For both salaried and non-salaried individuals in India, the tax filing deadline is generally July 31st of the assessment year. It's important to note that the deadline for filing tax returns can be subject to changes or extensions by the Income Tax Department.
Salaried Individuals
If you are a salaried individual, the tax filing deadline in India is generally July 31st of the assessment year. For example, for income earned during the financial year 2022-2023, the tax return is to be filed by July 31st, 2023. Salaried people must typically file their tax returns by the deadline if their income is subject to Tax Deducted at Source (TDS). This enables them to reconcile the TDS deducted with their actual tax liability and claim any refunds, if applicable.
Non-Salaried Individuals
For non-salaried individuals, such as self-employed individuals, freelancers, professionals, and business owners, the tax filing deadline in India is the same as that for salaried individuals. Additionally, they have a deadline of July 31st of the assessment year to file their tax filings. Non-salaried individuals have the additional responsibility of calculating their own tax liability and making advance tax payments if their tax liability exceeds a specified threshold. Advance tax payments are typically made in installments throughout the financial year to avoid interest penalties.
Consequences of Late Filing
- Late Filing Fee: It can range from Rs. 1,000 to Rs. 10,000, depending on the delay.
- Interest on Tax Liability: Interest may be charged on the unpaid amount. The interest is calculated from the original due date until the date of actual filing.
- Loss of Refunds: May cause delays in processing your refund, if applicable. Timely filing ensures quicker processing and receipt of any eligible refunds.
It's important to meet this deadline to comply with tax regulations, reconcile TDS deductions, claim refunds, and avoid penalties or interest charges. Staying updated with any deadline extensions and seeking professional assistance, if needed, can ensure a smooth tax filing process.
Look up more articles here for a smooth first time tax-filing process. All the best!
