Filing of Income Tax Return & Few Points

Every Individual, whose taxable income exceeds the prescribed exemption limit (which is Rs. 2,50,000 for male/female assesses and Rs. 3,00,000 for those above 60 years of age [i.e. Senior Citizens) and 5 lakh for Very Senior Citizens those above 80, is required to file an ITR on or before the prescribed due date. If you have agriculture income as well as non-agriculture income and your non-agriculture income is less than the minimum threshold limit, you will not be obliged to file an ITR. In case of a deceased person, his executor, administrator or other legal representative would be required to file an ITR for the deceased.

What is the Due Date ? :

The prescribed due date is September 30, 2015 for F/Y 2014 -15, if the individual, being a sole proprietor, whose accounts are subject to tax audit or is a partner of a partnership firm whose accounts are subject to tax audit. In all other cases, the due date is July 31, 2015

Who should sign the ITR ? :

The ITR is required to be signed by the individual himself or herself. However, in case the individual is not physically present in India to sign the ITR or in case of a Non-resident, a power of attorney holder could sign the ITR. In case of deceased assessee, the executor, administrator or other legal representative would be required to sign the ITR.

A word of caution: An unsigned return is not a valid return.

Can you file ITR electronically?: Well, yes an ITR can be filed electronically on the website ( with or without a digital signature. In case an ITR is filed online without the digital signature, the acknowledgement generated is required to be signed and sent to the Central Processing Centre (CPC).

Are any documents needed?:

Currently, no documents can be submitted alongwith the ITR. However, the tax authorities sometimes ask for a copy of the PAN card or acknowledgement of previous ITR filed, to verify the tax jurisdiction. In case the ITR is signed by a legal representative, copy of the power of attorney is required to be filed.

Mandatory E.Filing of ITR - For whom?

The process of electronically filing Income tax returns through the internet is known as e-Filing.

  • e-Filing of Returns / Forms is mandatory for any assessee having total income of Rs. 5 Lakh and above, Individual! HUF, being resident, having assets located outside India from NY 2012-13 and subsequent Assessment Years.
  • An assessee required to furnish a report of audit specified u/s 1 0(23C)(iv), 1 0(23C) (v),1 0(23C)(vi), 10(23C)(via) , iDA, 12A(1)(b), 44A8, 80-IA, 80-IB, 80-IC, 80-ID, 8OJJAA, 8OLA, 92E or 115JB of the Act, shall furnish the said report of audit and the return of Income electronically from A/Y 2013-14 and subsequent Assessment Years.
  • All companies.
  • Firm (to whom provisions of section 44AB is not applicable), AOP, BOl, Artifici Juridical Person, Coop Society and Local Authority required to file ITR 5 from NY 2014 -15 & subsequent Assessment Years. An assessee required to funish return u/s 139 (4B) in ITR7.
  • A resident who has signing authority in any account located outside India.
  • A person who claims relief u/s 90 or 90A or deduction u/s 91.
  • individuals primarily with salary income and certain other tax payers are required to file their tax returns by July, 31st, for the F/Y 2014 -15 (A/Y 2015-16).

Belated Tax Returns :

As per the provisions of the Income Tax Act, 1961 (the Act), a tax payer who has not filed his tax returns within the due date or as per the time specified under a notice issued to him by tax authorities, may do so for a financial year before the expiry of one year from the end of relevant assessment year or before the completion of assessment, whichever is earlier. Thus, in case a tax payer has missed his due date of filing his returns by July, 2015 - for the F/Y 2014-15, he could still file his tax return by March 31,2017.

Penalty for Non-filing:

If a tax payer fails to file his returns before the end of the relevant assessment year, then tax authorities may impose a penalty of Rs. 5,000. Therefore, it would be prudent for the tax payer who has missed the deadline to file his returns latest by March31, 2017, to avoid any penalty.

Revised Returns:

Furthermore, there may also be instances where returns have been filed by the due date and subsequently, the tax payer finds some error in the same. In such an event, he may file revised returns any time before expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Defective returns:

It is also possible that certain errors are observed by the Tax Department in the filing. Thus, where such authorities consider that returns of income are defective, they may intimate the anomaly to the tax payer and give him a chance to rectify it within 15 days from the date of such intimation or within such further period as may be specified. If the tax payer fails to correct, then the returns filed by him shall be treated as invalid and the provisions of the Act shall apply as he has failed to file his tax returns.

Why one should stick to the deadline of July, 31 to file IT. Returns ?

July31 is the last date for filing IT returns. But a lot of people use the two year extended window to file their returns.

Is this advisable ? And what are the implications of missing the July31 deadline?

As per Income Tax Department of India: “A tax return may be furnished any time before the expiry of two years from the end of the financial year in which the income was earned.” This means that if you earned your income during F/Y 2014 -15, you may file a belated return any time before 31 s March, 2017. –

But there are some disadvantages if you don’t file your returns on time.

You will not be able to carry forward your Business loss (Speculation or otherwise), capital loss, loss due to owning and maintaining of race horses.

Loss of Interest on refund :

You may lose interest on refund u/s 244A specially in case if you are claiming a Major amount as refund.

You cannot revise your return.

Late filing can delay processing for tax refunds.

Incremental Interest uls 234A:

If the tax has not been paid before the end of the tax year concerned and you file the return late, incremental interest at the rate of 1% p.m. will be payable on the unpaid amount after the due date. This is in addition to the 1% p.m. interest for Non-payment of Advance Tax, i.e., tax due after tax deduction at source exceeding Rs. 10,000. Thus, late returns can result in an additional interest burden.

If no tax is due and return is delayed then one can file the return after July, 31. No penalty, no penal interest, only in a situation when no tax is due.


Time Limit for Reopening Assessmert:

Time limit from the end of the relevant Assessement Year

If the escaped income is Rs. 1 lakh or more.

Upto six years.

If the escaped income is less than Rs.1 Iakh.

Upto four years.


Time Limit For Filling Return Of Income [Section 139]


Nature of Compliance

Time Limits of relevant assessment year ( For A.Y. 2014-2015)


Where the assessee [other than an assessee referred to in, clause (aa)]

30th September


(i) Return of income by a corporate assessee
other than a company referred to in clause (aa)]

30th September

(ii) Return of income by a non-corporate assessee-
(a) whose accounts are required to be audited
(aa) Assessee being a company, who is required to furnish a report in Form 3CEB u/s 92E


30th September

(b) who is a working partner of a firm and the accounts of which are required to be audited

30th September

(c) in other cases

31st. July

(d) In the case of person other than company referred in the first proviso of section 139(1).

31st. October


Return of loss

Within time allowed u/s 139(1)


Belated return of income

Within 1 year from the end of the relevant assessment year or before completion of assessment, whichever is earlier.


Return of a person derived from property held under trust/legal obligation, wholly or partly for charitable or religious purposes etc

  • 30th September (where the accounts are required to be audited.)
  • 31st. July ( Other Cases)


Return of Political Party

  • 30th September (where the accounts are required to be audited.)

31st. July ( Other Cases)


Revised Return

Within 1 year from the end of the relevant assessment year or before completion of assessment, whichever is earlier.


Rectification of defect in return

Within 15 days from the date of intimation by Assessing Officer or extended time.


Application for allotment of Permanent Account Number (PAN)

On or before 31st May of assessment year where income exceeds maximum amount not chargeable to tax or before the end of previous year, where the sales, turnover or gross receipts are likely to exceed Rs. 5 lakh.

Note :
    Failure to file Returns within the due date attracts interest @ 1% p.m. on the balance tax payable from the due date to the actual date of filling.

    If a person required to file Return u/s 139(1) fails to file Return before the end of the relevant Assessment Year a penalty of Rs. 5,000 shall be levied.

> Income Tax Rates / Tax Slabs (AY-2014-2015)
> Finance Act. 2014 - Highlights ( Tax Rates for AY 2015-2056)
> e-Payment of Tax & e-Filing
> Exemptions at a Glance
> Deductions at a Glance
> Taxable & Non-Taxable Perquisites
> Leave Encashment & Arrear of Salary
> Exemptions under Capital Gains
> Gift-Taxable under Income Tax
> Gift Tax-An insight to Tax Planning your Gifts
> Guide to various Tax Saving Schemes
> Family Tax Planning - Best way to Lower your Tax
> Choose the Right Tax Return Form
  Chat Showing Computation of 'SALARY' Income
> Advance Income Tax with due Dates for Filing Return
> TDS Table & their Limits
> Permanent Account Number (PAN)
> Easy way to calculate your Income Tax
> Hints for Filing Income Tax Returns
> Annual Tax Statement (ATS) for TDS
> Filing of Income Tax Return & Few Points
> Income Tax Survey - Rights/Duties during Survey
> How your Return File is Assessed / Scrutinised
> Rights of an Assessee during Income Tax Raid
> Reverse Mortgage Loan for Senior Citizen
> Education Loan - Tax Relief u/s 80E
> Save Tax on Your Home Loan
















Tally.ERP9 Book Online Order Tally.ERP9 Book Content
Tax Management
Computation of Gross Total Income
FAQ on Taxation System
CORPORATE TAX (Taxation in Companies)
Amendment of Sections at a Glance for Assessment Year 2019-2020 under Income Tax Act.
GST (Goods & Service Tax ) Taxation System In India
HUF (Hindu Undivided Family) Taxation System, Tax Planning & Tax Saving
Tax Guide for NRI - Tax Planning, Tax Saving, Investment Guidance for Non-Resident Indians !
Tax Management - Managerial & Financial Decisions
Business Tax Procedure & Management
LIBRARY @ Tax Management
TAX & INVESTMENT GUIDE FOR "NRI"- Non-Resident Indians !
PRESCRIBED FORMS WITH with Section / Rules
Tax Tutorials
E-Payment Of Direct Taxes
Filing Of Return Of Income
Interest for Delay in Filing the Return of Income [Section 234 A]
Interest for default in Payment of Advance Tax [Section 234B]
Provisions Of 'Income-Tax Law' Useful For Non-Residents
MAT (Minimum Alternate Tax)
AMT ( Alternative Minimum Tax)
Tax On Long-Term Capital Gains (LTCG)
Tax On Short-Term Capital Gains (STCG)
Exemption[ Section-54] For Capital Gains Arising On Transfer Of Residential House Property
Tax Treatment Of Gifts Received By An Individual Or HUF
Set Off And Carry Forward Of Loss Under The Income-Tax Act
Interest For Delay In Payment of TDS/TCS And For Non-Payment Of Tax Demanded
Tax Deduction/Collection Account Number (TAN)
How to apply for PAN ?
Refund Of Excess Tax Paid By The Taxpayer (Sections - 237 to 245 )
Presumptive Taxation Scheme of Section 44AD
Presumptive Taxation Scheme of Section 44ADA
Presumptive Taxation Scheme of Section 44AE
Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]
Deduction in respect of Medical Insurance Premium [Section 80D]
Tax Deducted at Source (TDS) from Interest, other than Interest on Securities (Section-194A)
Tax Deducted at Source (TDS) from Interest on Securities (Section 193)
Late Filing Fees And Penalty For Failure To Furnish/Delay In Furnishing The TDS/TCS Statements

Most Popular Links :

Clubing of Income Deduction U/s 80C
Allowances Us-17(3) Exemption-Salary
Tax Amendment-2015 Taxable Income
Clubing of Income Tax Deductions
HUF Deduction HUF Investment
Gift by HUF HUF Tax Planning Tips
Tax Saving Schemes Tax Planning Tips
Refund of Tax Fringe Benefit Tax-FBT
Return Filing Assessment / Scrutiny
Notice from I.T. Dept. Incomes Types @ TDS
Exemptions-Tax Returns “Summon” U/s 131
'Black Money' @ I.Tax Big Gifts To Be Taxed
'Appeals' under I.Tax Assessment @ I.Tax
Exempted Incomes Capital Gain
Business & Professions House Property
Salaries @ I.Tax Partnership Firm
'Penalty' under I.Tax Act. Tax Ready Reckoner
Charitable Trust Useful Links @ I.Tax

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications

Tally.ERP9 Book Online Order Tally.ERP9 Book Content