Due Date

Due Date – The due date is the final date prescribed by the tax authorities for a taxpayer to file their income tax return or pay any tax liability for a particular financial year. Filing or paying after this date can lead to penalties, interest, or other legal consequences. The due date may vary depending on the type of taxpayer, the nature of the income, or whether the accounts require audit. It is important to adhere to the due date to avoid unnecessary financial and legal complications.

Example: For individuals whose accounts are not subject to audit, the due date for filing the income tax return is 31st July of the assessment year. For businesses or individuals whose accounts are subject to audit, the due date is typically 30th September of the assessment year.