A country runs on the taxes it has garnered. The changing times need a more strict approach to ensure full participation from all the individuals across the country. The last date to file income tax returns differs and depends upon the type of firm it is. For example, the individuals and organizations like Hindu Undivided Families and those who need not audit their accounts should file the Income Tax Returns by July 31. On the other hand, those who need to get their balances audited need to submit their filings by September 30 of the relevant financial year.
Even if someone misses the deadline, they have an option of filing the Income Tax Returns by March 31, that is, the end of the financial year. A late fee is applied to the firms as well as individuals for the delay. If the person files after July 31 but before December 31, then he/she has to pay a penalty of Rs. 5000. While, if the company files between January 1 and March 32 then a late fine of Rs. 10,000 has to be paid. The Income Tax Returns varies for all individuals depending upon the earning and the age of the individuals. However, if someone misses the 31st March deadline, the only way to file the charges is through a notice from the tax department.