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What Are Key Tax Deadlines?

What Are Key Tax Deadlines
Read Time: 3 min

Filling out the tax within the due date is a good habit and will save you from financial losses. So, if you are an employee, an employer, or a tax consultant, it is important to know and remember the key tax deadlines. So, here in this article, we have mentioned all the important tax deadlines. So here in this article, all the key deadlines are mentioned briefly. Keep on reading to know more about it.

Key Tax Dates Of 2022 & 2023

In the case of income tax, we need to fill out certain formalities and file tax within accurate due dates. Here the important dates of the tax calendar FY 2022 – 2023 are mentioned.

Due Date: 15.06.2022

Nature Of Compliance: Advance Tax

Particulars Of The Compliance: First instalment of FY 2022-2023

Required Form or Documents: Challan No./ITNS 280 is required to be followed

Date 31.07.2022

Nature Of Compliance: ITR Filing for all non-audit cases 

Particulars Of The Compliance: ITR Filing for FY 2022-2023

Required Form or Documents: The specific ITR Form or format should be followed

Due Date: 15.09.2022

Nature Of Compliance: Advance Tax

Particulars Of The Compliance: Second instalment of FY 2022-2023

Required Form or Documents: Challan No./ITNS 280 is required to be followed

Due Date: 30.09.2022

Nature Of Compliance: Report of Tax Audit( It is without transfer pricing)

Particulars Of The Compliance: Tax audit report for FY 2021-22

Required Form or Documents: Form 3CA/3CB and 3CD are required to be followed

Due Date: 31.10.2022

Nature Of Compliance: Transfer Pricing Report (It includes all types of  international or specified domestic transactions)

Particulars Of The Compliance: Submission of reports for FY 2021-22

Required Form or Documents: Form 3CEB is required to be followed

Due Date: 31.10.2022

Nature Of Compliance: ITR filing( This is for audit cases that exclude transfer pricing)

Particulars Of The Compliance: ITR filing for FY 2021-22

Required Form or Documents: The applicable ITR Form or format should be followed

Due Date: 31.11.2022

Nature Of Compliance: ITR filing in case of transfer pricing 

Particulars Of The Compliance: ITR filing for FY 2021-22( (In case of having international or specified domestic transactions)

Required Form or Documents: The applicable ITR Form or format should be followed

Due Date: 15.12.2022

Nature Of Compliance: Advance Tax

Particulars Of The Compliance: Third instalment of FY 2022-2023

Required Form or Documents: Challan No./ITNS 280 is required to be followed

Due Date: 31.12.2022

Nature Of Compliance: The Belated return or revised return filing

Particulars Of The Compliance: Belated return or revised return of FY 2022-2023

Required Form or Documents: Belated return or revised return form is required to be followed

Due Date: 15.03.2023

Nature Of Compliance: Advance Tax

Particulars Of The Compliance: The fourth instalment of FY 2022-2023, along with that Single and final instalment for taxpayers who have opted for the presumptive taxation scheme for FY 2022-23

Required Form or Documents: Challan No./ITNS 280 is required to be followed

Penalties Associated With Return Filing Deadline Missing

Penalties Associated With Return Filing Deadline Missing
Penalties Associated With Return Filing Deadline Missing
  • On filing a return after the due date, interest needs to be paid @1% per month under section 234A.
  • A late fee of Rs. 5000 needs to be paid under section 234F, but it can be reduced if the total income tax is less than 5 lakhs.
  • If you declare losses in your ITR file before the deadline, you can carry it forward and adjust it with your next year’s income. It will help to lower your tax liability. 
  • You can also file a belated return if you forget to file it within due dates, but a late fee will be incurred, and you need to pay it. This year you must file the belated return date by 31st Dec 2022.

The Takeaway

Key Tax Deadlines
Key Tax Deadlines

Tax filing is an important thing to stay away from all the unnecessary hurdles. So it is important to follow the date mentioned above or else you need to bear the consequences. It is advisable to do it within the specified time or else get the help of a professional tax consultant to get it done. Hope this article has helped you to learn all about it; in case of any queries, contact us.