Last date of filing income tax return 31st March or 31 july?

Many people comes to me and say last date of filling income tax return(ITR) is 31st March not 31st july.

Are they correct? If, yes why some people says due date of filing of ITR is 31st July? and Why income tax department organise camps for return filing in the month of july?

Here is also some question arise?

1. What is the last date of filing of ITR?
2. What would be impact if one missed the deadline of 31st July?
3. What is the penalty/ interest for non filing of ITR within due date?

In this post I will try to clear this doubt and will tell you the penalty and interest for delays in filing of return.

Friends always remember that we filed return for previous year in assesment year. 

Now the question is that- What is previous year and what is assesment year. Understand it with an example-

Mr. X earn some income during 01/04/2013 to 31/03/2014, in this case previous year i.e PY is 2013-2014 and Assesment year i.e AY is 2014-15.

Now as per section 139(1) of Income tax Act, 1961 X has to file his return of Income till 31st July of the assessment year i.e 31 July 2014. 

Is this means last date of filing return is 31st July of Assesment year?

ANSWER IS NO. as  31 st july is the due date of filing return not last date.

Assesse (X in our example) can still file his return till 31st March 2016(because of section 139(4))READ FULL

Dont Wait for last date- file INCOME TAX RETURN NOW

Dear all,

Dont forget last date i.e 31st July 2014 of filing of income tax return for the income earned during the financial year 2013-14.

If you are getting income from any source which is above the basic exemption limit (2 lacs for individuals below 60 years of age, 2.5lacs for 60 years or more and 5 lacs for the individuals who were the age of 80 years or more during the finacial year ended 31st march 2014)

and you are not liable for audit. The last date of filing return for you is 31st july 2014.

Question? During last year my income was below taxable limit but  bank has deducted my TDS on interest income. Should I file return?

Answer:-  Yes you should file return, you will get your tax refund only after filing your Income tax return. 

Note:-
Also if your income is 5 lacs or more e-filing is mandatory for you.