Persons required to file the return of income

♣ 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 10BAor Chapter VIA (i.e., deduction under section 80C to 80U), exceeds the exemption limit.

Exemption limit: Upto 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 :

  • holds any asset, as a beneficial owner (an individual who has provided, directly or indirectly, consideration for the asset for the immediate or future benefit) or otherwise, located outside India or has signing authority in any account located outside India; or
  • is a beneficiary (an individual who derives benefit from the asset during the previous year and the consideration for such asset has been provided by any other person) of any asset located outside India;

shall furnish, on or before the due date, a return in respect of his income or loss for the previous year.

Due date of filing of return of income:

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

Belated return 139(4)

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;

or

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.

Consequences of delay in filing the return of income [sec.234F]

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/-)

Other consequences:

Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:

  • Loss (other than loss under the head “Income from house property”) cannot be carried forward.
  • Levy of interest under section 234A.
  • Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.

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Qualification: Student - CA/CS/CMA
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Location: ludhiana, Punjab, IN
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Category : Income Tax (27500)
Type : Articles (16989)
Tags : Income Tax Return (437) ITR (613)

2 responses to “Income Tax Return Filing: Time limit and consequences of delay”

  1. 1711vijayalaya says:

    I have to submit that I had submitted online efiling of ITR for the FY 2016-17 and 2017-18 (PAN ABQPV4565L) followed by signed HARD COPIES as confirmation copies – TWICE vide SPEED POSTs dated 29 Jul 2017 and 23 Nov 2017 to CPC Bangalore.

    However I keep receiving emails stating my confirmation copies have NOT been received. Am unable to speak to anyone in CPC due to automated voice guidance system . What should I do . Please help me by giving contact number to speak to someone in CPC, Bangalore

  2. Kartick Sarkar says:

    DPN Builders PARTNERSHIP Firm Since_2011Promoter a buildings for executed and executed death18feb_2015. But no of 18flat not registration. Legal heirs sum delay of project claim such money demand. Buyers are waiting for registration process. But builder are hold the property reg. Builder are contracts get extra. 10 lakh extra. But legal heirs 25laks demands. 8478092554

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