Every year, taxpayers in India are required to file their income tax returns (ITR) within the stipulated deadline. However, there may be instances where taxpayers miss the due date or fail to file their returns altogether. To address such situations, the Income Tax Act, 1961 has provisions for belated filing of ITRs under Section 139(4) and revised filing of ITRs under Section 139(5). In this blog, we will take a closer look at Section 139(2) of the Income Tax Act, which deals with the due date for filing ITRs.
What is Section 139(2)?
Section 139(2) of the Income Tax Act mandates that every person whose total income exceeds the basic exemption limit is required to file their income tax return on or before the due date. The due date for filing ITRs for different categories of taxpayers is as follows:
- For individuals, Hindu Undivided Families (HUFs), and other taxpayers not covered under any other category – 31st July of the assessment year.
- For taxpayers who are required to get their accounts audited under Section 44AB of the Income Tax Act – 30th September of the assessment year.
- For companies – 30th September of the assessment year.
For instance, for the financial year 2021-22, the due date for filing ITRs for individuals and HUFs would be 31st July 2022, while for companies and auditable taxpayers, it would be 30th September 2022.
Consequences of non-filing or late filing of ITRs
If a taxpayer fails to file their ITR within the due date, they can still file a belated return under Section 139(4) of the Income Tax Act. However, such a return can be filed only up to the end of the relevant assessment year, i.e., up to 31st March of the following year. For instance, for the financial year 2021-22, a belated return can be filed up to 31st March 2023.
If a taxpayer fails to file their ITR even after the end of the assessment year, they may be liable to pay a penalty under Section 271F of the Income Tax Act. The penalty amount can be up to Rs. 10,000, depending on the taxpayer’s income and the delay in filing the ITR. Moreover, if the taxpayer has any tax payable, they may also have to pay interest under Section 234A of the Income Tax Act.
Conclusion
Filing income tax returns within the due date is not only a legal requirement but also helps taxpayers avoid penalties and interest on delayed or non-filing of ITRs. Section 139(2) of the Income Tax Act sets the due date for filing ITRs for different categories of taxpayers. It is advisable for taxpayers to plan their finances and keep all the necessary documents and details ready well in advance to avoid any last-minute rush or errors while filing their ITRs.
Read more useful content:
- section 234e of income tax act
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- section 226(3) of income tax act
- section 24 of income tax act
Frequently Asked Questions (FAQs)
Q: Who is required to file income tax returns under Section 139(2)?
A: Every person whose total income exceeds the basic exemption limit is required to file their income tax return on or before the due date. This includes individuals, Hindu Undivided Families (HUFs), companies, and other taxpayers.
Q: What is the due date for filing income tax returns under Section 139(2)?
A: The due date for filing income tax returns for different categories of taxpayers is as
follows:
For individuals, HUFs, and other taxpayers not covered under any other category – 31st July of the assessment year.
For taxpayers who are required to get their accounts audited under Section 44AB of the Income Tax Act – 30th September of the assessment year.
For companies – 30th September of the assessment year.
Q: What happens if I file my income tax return after the due date?
A: If you file your income tax return after the due date, you can still file a belated return under Section 139(4) of the Income Tax Act. However, you may be liable to pay a penalty under Section 271F of the Income Tax Act, which can be up to Rs. 10,000, depending on your income and the delay in filing the return. You may also have to pay interest under Section 234A of the Income Tax Act if you have any tax payable.
Q: Can I file my income tax return after the end of the assessment year?
A: No, you cannot file your income tax return after the end of the assessment year. The last date for filing a belated return under Section 139(4) of the Income Tax Act is up to the end of the relevant assessment year, i.e., up to 31st March of the following year.
Q: Can I revise my income tax return if I make a mistake or omission?
A: Yes, you can revise your income tax return under Section 139(5) of the Income Tax Act if you discover any mistake or omission in the original return. However, you can revise your return only within a specified time limit, i.e., up to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Q: Is it mandatory to file income tax returns even if I don’t have any taxable income?
A: If your total income is below the basic exemption limit, you are not required to file income tax returns. However, if you have any income that is exempt from tax or if you want to claim a refund of any tax deducted at source, you may have to file your income tax return.
