Filing of Income Tax Return after Due Date - Belated Return
General

FILING OF INCOME TAX RETURN AFTER DUE DATE OR BELATED RETURN

Filing of Income Tax Return After Due Date
Filing of Income Tax Return After Due Date

 570 total views,  15 views today

  Posted on October 28, 2021

FILING OF INCOME TAX RETURN AFTER DUE DATE OR BELATED RETURN

Income Tax Return or ITR is a form that should be submitted by an assesses to the Income Tax Department of India. The form should be filled with the details regarding the incomes earned by the assessee and the taxes which should be paid on the same during the year. Basically, it will be pertaining to a financial year which starts on 1st of April during a particular year and ends on 31st March of the next year, say the financial year 2020-21 will be commencing on 1st April 2020 and ending on 31st March of 2021.

The income earned by an assessee as per the Income Tax Act and the form ITR will be summarized into the following heads namely;

  1. Income from salary
  2. Profits and gains from business and profession
  3. Income from house property
  4. Income from capital gains
  5. Income from other sources such as dividends, interest on deposits, royalty income, winning on lottery, etc.

There are basically seven types of ITR prescribed by the Income Tax Department, the applicability of which will depend on the type of taxpayer, nature of income earned, amount of income. ITR forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

It is to be noted that the ITR pertaining to a financial year should be filed during the Assessment Year which is the year succeeding the financial year. For example, taking the financial year 2020-21, we can say that the Assessment Year for the same is 2021-22.

Due Dates for filing of ITR

NATURE OF TAXPAYER DUE DATE FOR FILING OF ITR

 

 

EXTENDED DUE DATES FOR AY 2021-22
  Individual/HUF*/AOP**/BOI*** whose books of accounts need not be audited

 

31stJuly of the Assessment Year

 

 

31st December 2021
  A working partner of a firm whose accounts are required to be audited as per the Income Tax Act or any other law in force

 

31stOctober of the Assessment Year

 

15th February 2022
Person (other than the company) whose accounts needs to be audited under the Income Tax Act or any other law in force

 

31stOctober of the Assessment Year

 

15th February 2022
 Any company was other than the one who is required to furnish a report in Form 3CEB u/s 92E**** 31stOctober of the Assessment Year

 

15th February 2022
  Assessee (corporate/non-corporate) who is required to furnish report in Form 3CEB u/s 92E****

 

30thNovember of the Assessment Year

 

28th February 2022

 

*HUF – Hindu Undivided Family

**AOP – Association of Persons

***BOI – Body of Individuals

****Section 92E Furnishing reports of International Transactions

Belated Return

In the chart given above, we can see that the due dates for filing the ITR by various taxpayers. But what happens if the returns are not filed within this due to, certain circumstances which might arise during the assessment year?

If due date of filing specified under section 139(1) of Income Tax Act was missed by the assessee, a belated return can be filed under section 139(4). It is to be noted that, any person who has not furnished their return of income within the due date specified under section 139(1) or such other due date or time period allowed as per the notice issued under section 142(1), may furnish the return for the previous year, at any time 3 months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. However, for the AY 2021-22, the limit for filing the belated income tax returns are extended upto 31st of March 2022.

However, such belated return filing will attract penalty or fine under section 234F and it states that late filing fees of INR 5000 shall be payable by the assessee if the return is furnished after the due date specified under section 139(1). The maximum penalty which can be levied under this section is INR 10,000 which shall become applicable if you are filing the return after 31st December of the relevant assessment year.But if the total income which is taxable in the case of an assessee does not exceed INR 5,00,000, then the late filing fees shall be limited to INR 1,000, which has been provided as a relaxation.

Why should an assessee file ITR on time?

By filing ITR on time there are multiple benefits that an assessee can reap irrespective of the fact that you are an individual or company or such other assessee or taxpayer. The assessee can avoid any penalty or fines which are applied for filing a belated return, which is adding to the cost incurred. The carry forward of losses shall be allowed only if you file the return within the due date which is applicable to you as per the Income Tax Act, and this will again take away the assesse’s chance to claim in deduction in tax by adjusting the loss from previous years. Along with all this, you can easily avail any loan which might be required by you as an assessee as your income details shall be easily furnished with the bank or financial institution and Income Tax Return is one of the most relied upon or authentic source for the same.

Thus, we can now conclude that belated return filing under section 139(4) should only be relied upon in case of emergency or any other unavoidable situations that might arise making it impossible to file the return within the due date.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top

GET A FREE QUOTE


Please fill this form and we'll get back to you as soon as possible!


Easy Payment Options Available
No Spam. No Sharing. 100% Confidentiality