ITR Filing Deadlines and Guidelines for Assessment Year 2022-23

ITR Filing for Assessment Year 2022-23

The deadlines for filing income tax returns (ITR) for the financial year 2021-22 (Assessment Year 2022-23) are as follows:

Key Deadlines for ITR Filing

Non-Audit Cases:
- Applicable for: Individuals, Hindu Undivided Families (HUF), Association of Persons (AOP), and Body of Individuals (BOI) whose books of accounts do not require an audit.
Audit Cases:
- Applicable for: Businesses that require an audit.
Transfer Pricing Cases:
- Applicable for: Businesses requiring a Transfer Pricing report.

Additionally, the ITR-U form is available for taxpayers wishing to file updated returns for the financial years 2019-20 and 2020-21.

Conditions for Filing ITR-U

Taxpayers can file ITR-U under the following circumstances:

A return was previously not filed.
Income was not reported accurately.
Incorrect heads of income were selected.
A reduction of carried forward losses.
A reduction of unabsorbed depreciation.
A reduction of tax credit under Sections 115JB/115JC.
An incorrect tax rate was applied.

Restrictions on Filing ITR-U

ITR-U cannot be filed in the following situations:

The updated return indicates a loss.
Filing the updated return reduces the previously reported income tax liability.
The updated return results in an additional refund.
Search, survey, or prosecution actions have been initiated for the assessment year.
Any assessment, reassessment, revision, or recomputation proceedings are pending or completed for the assessment year. The Act prohibits filing an updated return if there is no additional tax liability.

Additional Tax Obligations

The Act stipulates that a taxpayer must pay an additional 25% interest on the tax due if the updated ITR is filed within 12 months from the end of the relevant assessment year. If filed after 12 months but before 24 months, the additional interest rises to 50%.

For those filing for FY 2019-20, the payment must include the due tax, interest, and an additional 50% of such tax and interest.
For those filing for FY 2020-21, an additional 25% of the due tax and interest is required.