Due Dates for filing of Returns of Income

I.  Where the assessee is a Company - 31st October of the Assessment year.

II . Where the assessee is a person other than a company :-

a) where accounts of the assessee are to be Audited or 2.a working partner of a firm whose accounts are required to be audited under the Income Tax Act or any other law - 31st October of the Assessment Year.

b) Where the return has to be filed under the one-by-six criteria - 31st October of the Assessment Year.

c) Any other assessee - 31st July of the Assessment Year

Consequences of not Filing or Late Filing of Income Tax Returns

Where the assessee has defaulted in timely furnishing of his return of income, then penal interest is chargeable for Non/Late filing of return.

Interest Calculated by IT Department for Late or Non-Furnishing of Return -

For defaults in furnishing Return of income - Simple interest @ 1.25% for every month orPart of a month from the due date of filing of the Return to the date of furnishing of the return. The interest is calculated on the amount of the tax on the total assessed income as determined under sub-section (1) of section 143 or on regular assessment u/ s 143(3) as reduced by the Advance Tax , if any, paid and any tax deducted or collected at source.

Penalty on not filing IT Returns - Penalty of Rs.5000 is imposable for non-filing of return, which is to be filed under one-by-six scheme.In other cases, the penalty for late filing is Rs.5,000. Interest is also chargeable for non-filing or late filing. 

Companies, partnership firms and small businesses enjoying 25-100 per cent deduction on income will lose these and other tax benefits if they do not file their returns by the due date.

Tax payers, including individuals, may have to pay a penalty of Rs 5,000 if they do not file returns by the due date or by the end of the assessment year. If they do not file by either deadline they will be issued a notice by the department and non-compliance will mean additional penalties of Rs 10,000.

Section 80 AC of the Income Tax Act 1969, which deals with denial of deductions unless returns are filed by the due date, will be strictly implemented this year.

The section was introduced in 2006 and the income tax department is serious about implementing the provision in right earnest this year.

The due date for small firms and businesses with turnovers less than Rs 40 lakh is July 31. Besides companies, the due date is October 31 for businesses or firms with turnovers above Rs 40 lakh.