What is the Last date to file your Income Tax Return?

What is an Income Tax Return?

An Income Tax Return (ITR) is a form that taxpayers and assessees need to submit to the income tax department each year. This form contains information about the income you earned during the previous year, the income tax calculation on those earnings, the taxes paid, and the refund due if any.

Who needs to file an Income Tax Return?

Not every individual needs to file an Income Tax Return each year. As per the Income Tax Act, 1961, only resident individuals whose gross total income during the previous financial year is greater than the basic exemption limit must file their ITR.

The basic exemption limit depends on whether you choose the old tax regime or the new one. If you opt for the new concessional tax regime, the basic exemption limit is Rs. 2.5 lakhs irrespective of your age.

However, if you choose the old tax regime, the basic exemption limit depends on the age of the individual. Here is how the exemption limit for Income Tax varies based on the age.
● For individuals below the age of 60, the basic exemption limit is Rs. 2.5 lakhs
● For individuals between the age of 60 and 80, the basic exemption limit is Rs. 3 lakhs
● For individuals aged 80 and over, the basic exemption limit is Rs. 5 lakhs

What are the Different Types of Income Tax Returns?

Depending on the kind of assessee and the nature of the incomes earned, there are different ITRs. Here is a closer look at the different ITRs and the incomes/assessees they are applicable to.

What is the Due Date for Filing the Income Tax Return?

The last date for filing income tax returns varies depending on the category of the taxpayer. Here is a table showing the regular due dates for filing ITRs each assessment year.

Extension of the Due Date for Filing the Income Tax Return for FY 20-21

For FY 2020-21, the Income Tax Department has extended the last date for filing income tax returns owing to the delays and disruptions caused by the pandemic. Here is a table showing the extended due dates to file ITRs for FY 2020-21.

Conclusion

While the world is becoming completely digital, it has become easier for people to manage their daily tasks like paying bills using e-payment apps. Similarly, any individual can file their ITR easily using the Income Tax Department’s new online portal. Whether you are an entrepreneur or a professional, it is always best to file your returns on time. That way, you can avoid any interest and penalty, and also get your refund sooner than later.