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Due Date of Income Tax Return Filing is 31st July

Posted on October 01 2020

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Due date of filing income tax return is decided by the income tax act, 1961 and its rules. The last date may be changed by the central government in special cases by gibing proper notice.

Normally the due date of income tax filing can be categorized into two parts.

For the following persons the due date of income tax filing is the 30th September of relevant assessment year.

1. Company.

2. A person whose accounts are required to be audited under income tax act or any other act.

3. A working partner whose accounts are required to be audited under income tax act or any other act.

For all the other persons like Individuals/HUF/BOP/AOI the due date of income tax filing is the 31st July of relevant assessment year.

For example the due date of ITR for the individuals (with no tax audit) for FY 2015-16 is the 31st July 2016 and for the companies it is the 30th September 2016.

Last date of income tax return

The above dates are the due dates, you may file IncomeTax Return even after the due dates but then you will have to pay a huge amount of interest for being delayed. The time given to file the income tax return is one year from the end of the assessment year of the financial year.

It means the Income Tax Return for the financial year 2013-14 cannot be filed after the 31st march 2016. At 31st march 2016, one year is completed from the end of AY 2014-15 i.e., 31st march 2015.

The due dates may be extended by CBDT for specific reasons.

Likewise, for the financial year 2014-15, the due date was extended for non availability of online ITR forms.

The CBDT had finally decided to extend the due date of the company return filing from the 30^thSept 2015 to the 31^st Oct 2015 for the entire country. Earlier, the last date of filing was extended for the individuals to the 3oth September 2015 from the 7th Aug 2015.

The Individual Tax payer had an extension for a month to file their income tax return and due to the technical problem faced by many of the tax payers on the last day, the income tax department had further extended the last date of income tax filing to 7th September 2015.

Who is required to file the income tax return?

It is important to file the income tax return for three categories of individuals/HUF/AOP/BOI-

If the Gross Total Income of the individual is more than Rs. 2,50,000 for the financial year 2015-16 and whose age is less than 60 years.

If the Gross Total Income of the individual is more than Rs. 3,00,000,for the financial year 2015-16 and whose age is above 60 years but less than 80 years.

If the Gross Total Income of the individual is more than Rs. 5,00,000 for the financial year 2015-16 and whose age is 80 years or above.

CONSEQUENCES OF LATE FILING OF INCOME TAX RETURN

If the assessee do not file their Income Tax Return within the due date then the Assessing Officer may excise a penalty of Rs. 5,000 under section 271F. There is also a interest provision for late filing of the income tax return in the section 234A of the Income Tax Act, 1961. Under section 234A, if the income tax return is filed late by the assessee than he is liable to pay an interest @1% for every month or part of the month, from the last date of filing the return upto the date of furnishing the Return of Income.

Therefore, everyone should file their return in time to avoid the provision of interest and penalty.

Which ITR is applicable to a person ?

Do you want to know which ITR is applicable for you for the FY 2015-16 or AY 2016-17.

SAHAJ (ITR 1): It can be used by the individual whose income includes:

·Salary/ Pension

·Income from one house property exempting where the loss is brought forward from the previous year

·Incomes from other sources exempt winning from the lottery and the income from the horse race.

SAHAJ (ITR 1): It cannot be used by individual whose income includes:

·Income from more than one house property.

·Income from winnings from the lottery or the income from the horse’s race.

·Income chargeable to tax under the head “CapitalGains”.

·Exclude income of more than Rs. 5,000.

·Income from the business or the profession.

·Loss under the head “Income from other sources”.

·Relief under the section 90 and/or section 91

·Who is a resident and ordinarily resident and having any assets (including the financial interest in any entity) which is located outside India or signing the authority in any account located outside India.

ITR 2A: It can be used by the individual or a HUF whose income includes:

·Salary/ Pension

·Income from the house property

·Income from the other sources

ITR 2: It can be used by the individual or a HUF whose income includes:

·Salary/ Pension

·Income from the house property

·Income from the capital gains

·Income from the other sources

ITR 2 & 2A: It cannot be used by the Individuals or HUFs whose income includes:

·Income from the business and the Profession only being partners in the firms

·Income from the Capital Gains

ITR 3: It can be used by Individuals or HUFs whose income includes:

·Salary/ Pension

·Income from the house property

·Income from the business and the Profession only being partners in the firms

·Income from the Capital Gains

SUGAM (ITR 4S): It can be used by the individual or HUF whose income includes:

·Salary/ Pension

·Income from the house property

·Income from the capital gains

·Income from the business and the profession only presumptive income u/s 44AD and 44AE

· Income from the other sources (exempting winnings from the lottery and income from the horse’s race).

SUGAM (ITR 4S): It cannot be used by the individual or HUF whose income includes:

·Income from more than one house property.

·Income from winnings from the lottery or income from horse’s race.

·Income chargeable to tax under the head “Capital Gains”.

·Exclude income of more than Rs. 5,000.

·Income from the speculative business and other special incomes.

·Income from the profession as referred to in section 44AA (1).

·Income from the agency business or the income in the nature of commission or brokerage.

·Relief u/s, 90A and/or section 91

·Who is a resident and ordinarily resident and has any assets (including financial interest in any entity) which is located outside India or signing the authority in any account which is located outside India.

· In case of a taxpayer who is engaged in any business and is eligible for the presumptive taxation scheme of section 44AD or section 44AE but he does not opt for the presumptive taxation scheme, then such a person need to maintain the books of account of the business as per the provisions of section 44AA and has to get his accounts audited. In such a situation he cannot use the ITR 4S. Such a taxpayer has to file its return of income in Form ITR – 4.

ITR 4: It can be used by the individual or HUF having income from a proprietary business or profession.

ITR 5: It can be used by the Firms, Co-Operative Societies, Co- Operative Banks, LLP, AOP, BOI and Artificial Judicial Person.

ITR 6: It can be used for the company exclude companies registered under the section 25 of the Income Tax Act, 1961

ITR 7: It can be used by Persons like Trust, Political Party, Section 10 exclude institutions, Section 35 institutions or colleges.

Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.

With the help of TaxAssist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.

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