How many previous years Income Return can be filed after due date?

 

 

How many previous years Income Return can be filed after due date?

Income Tax Act 1961 every tax payer need to file income tax return timely. Accroding to Section 139 (1)  every person

  • 1.Being a( Company or a firm )
  • 2.Being a person ( other than a company or a firm) if his total income or the total income of any other person in respect of which he is assessable under this Act during the  previous year exceeded the maximum amount which is not chargeable to income-tax

There is some question and answer are given below to understand the situation.

Question-1 If the taxpayer has not filed the return before the due date then how should the tax payer file the return later?

Answer If the return is not filed as per section 139(1) of The Income Act then the tax payer can file the return till the end of that particular assessment year. For e.g. return for Financial Year 2018-19 can be filed till 31st March 2020. But please note that, the return filed after the due date i.e. 31st July or 30th September is considered as Belated Return of section 139(4).

Question-2 If the tax payer wants to file the return of preceding to previous years then what?

Answer: As per Income Tax Act,1961, return of the preceding years e.g. for F.Y. 2017-18 filed now, is generally called “time bared”. Further many tax payers manually submit the preceding 2 or 3 previous years return to complete their remaining responsibilities. However, whether to consider these returns or not is the discretion of the department. Income tax department may decide whether a penalty is to be imposed or not for such type of return. So tax payer should avoid filing a late return.

Question-3 What would happen if the tax payer has not filed the return?

Answer: Every assessing officer has responsibility to check  that all tax payer has filed Income Tax Return  in his/her jurisdiction . Assessing officer may issued notice to file Income Tax Return to assessee  under section 142(1) or notice of Escaping income under section 148 then tax payer may file the return before the date as mentioned in notice or before completion of Assessment. This means the department gives one more chance but penalty can be levied by the department in such conditions.

Question-4 What can be the consequences if the tax payer has filed the return after due date i.e Belated return?

 Answer:  According the provision section 139(1) of Income Tax Act, 1961  there is certain due date to file Income Tax Return:

-31st July for Individual or HUF

-30th September for Company and society,trust, who need to his account audited

 

If any taxpayer didn’t file then such tax payer has to bear the consequences. The following can be the consequences for filing belated return:-

  1. If late return is filed then it cannot be revised
  2. If loss is shown in the return then it cannot be carried forward
  3. If a tax liability arose to the taxpayer then an interest will be imposed
  4. If there is refund to the taxpayer then after the due date he will not get the amount of interest.
  5. If a person fails to furnish return within due date, the assessing officer may levy a penalty u/s 271F as follows:

Rs.5000 upto  on or before 31st December

Rs.10,000 after 31st December but on or before 31st March

Rs.1000 if income is upto Rs.5,00,000 on or before 31st March

Conclusion:  Income Tax Act 1961 section 139(1) every person

1.Being a( Company or a firm )

2.Being a person ( other than a company or a firm) if his total income or the total income of any other person in respect of which he is assessable under this Act during the  previous year exceeded the maximum amount which is not chargeable to income-tax. So every person can file income tax return within prescribed time limit

  • Person shall furnish on or before the due date a return in respect of his income or loss for the previous year
  • Normally due date is
  • 31st July
  • 30th September

According the provision of Income Tax,1961  now you can file only one year Income Tax Return as belated return under section 139(4)

 

 

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