Why July 31 isn't the ITR filing deadline for every taxpayer
Do you really need to file your ITR by July 31? The answer depends on the type of income you earn and the return form you're required to file.
With the income tax return (ITR) filing deadline around the corner, many taxpayers are rushing to submit their returns before July 31. But here's something that often causes confusion, i.e., July 31 isn't the due date for everyone.
While most salaried individuals and pensioners need to file their returns by July 31, some taxpayers have time until August 31. The applicable deadline depends on the type of income you earn and the ITR form you are required to file.
WHO NEEDS TO FILE BY JULY 31?
For most salaried employees, pensioners and individuals earning income from house property, capital gains or other sources such as interest, the due date remains July 31.
Gaurav Makhijani, Tax Head at Makhijani Gera & Associates, explained, "The July 31 deadline is highly relevant for individuals who do not have business or professional income, such as salaried employees, pensioners, and taxpayers earning income from house property, capital gains or other sources. In short, those are required to file ITR-1 or ITR-2."
WHO GETS TIME UNTIL AUGUST 31?
Not every taxpayer has the same deadline. Individuals with business or professional income whose accounts are not required to be audited can file their returns until August 31.
This category includes many freelancers, consultants, professionals and small business owners who generally file ITR-3 or ITR-4.
According to Makhijani, "The August 31 deadline is applicable to taxpayers with business or professional income whose accounts are not required to be audited, for example, small businessmen, freelancers, consultants, professionals and small businesses filing ITR-3 or ITR-4."
THE EASIEST WAY TO KNOW YOUR DEADLINE
If you're unsure which deadline applies to you, the first thing to check is whether you have business or professional income.
Makhijani said, "It is not too complex. The easiest way to identify it is to check whether you have business or professional income. July 31 is for individuals and HUF taxpayers without business or professional income. August 31 applies to taxpayers with business or professional income who are not subject to tax audit. Taxpayers whose accounts are required to be audited continue to have a later statutory due date."
Simply put, the filing deadline isn't the same for every taxpayer, so it's important not to assume that everyone has until either July 31 or August 31. Your due date depends on the nature of your income and the ITR form applicable to you. Before delaying your return, take a few minutes to confirm the correct filing deadline. Missing it could result in a late fee, interest on unpaid taxes and the loss of certain tax benefits.
With the income tax return (ITR) filing deadline around the corner, many taxpayers are rushing to submit their returns before July 31. But here's something that often causes confusion, i.e., July 31 isn't the due date for everyone.
While most salaried individuals and pensioners need to file their returns by July 31, some taxpayers have time until August 31. The applicable deadline depends on the type of income you earn and the ITR form you are required to file.
WHO NEEDS TO FILE BY JULY 31?
For most salaried employees, pensioners and individuals earning income from house property, capital gains or other sources such as interest, the due date remains July 31.
Gaurav Makhijani, Tax Head at Makhijani Gera & Associates, explained, "The July 31 deadline is highly relevant for individuals who do not have business or professional income, such as salaried employees, pensioners, and taxpayers earning income from house property, capital gains or other sources. In short, those are required to file ITR-1 or ITR-2."
WHO GETS TIME UNTIL AUGUST 31?
Not every taxpayer has the same deadline. Individuals with business or professional income whose accounts are not required to be audited can file their returns until August 31.
This category includes many freelancers, consultants, professionals and small business owners who generally file ITR-3 or ITR-4.
According to Makhijani, "The August 31 deadline is applicable to taxpayers with business or professional income whose accounts are not required to be audited, for example, small businessmen, freelancers, consultants, professionals and small businesses filing ITR-3 or ITR-4."
THE EASIEST WAY TO KNOW YOUR DEADLINE
If you're unsure which deadline applies to you, the first thing to check is whether you have business or professional income.
Makhijani said, "It is not too complex. The easiest way to identify it is to check whether you have business or professional income. July 31 is for individuals and HUF taxpayers without business or professional income. August 31 applies to taxpayers with business or professional income who are not subject to tax audit. Taxpayers whose accounts are required to be audited continue to have a later statutory due date."
Simply put, the filing deadline isn't the same for every taxpayer, so it's important not to assume that everyone has until either July 31 or August 31. Your due date depends on the nature of your income and the ITR form applicable to you. Before delaying your return, take a few minutes to confirm the correct filing deadline. Missing it could result in a late fee, interest on unpaid taxes and the loss of certain tax benefits.
With the income tax return (ITR) filing deadline around the corner, many taxpayers are rushing to submit their returns before July 31. But here's something that often causes confusion, i.e., July 31 isn't the due date for everyone.
While most salaried individuals and pensioners need to file their returns by July 31, some taxpayers have time until August 31. The applicable deadline depends on the type of income you earn and the ITR form you are required to file.
WHO NEEDS TO FILE BY JULY 31?
For most salaried employees, pensioners and individuals earning income from house property, capital gains or other sources such as interest, the due date remains July 31.
Gaurav Makhijani, Tax Head at Makhijani Gera & Associates, explained, "The July 31 deadline is highly relevant for individuals who do not have business or professional income, such as salaried employees, pensioners, and taxpayers earning income from house property, capital gains or other sources. In short, those are required to file ITR-1 or ITR-2."
WHO GETS TIME UNTIL AUGUST 31?
Not every taxpayer has the same deadline. Individuals with business or professional income whose accounts are not required to be audited can file their returns until August 31.
This category includes many freelancers, consultants, professionals and small business owners who generally file ITR-3 or ITR-4.
According to Makhijani, "The August 31 deadline is applicable to taxpayers with business or professional income whose accounts are not required to be audited, for example, small businessmen, freelancers, consultants, professionals and small businesses filing ITR-3 or ITR-4."
THE EASIEST WAY TO KNOW YOUR DEADLINE
If you're unsure which deadline applies to you, the first thing to check is whether you have business or professional income.
Makhijani said, "It is not too complex. The easiest way to identify it is to check whether you have business or professional income. July 31 is for individuals and HUF taxpayers without business or professional income. August 31 applies to taxpayers with business or professional income who are not subject to tax audit. Taxpayers whose accounts are required to be audited continue to have a later statutory due date."
Simply put, the filing deadline isn't the same for every taxpayer, so it's important not to assume that everyone has until either July 31 or August 31. Your due date depends on the nature of your income and the ITR form applicable to you. Before delaying your return, take a few minutes to confirm the correct filing deadline. Missing it could result in a late fee, interest on unpaid taxes and the loss of certain tax benefits.
