Belated ITR
Any person who has not yet submitted their income tax filing returns may also receive numerous various kinds of returns from the IT department as a reminder to do so, in accordance with Section 139 of the income tax filing Act of 1961.
In case a person or a company hasn't filed tax returns by the deadline, Section 139 of the Income Tax Act of 1961 states the many types of returns that may be filed. The following dates are typically the deadlines by which people or entities must submit their income tax returns.
The deadline for ITR filing is July 31st of each assessment year for all taxpayers who are not required to undergo an audit of their books of accounts. These entities and people could be considered in this:
- a salaried individual or worker
- a professional or someone who is self-employed
- an adviser
- a self-employed person
On September 30th
Every assessment year, all individuals who are obligated to file income tax returns or who are subject to having their books of accounts audited must do so.
These entities and people could be considered in this:
- a business
- a professional or someone who is self-employed
- A working partner employed by a company that must have an audit of its books of accounts completed
- an adviser
Section 139 of the Income Tax Act of 1961 Requires the Filing of Various Forms of Income Tax Returns
While Section 139 primarily addresses belated income tax return filing, it also contains sub-sections that address other income tax return types that must be filed when returns are not filed by the deadline.
Other ITR types for filing belated Income tax Returns
Section 139(1) - Mandatory Return and Voluntary Return:
The Income Tax Act's Section 139(1) addresses both Mandatory Returns and Voluntary Returns, the two types of belated income tax returns.
Required Returns:
The following people or organizations must submit a Mandatory Return:
Any business, whether it is public, private, international, or domestic
Any organization which includes Unlimited Liability Partnerships (ULP) and Limited Liability Partnerships (LLP)
Any person as long as the total of their taxable income for the suitable fiscal year exceeds the allowable exemption ceiling.
Returns of Free Will:
If a person or organization files income tax returns filing and a situation arises where the person or organization is not required to ITR filing online a Mandatory Return, the income tax filing that the person or organisation filed will be considered a Voluntary Return. Voluntary Returns are likewise regarded as legitimate returns.
Section 139(3) - Return of Loss
Any assessee or business that has acquired or earned any income falling under the categories of "Profits and Gains of Profession or Business" or "Capital Gains" would be obliged to ITR filing online income tax returns of such income at any time before the expiration of the due date as specified in Section 139. (1)
The right to carry over any losses incurred in subsequent years shall be forfeited if the assessee or the organization in issue fails to ITR filing online income tax returns by the expiration of the due period specified under Section 139(1).
However, the assessee's or the entity's ability to offset these losses will still be unaffected by the belated income tax returns filing. Losses incurred under any of the following categories won't be impacted by belated income tax return filing:
a) losses suffered by homeowners or other residential property.
b) Unabsorbed losses or expenses, as described in Section 32.
Section 139(4) - Late or Belated Income Return
Section 139(4) of the Income Tax Act states that:
The assessee or the entity may still file late or belated income tax returns within a period of one year following the end of the relevant assessment year or before the completion or conclusion of the assessment as per Section 144, whichever occurs first.
This applies if the assessee or the entity is unable to file income tax returns before the expiration of the due date as specified under Section 139(1).
Section 271F of the Income Tax Act of 1961 imposes a penalty of Rs 5,000 on assessees or corporations that file belated income tax returns. However, even if income tax returns were filed after the year of assessment had ended, no penalties shall be assessed on those that were not mandated to be filed in accordance with Section 139(1)'s provisions.
Revised Return under Section 139(5)
The following is stated in Income Tax Act Section 139(5):
If the original or initial income tax return that was filed by the assessee or entity in accordance with Section 139(1) or Section 142(1)(i) contains a particular or specific "omission" or "wrong or invalid statement," the assessee or entity has the right to file a revised ITR within a period of one year following the expiration of the assessment year of relevance or prior to the completion of the assessment, depending on which occurs sooner.
Changes are not possible to a late or overdue tax return. However, any loss return that was submitted within the deadline outlined under Section 139(1) may qualify for revision.
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