Statutory Due Dates for Return Filing under the New Act

Statutory due dates for filing return of income are not procedural conveniences. Under the new Income-tax Act, they function as hard compliance cut-offs with direct legal and financial consequences.

Missing a due date today does not merely attract late fees. It can permanently affect a taxpayer’s rights and claims.

Let’s understand the framework clearly.

Why Statutory Due Dates Matter

The Income-tax Act prescribes specific due dates to ensure timely disclosure of income and facilitate automated processing.

Filing within due dates impacts:

Eligibility to carry forward losses

Applicability of late filing fees

Levy of interest on tax payable

Risk of scrutiny selection

Ability to revise returns freely

What this really means is simple:
Due dates decide not just when you file, but what rights you retain.

Categories of Taxpayers and Due Dates

Statutory due dates differ based on the nature of the taxpayer and the requirement of audit.

Broadly, due dates are prescribed for:

Individuals and entities not liable to audit

Businesses and professionals liable to tax audit

Cases involving transfer pricing and international transactions

Each category has a distinct compliance timeline, and incorrect assumption of due date often leads to irreversible loss of benefits.

Due Date vs Belated Filing

While the Act permits belated filing, it is not an equal alternative.

Belated returns:

Attract mandatory late filing fees

Carry interest liability

Restrict loss carry forward

Reduce flexibility in revision

Belated filing is a concession, not a right.

Impact on Loss Carry Forward

One of the most critical consequences of missing statutory due dates is loss of the right to carry forward certain losses.

Business losses, capital losses, and other specified losses can be carried forward only if the return is filed within the due date.

This condition continues strictly under the new Act.

Increased Enforcement under the New Act

With complete digitisation, statutory due dates are now system-driven enforcement points.

Once a due date lapses:

System-based consequences apply automatically

Discretionary relief is extremely limited

Rectification options narrow significantly

Manual leniency has been replaced by algorithmic enforcement.

Conclusion

Under the new Income-tax Act, statutory due dates are not technicalities. They are compliance boundaries.

Timely filing safeguards taxpayer rights, preserves statutory benefits, and reduces litigation risk. Missing a due date often results in consequences that cannot be undone later.

Compliance delayed is compliance denied.

Written by:
Abhishek Gupta
Chartered Accountant
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