The Due Date for ITR Filing refers to the last date by which an individual, business, or entity must file their Income Tax Return (ITR) for a specific financial year with the Income Tax Department of India. Filing by the due date is crucial to avoid penalties, interest on unpaid taxes, and loss of certain benefits like carrying forward losses.
For most individual taxpayers and small businesses not subject to audit, the standard due date is 31st July following the end of the financial year (which ends on 31st March). For companies and entities requiring audit, the due date is typically 31st October. If the entity is required to furnish a report under international or specified domestic transactions, the due date may extend to 30th November.
Understanding the correct due date based on your taxpayer category ensures timely compliance and helps avoid legal consequences. Missing the due date can result in a late filing fee under Section 234F, interest on outstanding tax dues, and disqualification from certain deductions or exemptions.
For updated information on filing deadlines and assistance with ITR filing, you can explore professional income tax solutions at FinTax24.
Filing your return on or before the due date reflects financial discipline, builds credibility with financial institutions, and is often a key requirement for loan approvals, visa applications, and tender submissions.