Article explains Persons required to file the return of income, Due date of filing of return of income Belated Income tax return under section 139(4), Consequences of delay in filing the return of income under Section 234F and Other consequences of delay in filing the return of income. Article explains who are the person required to file the return of income in case of companies, partnership firms, Individual/HUF/Association of persons, and persons holding assets located outside India.
♣ In the case of companies:
It is compulsory for a company to file income tax return irrespective of its income or loss.
♣ In the case of partnership firms:
A partnership firm (including LLP), has to file its return of income compulsorily, irrespective of its income being profit or loss. In other words, it is mandatory for every partnership firm to file the return of income irrespective of its income or loss.
♣ In the case of an Individual/HUF/Association of persons:
Every individual/HUF/Association of persons has to file the return of income if his total income without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or Section 54 or Section 54B or Section 54D or Section 54EC or Section 54F or Section 54G or Section 54GA or Section 54GB or Chapter VIA (i.e., deduction under section 80C to 80U), exceeds the basic exemption limit.
Exemption limit: Upto Rs. 250000
In the case of persons holding assets located outside India:
If a person is a resident in India (other than not ordinarily resident) and who at any time during the previous year :
shall furnish, on or before the due date, a return in respect of his income or loss for the previous year.
|Sr. No||Type of person||Due date|
|1||Any company other than a company who is required to furnish a report in Form No. 3CEB||September 30 of the assessment year.|
|2||Any person who is required to furnish a report in Form No. 3CEB under section 92E||November 30 of the assessment year|
|3||Any person (other than a company) whose accounts are to be audited under the Income-tax Lawor under any other law||September 30 of the assessment year|
|4||A working partner of a firm whose accounts are required to be audited under this Act or under any other law.||September 30 of the assessment year|
|5||Any other assessee||July 31 of the assessment year|
If the person fails to file the return of income within the time-limit prescribed as above, then as per section 139(4) he can file a belated return. A belated return can be filed
at any time before the end of the relevant assessment year;
before completion of assessment;
Whichever is earlier.
Illustration to explain belated return:
For the assessment year 2017-18, Mr. R could not file the return within the due date. The assessing officer passed the order under section 144 on 28.2.2018 which is received by the assessee on 3.3.2018. The assessee filed the return on 2.3.2018. Is the return valid?
Solution: No. The belated return can be filed before the end of the relevant assessment year or before the completion of assessment, whichever is earlier. In the above case, the assessment was completed on 28.2.2018 i.e. the date of passing of order
As the assessee has filed the return of income on or after the completion of assessment i.e. 28.2.2018 this return is not valid. In this case he could file the return upto 27.2.2018.
If return is filed late but on or before 31st December of the Assessment Year- Rs. 5000/-
In any other case. Rs. 10000/-*
(*if total income is upto 5 lacs then penalty is reduced to 1000/-)
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
(Republished after amendment by Taxguru Team)