The deadline for filing income tax returns in India for individuals and Hindu Undivided Families (HUFs) is July 31st of every financial year. If you are a non-resident Indian or a person not ordinarily resident in India, the deadline is extended to December 31st.
For companies and other taxpayers, the deadline is usually September 30th. However, if the company has undergone a tax audit, the deadline is extended to November 30th.
It’s important to note that the deadlines may be subject to change based on government notifications and circulars, so it’s advisable to check the official website of the Income Tax Department of India for the most up-to-date information. Late filing of returns may result in penalties and interest charges, so it’s advisable to file returns on time to avoid any inconvenience.
What is the deadline for filing income tax returns in India?
The deadline for filing income tax returns in India for individuals and Hindu Undivided Families (HUFs) is July 31st of every financial year. If you are a non-resident Indian or a person not ordinarily resident in India, the deadline is extended to December 31st.
For companies and other taxpayers, the deadline is usually September 30th. However, if the company has undergone a tax audit, the deadline is extended to November 30th.
It’s important to note that the deadlines may be subject to change based on government notifications and circulars, so it’s advisable to check the official website of the Income Tax Department of India for the most up-to-date information. Late filing of returns may result in penalties and interest charges, so it’s advisable to file returns on time to avoid any inconvenience.
All PAN card holders have to file ITR.
Not all Permanent Account Number (PAN) cardholders are required to file an Income Tax Return (ITR). Filing of ITR is mandatory for individuals and Hindu Undivided Families (HUFs) whose taxable income exceeds the basic exemption limit set by the government.
For the financial year 2022-23 (the assessment year 2023-24), the basic exemption limit for individuals below the age of 60 years is Rs. 2,50,000. For senior citizens (above 60 years of age) the limit is Rs. 3,00,000 and for super senior citizens (above 80 years of age) the limit is Rs. 5,00,000.
In addition to the basic exemption limit, there are other criteria, such as having a taxable income from house property, capital gains, or professional or business income, that may require an individual to file an ITR.
It’s advisable to consult a tax professional or check the official website of the Income Tax Department of India to determine if you are required to file an ITR. PAN is mandatory for most financial transactions and is required for filing ITR, but not all PAN cardholders are required to file ITR.
