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ITR FILING ONLINE FOR FY 2021-22 (AY 2022-23)

Know who should file income tax returns for FY 2021-22. Understand if you are liable to file the return.

The Income Tax Department has notified 7 various forms until now & below are the details for due dates of income tax returns.

WHAT IS ITR FILING??

An Income Tax Return or ITR as we may call it is a form in which all the taxpayers have to declare their taxable incomes from all sources. Not only this but the taxpayer shall also have to mention all the eligible deductions and tax payments if any, in the IT Return Form. Filing of this form with the Income Tax Department is called ITR Filing or Income Tax Return filing. Irrespective of the Accounting Year adopted by a taxpayer, he/she needs to file an Income Tax Return for a particular Financial Year (i.e. April to March).

ITR FILING FOR A PRIVATE LIMITED COMPANY AND A ONE-PERSON COMPANY

It is mandatory for every company to file their income tax return in Form ITR 6 every year irrespective of their income or loss.

• However, companies claiming exemption under section 11 are not required to file an income tax return.

• Also, all companies are required to file income tax returns in ITR 7 form under Section 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D).

DATES FOR FILING ITR FOR COMPANIES (PRIVATE LIMITED COMPANIES AND OPCS) FOR FY 2021-22 (AY 2022-23)

·       For companies that do not require an audit, the last date for filing ITR for the financial year 2021-22 is 31st July 2022.

·       The last date for filing ITR for the financial year 2021-22 (AY 2022-23) for companies that require audit is 31st October 2022.

·       The last date for filing the tax audit report is 31st September 2022.

FILING ITR FOR LIMITED LIABILITY PARTNERSHIP FOR FY 2021-22

• For every Limited Liability Partnership (LLP) it is mandatory to file an income tax report in ITR5 form irrespective of the income or loss in a particular financial year.

DUE DATES FOR ITR FILING FOR LLP FOR FY 2021-22 (AY 2022-23)

·       For those LLPs who do not require an audit, the due date for filing ITR for the financial year 2021-22 is 31st July 2022.

·       The last date for filing ITR for the financial year 2021-22 is 31st October 2022 for LLPs which require an audit.

·       The last date for filing a tax audit report for LLP requiring an audit is 31st September 2022.

INCOME TAX RETURN FOR PROPRIETOR, FIRM AND HUF

Partnerships, sole proprietorships and HUFs have a total income of up to Rs 50 lakhs and they have income from business and occupation calculated under sections 44AD, 44DA or 44AE. They are required to file an income tax return in ITR4 form.

• Hindu Undivided Families (HUFs) are also required to file Form ITR 3 and ITR 2 regarding income and non-profit from business or business profits.

Table showing the due dates for filing income tax returns and audit reports for different categories of taxpayers for the financial year 2021-22 (AY 2022-23).

Taxpayers in India are required to record all these due dates for filing income tax returns for the assessment year 2022-23 (the fiscal year 2021-22). However, the above-mentioned dates are subject to change and extension as notified by the Income-tax Department of India.

Regards

Santosh Patil

ICA & MBA

Founder Alliance Tax Experts

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