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Income Tax Return (ITR) filing is done after the completion of a financial year. Due dates to file Income Tax Returns (ITR) are as per section 139 of the Income Tax Act. The due date for filing of the income tax return for different category of taxpayers are as follows:
Above due dates can be extended by the IT Department via order.
The income tax return can also be filed after the due date. It will be considered as a belated return and late filing fees and penalty interest will be applicable. Hence it is always advisable to file ITR on or before the due date.
A taxpayer can revise a return if any mistake, omission or any wrong statement is found in the original return. Earlier up to FY 2016-17 (AY 2017-18), a revised return could be filed before the expiry of one year from the end of the relevant assessment year i.e, 31st March 2019 or before the completion of the assessment by the IT Department whichever is earlier.
Later, the timeline to file a Revised Return was reduced from 2 years to 1 year. From FY 2017-18 (AY 2018-19) onwards Revised Return can be filed before the end of the assessment year i.e, 31st March 2019 or before the completion of the assessment by the IT Department whichever is earlier. Further, FY 2017-18 onwards, a Belated Return can also be Revised.
Revised Return is filed under section 139(5) of the income tax act. If an original return is filed in paper form then the revised return cannot be filed online.
From FY 2017-18 (AY 2018-19) onwards belated return can be filed at any time before the end of the relevant assessment year or before completion of the assessment, whichever is earlier.
Belated Return attracts late filing fees under section 234F. Late filing fees of Rs. 5,000 is payable if the return is filed after the due date but before 31st December of the assessment year. If the return is filed after the 31st December then late filing fees of Rs. 10,000 is payable. However, the number of late filing fees to be paid cannot exceed Rs. 1,000 if the total income of the person does not exceed Rs. 5,00,000.
Let’s take an example to understand better: Mr. Arun forgot to file his ITR on or before 31st August 2018. His total income for FY 2017-18 was Rs. 4,50,000. Arun can file his belated return up to 31st March 2019. He files his return on 25th November 2018. Then his return will be considered as a belated return and late filing fees of Rs. 1,000 will be applicable to him since his income is less than Rs. 5,00,000.
Up to FY 2016-17 (AY 2017-18), a belated return can be filed within one year before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. Up to FY 2016-17, there were no late filing fees applicable to belated returns.
On account of COVID-19, the due dates have been extended. For taxpayers, under tax audit, the due date to submit the tax audit report is 31st December 2020 and due date to file ITR is 15th February 2021. For taxpayers, when tax audit is not applicable the ITR due date is 10th January 2021.
Following are some of the general documents required to file ITR:
3. Bank account details
4. TDS Certificate (Form 16, Form 16A, Form 26AS)
5. Tax payment challan (Self-assessed Tax or Advance tax)
6. Original notice (In case of refiling the ITR)
These are the documents that are required to file the ITR: Aadhaar, PAN, (Form 16, Form 16A, Form 26AS), (Self-assessed Tax or Advance tax)
All PAN holders should ideally file their ITR. However, If your income is more than INR 2.5 Lakh p.a then it is mandatory to file your ITR.