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.