FILING of INCOME TAX RETURN U/s 139(1), INCOME TAX ACT 1961
What is income Tax return?
Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Income can be of various forms such as: Income from salary. Profits and gains from business and profession, Income from house property, capital gains, Income from other source.
Types of Income Tax Returns
1.Orginal Return
2.Recvised Return
3.Belated Return
Who are required to file Income Tax Return?
An individual whose age is less than 60 years and has a total income from various sources of Rs. 2.5 Lakhs or more in a financial year is required to file an income tax return. For senior citizens whose age is between 60-80 years the above said total income was 3 lakhs instead of 2.5 lakhs. For senior citizens whose age is above 80 years, the above said total income was 5 lakhs. Companies and partnership firms are mandatorily supposed to file their returns even in case they have a loss.
Due Dates for Various Returns
| Status | Due date |
| Due date for filing Income tax return for all assesses except: Companies Non-Companies whose books are required to be audited Working partner of a firm whose accounts are required to be audited | 31st July of the following year i.e. 31 July of the Assessment Year (AY) |
| Due date for filing Income tax return for the following assessees: Companies not requiring transfer pricing report Non-Companies Whose books are required to be audited | 30th September of the following year i.e. 30 September of the AY |
| Due date for filing Income tax return for the following assessees: Companies requiring transfer pricing report | Due date for filing Income tax return for the following assessees: Companies requiring transfer pricing report |
Original Return:
A valid return filed within the due dates specified in the above table is called an original return.
Revised Return:
When an assessee successfully files his return but subsequently realizes he has either missed some information or has not disclosed the information completely or any other reason for which he wishes to file his return again, is known as a revised return. The due date for filing the revised return is before the end of the relevant assessment year.
Steps to be Followed while Filing revised Return:
- ITR form can be changed while revising of return.
- No penalty can be levied by the department for bonafide mistakes (unintentional).
- If the assessing officer discovers that the error/ omission was intentional/fraudulent return revision of return is not allowed and penalty may be levied.
- Interest under section 234B and 234C will be recalculated under every revised return.
- If the taxpayer has revised return after the survey/search and it was has found that the mistake in the original return was not bonafide then levy of penalty is justified.
Belated Return:
An assessee does not file his return within the timelines prescribed in the income tax act but files it after the due date is referred to as a belated return. The due date for filing a belated return is on or before the end of the relevant assessment year.
Consequences for Delay in Filing Return:
Delay in filing your return, has its own set of disadvantages: 1. Loss under head capital gain and business and profession will not be allowed to be carried forward; 2. The assessee will be liable to pay interest under section 234A depending upon the amount of tax due to @1% per month; 3. The income tax officer may levy a penalty under section 271F for late filing of return up to Rs.10,000. However, if taxable income is below 5,00,000 penalty will not exceed 1,000. 4. In case the assessee is eligible for a refund, the tax department pays an interest under Section 244A, a portion of which will be lost due to the late filing of return. If you have missed the due date to file your return, you can still file it before 31 Dec by paying a fee of Rs 5,000. If you are filing after 31 December , you will have to pay a fee of Rs 10,000.
