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))
Where accounts of the assessee are required to be audited under any law
Where assessee is working partner in a firm whose accounts are audited under any law
In any other case
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 return.
1) Only return filed within due u/s 139(1) or in pursuance of notice under section 142 can be revised. Belated return can’t be revised.
2) Revised return can be filed within one year from the end of the assessment year.
3) Assessee can filed more than one revised return within time limit. There is no limit for number of revised return.
Return will be considered as defective when return form is not filled fully and some columns are left blank.
The assessing officer will intimate about the defect to the assessee. The assessee should correct the defect within 15 days. If he fails to do so, the return will become invalid. The assessing officer can condone delay if defect is rectified before assessment is made.
In online return, e filing utility cannot accept return when there is some column left blank. It shows errors. Correct all those errors and file the return.
If assessee is filling return online, he has option to file return online and send acknowledgment (ITR-V) within 180 days to CPC. If he fails to do so, the return shall be considered as invalid.
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