ITR due date 

As 31st March is approaching many individuals will now wake up and will rush to the CA’s office.

Due Date of Income Tax Return 

Due date of filing return Person
31st July of every Assessment year Individual / HUF
30th September of every Assessment year Company or other than company assessee who is required to furnish audit report u/s 44AB of income tax act or any other laws or working partner of a firm in which audit required under income tax act or any other laws.
30th November of every Assessment year Assessee who is required to furnish report of Transfer Pricing u/s 92E.

Last Date of filling of Return

Section 139(4) prescribes the last date of filing return. Returns filed after the last date are invalid returns.

Particulars Bare Act Simplified Example
Upto A.Y. 2016-17 As per section 139(4) of the act, any person who has not furnished a return within the due date mentioned above, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier Assessee can file a return within 2 years from the end of the relevant financial year. ITR for FY 2015-16 can be filed upto 31st March, 2018.
From A.Y. 2017-18 As per section 139(4) of the act, any person who has not furnished a return within the due date mentioned above, may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier Assessee can file a return within 1 year from the end of the relevant financial year. ITR for FY 2016-17 can be filed upto 31st March, 2018.

ITR for FY 2017-18 can be filed upto 31st March, 2019.

Revision of Return 

Particulars Bare Act Simplified Example
Upto A.Y. 2016-17 As per section 139(5), if any person, having furnished a return under sub-section (1), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.  Assessee can revise only those return filed before due date u/s 139(1) within 2 years from the end of the relevant financial year. ITR for FY 2015-16 can be revised upto 31st March, 2018, if return was filed on or before due date i.e. 31th July, 2016.

If return was filed after 31th July, 2016, assessee can’t revise its return at any cost.

From A.Y. 2017-18 As per section 139(5), if any person, having furnished a return under sub-section (1) or sub-section (4) , discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Assessee can revise its return even filed after due date mentioned above within 2 years from the end of the relevant financial year. ITR for FY 2016-17 can be revised upto 31st March, 2019 even return was filed after due date or before due date.

Even If return was filed after 30th July, 2017 then assessee can revise its return after amendment made in Finance Act, 2016.

31st March’ 2018: The last date for Income Tax return u/s 139(4) for Financial Year 2015-2016 & 2016-2017.

Now we are moving to the adverse consequences of Non-Filing of the Income Tax Return.

Penalty u/s 271F: If a person fails to furnish return before the end of the relevant assessment year, the assessing officer may levy a penalty of Rs. 5,000/-. Thus, Non-filing of Income Tax Return may result in the penalty of Rs. 5,000/-.

Important Note:

This penalty provision has been abolished in relation to the return of income required to be furnished for any assessment year commencing on or after the 1st day of April, 2018.

For AY 2018-19 and Onwards

Section 234F of the Income Tax Act provides that a fee for delay in furnishing of return shall be levied.

  • Interest u/s 234A: Default in the furnishing of the Income Tax Return may attract Interest u/s 234A. If there are any taxes which are unpaid, penal interest @ 1%per month or part thereof will be charged till the date of payment of taxes.
  • Non-Carry Forward of Losses:You will not be able to carry forward losses if the return of income is not filed within due date.

However, the loss under the head “Income from house property” can be carried forward even if the return of income/loss of the year in which loss is incurred is not furnished on or before the due date of furnishing the return, as prescribed under section 139(1).

  • Best judgment assessment (Assessment under section 144):

 The Assessing Officer is under an obligation to make an assessment to the best of his judgment in the following cases: –

  • If the taxpayer fails to file the return required within the due date prescribed under section 139(1) or a belated return under section 139(4) or a revised return under section 139(5).
  • If the taxpayer fails to comply with all the terms of a notice issued under section 142(1).

Thus, Non-Filing of the Income Tax Return may result in the Best Judgement Assessment. This is an assessment carried out as per the best judgment of the Assessing Officer on the basis of all relevant material he has gathered.

  • Claim of Refund of Taxes: In case your tax payable is less than the TDS already deducted, you can claim the refund of such excess TDS by filing your Income Tax Return.

Person has to file Income Tax Return to claim the refund of TDS.

Further, you are eligible for Interest @ 6% on refund amount as per Section 244A.

  • Penalty for Concealment of Income: If you have taxable income and do not file the return of Income you may end up paying penalty for concealment of Income. Till A.Y 2016-17, there was penalty u/s 271(1)(c), this penalty was for Failure to furnish returns, comply with notices, concealment of income, etc.

The Finance Act’2016, inserted section 270A with effect from 1st April, 2017. Penalty u/s 270A is for under-reporting and misreporting of income.

  • Prosecution for Failure to Furnish Return of Income

 In case you fail to furnish the return of Income, you may receive notice of prosecution u/s 276CC.

Section 276CC provides for rigorous imprisonment for a term up to 7 years and fine.

Income Tax Return Filing by Individuals for A.Y 2018-19

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One response to “ITR season- Due Date / Last Date of filling of Return- Recent Changes”

  1. ashwani gupta says:

    thank you for updating our knowledge thank you

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