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due-date-of-filling-income-tax-return

 

Due date of filling Income Tax Returns under Income Tax Act

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Due date means the last date to which the Income Tax Return should be filed without levy of penalty & Interest. Every assessee whether Individual/Hindu Undivided Family (HUF)/Body of Individuals (BOI)/Association of Person (AOP)/Firms/Companies etc. has to file their return within the time limit as prescribed.  

Under Section 139(1), in the following cases the filing of Income Tax Return is Mandatory:

  • Every person, whose total income exceeds the basic exemption limit, has to file their Income Tax Return within the due date.
  • Any private, public, domestic or foreign company located and/or doing business in India.
  • Any firm including LLP (Limited Liability Partnership) or Unlimited Liability Partnership.
  • Any resident who has an asset located outside of India OR any resident who retains signing authority for an account based outside India to file their Tax return in the prescribed form irrespective of the amount of tax liability on those incomes.
  • Every HUF (Hindu Undivided Family), AOP (Association of Persons) and BOI (Body of Individuals) if their total income exceeds the basic exception limit, has to file the Income Tax Return within the time limit as prescribed.
 
Due Date to file Income Tax Return for F.Y. 2017-18, A.Y. 2018-19-
Particulars Due Date
Individuals/HUF/BOI/AOP 31st August 2018
Assessee, who has business income but it is not compulsory to Audit their books of Accounts 31st August 2018
Assessee, who has business income and it is compulsory to Audit their books of Accounts 30th September 2018
Assessee, who is required to furnish report under section 92E 30th November 2018
 
In case of Individual Assessee
Example1
Mr. X has taxable income of Rs. 4,20,000 for the year 2017-18. What is the due date for filing his Income Tax Return?
Answer-
Mr. X is an Individual Assessee, so the due date will be 31st August 2018 to avoid any tax or penalty.

In case of companies, who is required to Audit their Books of Accounts-
Example2
M/s XYZ Pvt. Ltd. having profit of Rs. 8,50,000 for the financial year 2017-18. The company is required to Audit their books of accounts under Income Tax Act. What will be the due date for filing Income Tax Return?
Answer-
M/s. XYZ Pvt. Ltd. having compulsory tax audit for the financial year 2017-18, so the due date will be 30th September 2018 to avoid any tax or penalty.

Penalty under section 271-F-
Assessee who has not filed their return on or before the due date the will be liable to pay penalty under section 271F- for late filing of Income Tax Return-
  • If the taxable income is below Rs. 5,00,000 Penalty will be Rs. 1,000
  • If the taxable income is above Rs. 5,00,000:-
    1. -filed before 31st December Penalty will be Rs. 5,000
    1. -filled after 31st December Penalty will be Rs. 10,000
 
In case Return is not filed on Due date-
Example-
Mr. X has not filed his income tax return for the financial year 2017-18, before the due date i.e. on 31.08.2018, he has filed his return on 12.11.2018. His taxable income was Rs. 4,20,000 for the year 2017-18. His tax liability comes to Rs. 8,840. Whether he has any liability for interest or penalty?
Answer-
Mr. X has not filled his return before the due date i.e. 31.08.2018, he has filed his return later on 12.11.2018. His liability is as under-
Tax Amount                             =                          8,840
Interest u/s 234A                      =                        354  i.e.(Rs. 8,840 x 1% x 4 months)
Penalty for Belated Return      =             1,000 (Taxable income below Rs. 5,00,000)  

Benefits of Filing Income tax return on or before the due date-
  • The Assessee can carry forward losses falling under the heads of Income: Income from Business or Profession (including speculative business), Income from Capital Gain, Income from Other Sources etc.
  • The Assessee can avail all deductions/exemption under section 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID, 80-IE or 80-IF.
  • The Assessee can escape from the penalty under section 271F for late filling or non filing of return.
  • The Assessee can also escape Interest liability under section 234A for late filling of return.
 
Note-
  • Belated Return- If an assessee has not filed his income tax return on or before the due date as above, he can filed his return up to the end of assessment year. for ex. If Mr. X has not filed his return for the F.Y. 2017-18 on time i.e. 31.08.2018, he can also file his return up to 31.03.2019. Belated return can also be revised
  • Revised Return-If you have found any error or omission in your filed return, you can rectify your return, when you rectify your return or filed it i.e. called revised return u/s 139 (5). After filling of revised return, the original return shall be deemed to be withdrawn or say the revised return take place against earlier filled original return. Revised return can be filled before the completion of relevant assessment year or before the completion of assessment, whichever is earlier.
  • Defective Return-When you have file your income tax return, which have arises any discrepancy or mistake or any information is missing, that return will be called as defective return. The department also compares and cross verified the details provided by you or the information is available with him, if they find any doubt the department issues a Defective Return notice u/s 139(9). You have to revise your return, mentioned with defects pointed out by the Income Tax Department, within 15 days from the receipt of intimation order under section 139(9). You can seek an extension by writing to your local Assessing Officer if you fail to revise your income tax return within 15 days.



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