Income Tax Return due dates

In taxation field, dates are very important. you are late for one day and you have to pay interest , penalty etc. But don’t worry. Here I have given information about due date of Income tax return filling, belated return, revised return and defective return.It will help tax payers, students and professionals.Let’s take a look. Due date for filling income tax return (139(1)) Assessee Due date Company assessee 30th September Where accounts of the assessee are required to be audited under any law 30th September Where assessee is working partner in a firm whose accounts are audited under any law 30th September In any other case 31st July Benefits of filling return within due date: 1)      No interest chargeable for 234A, 234B and 234C. 2)      No penalty 3)      All losses can be carried forward to next year. Income tax return can be filed belated u/s 139(4) within one year from the end of the assessment year. Disadvantages of filling belated return: 1)      The assessee will be liable for penal interest under section 234A. 2)      A penalty of Rs. 5000 may be imposed u/s 271F. 3)      Few losses cannot be carried forward. Revised Return under section 139(5): Assessee can correct omission or wrong statement by filling revised return. The revised return is substitution of original return and once revised return is filed, assessment will be started according to the revised...

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