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Due Date of Filling Income Tax Return

According to Section 139(1) Due Date of filling income tax return are as Follows

(I) 30th September of the Assessment Year:

For Company.

  • For A Person Who is covered under Tax Audit.
  • For A Partner of a Partnership Firm which is covered under Tax Audit.

For E.g.: A Company Maintaining accounts from 01.04.2014 to 31.03.2015 then due date of filling income tax return for such company is 30th September, 2015

(II) 31St July of the Assessment Year:

  • For all Person other than the Above like Individual not covered under tax audit etc.

For E.g.: A Individual not covered under tax audit Maintaining accounts from 01.04.2014 to 31.03.2015 then due date of filling income tax return for such individual is 31st July, 2015.

Belated Return

Belated Return means the return which is filled after due date of return u/s. 139(1). Belated return is Governs by Section 139(4) of I.T Act, 1961.

According to section 139(4) of I.T Act, 1961 if a person fails to submit its income tax return on or before due date as per section 139(1) or even after notice u/s. 142(1) then he can file his income tax return on or before the one year from the relevant assessment year.

For E.g.: For Individual maintaining accounts for F.Y. 2013-14 & he Fails to submit his return before due date i.e. 31st July, 2014 then he has an option to file his income tax Return belated by 31st march, 2016 i.e. one year from the relevant assessment year.

Assessment Year for F.Y. 2013-14 is 2014-15 & one Year From 2014-15 is 31st March, 2016.

Limitations for filling Belated return:

  • Interest u/s. 234A is leviable if there is Tax Payment in return.
  • Belated return Can’t be revised but original return can be revised.
  • Loss of interest on refund u/s. 244A.
  • Carry Forward of Various types of lossess Is not available.
  • Some deductions u/s. 80 is also not available.

Attention to All the income tax assessee,

The Last date for filling  Belated Income tax return For F.y. 2012-13 is 31st March, 2015.

An Assessee has an option to file income tax return if not already filled before due date u/s. 139(1)for F.Y. 2012-13(A.Y. 2013-14) as belated return u/s. 139(4) of I.T. Act, 1961.

The Last Date for filling Belated Return is one year from the Relevant Assessment year.

For F.Y. 2012-13 the Assessment Year is 2013-14 & one year from the 2013-14 is 31st March, 2015.

Dear Readers, 31st March, 2015 is coming so be ready & file your income tax return for F.Y. 2012-13 if not already Filled by 31st March, 2015.

How many years an assessee can filed the return at a time ?

An assesseee can filed the return for the 2 years at a time one for previous year and on belated return.  eg on 19/02/2015 we can filed the return of Financial year 2012-13 and 2013-14.

 

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