals.For more details GOI e-Filing site below can be seen.


Author: Manoj Chaurasia    25 Mar 2013      Member Level: Gold     Points : 12  (Rs 12)    Voting Score: 0

Income tax return is filed for 'financial year' and is assessed in next year called the 'assessment year'.

Every year is a new financial year and also an assessment year for last 'financial year'. Lets explain you with an example to make it more clear.

Period of 12 months beginning from 1st April, 2012 and ending on 31st March, 2013 is a financial year (F.Y.) and the year next to this financial year i.e. 1st April 2013 to 31st March 2014 is the assessment year (A.Y.) for the financial year 2012-13.

For the same reason you must have always seen that every time it is written 2010-11 and 2011-12 and so on. If 2010-11 is F.Y. then 2011-12 is A.Y. for 2010-11 and 2012-13 is A.Y for 2011-12.

Now if the concept of F.Y and A.Y. is clear then lets explain that why it is said that the last date of filing return is 31st July of every year but also written 31st March at places.

As per the general provisions, Income Tax Return for a F.Y. must be filed by 31st July of the year next. e.g. Return for F.Y. 2011-13 must be filed by 31st July, 2013 and this is applicable for each F.Y.

Lets make it even more simple:
You earn income for period 01-04-2012 to 31-03-2013, 12 months.
You get your Form 16 from the company by 30-04-3013 with TDS deducted and all other details.
Now you have 3 more months to get your returns prepared and filed to Income tax department by 31-07-2013.
This extended period is given because sometimes the Form 16 is issued late, you do not have all the sources of income accounted by that time. Company has not filed its quarterly return on basis of which it issues you form 16.
So basically this time period allows you to account for the income earned in the period of 12 months and report them to the Income Tax Department by filing your return and taxes.

Now coming to the part that 31st March is also shown as last date of filing of return.
As already explained that the last date of filing return is 31st July of each year for their corresponding F.Y. but many times people do not file their return or forget to file their return.
So there is a provision to file their return at a belated date as sometimes you forget to wish someone on their birthday and wish them belated.

This belated period is explained technically in this language:
A belated must:
a) be filed before the end of financial year or
b) before the completion of assessment
whichever is earlier.

This means the financial year ends on 31st March every year, so in case for F.Y. 2012-13 (01-04-2012 to 31-03-2013) the usual date of filing return is 31-07-2013 but the last date actually is 31-03-2014.

Now this last date of 31-03-2014 is beneficial only for those who have no outstanding tax pending or have NIL rate of taxation.
It means that if you have some taxes outstanding and you have not paid the same then there is a penal interest on same:
i) Interest on tax not deposited.
ii) Interest/penalty for not filing the return.

If you delay the return and do not deposit it by usual date of 31 July then you can do so by 31 March after depositing the tax along with interest/penalty.

When I use the word 'financial year' it means the period of 12 months beginning on 01-04-YYYY and ending on 31-03-YYYY every year.

When I use the word 'assessment year' it means the period in which the income for the F.Y. is assessed or verified for accuracy. This is done by the Income Tax personnel.

In short it can be said that every year is a F.Y. as well as A.Y.
Current F.Y. is A.Y. for last year and next year will be A.Y. for current F.Y.

The complete explanation here is with regard to an individual assessee.
For more detailed explanation and pros and cons of filing in time can be referred to the article in resource section as Due date of filing Income Tax return.

Author: [Anonymous]    26 Mar 2013      Member Level: Gold     Points : 3  (Rs 1)    Voting Score: 0

Dear Ashok,

Firs of all you have not cleared that for which financial year you have to file return than we can explain that what is last date for filing return. I am explaining all things in detail below;

For A.Y. 11-12(F.Y. 10-11)

Due date for AY 11-12 is 30th September 2011. If you file return within due date than you can revise return if any changes are there. But if you have not filed return within due date than you can file last to last 31st March 2013 but after filing of return you can not revised the same due to filing after due date.

For F.Y 2012-13(F.Y.2011-12)

Due date for AY 12-13 is 30th September 2012. If you file return within due date than you can revise return if any changes are there. But if you have not filed return within due date than you can file last to last 31st March 2014 but after filing of return you can not revised the same due to filing after due date.

If you required more information feel free to ask


Author: Manoj Chaurasia    26 Mar 2013      Member Level: Gold     Points : 2  (Rs 2)    Voting Score: 0

Dear Anonymous alias Chandres,

Kindly review your answer as you have mentioned that the last date of filing return is 30th September which is applicable to assessees who are required to get their account audited under section 44AB of the Income Tax Act, 1961.

Individuals who are under employment and also those who are doing business and not required to get their accounts audited must file their return by 31st July of every year.

Review your answer and refer Due date of filing Income Tax return for detailed explanation.

Author: [Anonymous]    02 Apr 2013      Member Level: Bronze     Points : 0    Voting Score: 0

Dear Manoj sir,

You provided the answer in a simple manner and very well presented. Your step by step narration is easy to understand and addition of some basic terms and concepts of taxation improved my knowledge.
Thank you so very much.



Author: Manoj Chaurasia    02 Apr 2013      Member Level: Gold     Points : 0    Voting Score: 0

@You are most welcome.

This site is all about sharing knowledge and information and I have done the same. If your information and knowledge increased by the information provided then I believe this site has also achieved one of its motive.

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