Time limit is an important aspect of the Income Tax Act, 1961 that governs the period within which various actions must be taken. Section 139 of the Act lays down the time limit for filing income tax returns. In this blog, we will discuss the various provisions of section 139 and the time limit prescribed for filing income tax returns under different categories.
Who is required to file income tax returns?
As per section 139(1) of the Income Tax Act, every person whose total income exceeds the basic exemption limit is required to file an income tax return. The basic exemption limit for individuals for the financial year 2022-23 is Rs. 2.5 lakhs. However, there are certain categories of taxpayers who are required to file their returns even if their income does not exceed the basic exemption limit.
Time limit for filing income tax returns
The time limit for filing income tax returns is different for different categories of taxpayers. Let us discuss the various categories and their respective time limits.
Category 1: Individuals, HUFs, BOIs, and AOPs who are not required to get their accounts audited
The due date for filing income tax returns for these categories of taxpayers is 31st July of the assessment year. For example, the due date for filing income tax returns for the financial year 2021-22 is 31st July 2022.
Category 2: Individuals, HUFs, BOIs, and AOPs who are required to get their accounts audited
The due date for filing income tax returns for these categories of taxpayers is 30th September of the assessment year. For example, the due date for filing income tax returns for the financial year 2021-22 is 30th September 2022.
Category 3: Companies, firms, LLPs, and other entities
The due date for filing income tax returns for companies, firms, LLPs, and other entities is 30th September of the assessment year. For example, the due date for filing income tax returns for the financial year 2021-22 is 30th September 2022.
Category 4: Belated returns
If a taxpayer fails to file his/her income tax return within the prescribed due date, he/she can file a belated return. The time limit for filing a belated return is 31st December of the assessment year. For example, the due date for filing a belated return for the financial year 2021-22 is 31st December 2022.
Category 5: Revised returns
If a taxpayer discovers any error or omission in his/her income tax return, he/she can file a revised return. The time limit for filing a revised return is before the end of the assessment year or before the completion of assessment, whichever is earlier.
In addition to the categories mentioned above, there are certain special provisions related to time limit for filing income tax returns under section 139 of the Income Tax Act. Let’s take a look at some of them.
Section 139(4): Loss returns
If a taxpayer wants to carry forward any losses to the next financial year, he/she is required to file a return within the due date under section 139(1). For example, if a taxpayer wants to carry forward a loss incurred during the financial year 2021-22, he/she must file the income tax return by 31st July 2022.
Section 139(5): Revised returns after notice
If a taxpayer receives a notice from the income tax department regarding any discrepancy in the income tax return filed, he/she can file a revised return within 30 days from the date of receiving the notice or before the completion of assessment, whichever is earlier.
Section 139(9): Belated returns after notice
If a taxpayer fails to file his/her income tax return within the prescribed due date and also fails to file a return in response to the notice issued by the income tax department, he/she can file a belated return within one year from the end of the assessment year or before the completion of assessment, whichever is earlier.
Penalties for late filing of income tax returns
If a taxpayer fails to file his/her income tax return within the prescribed due date, he/she may be liable to pay penalties and interest under section 234F of the Income Tax Act. The penalty amount may vary depending on the date of filing the return.
If the return is filed after the due date but before 31st December of the assessment year, the penalty amount is Rs. 5,000. For returns filed after 31st December but before 31st March of the assessment year, the penalty amount is Rs. 10,000. For returns filed after 31st March of the assessment year, the penalty amount is Rs. 1,000.
Conclusion
It is important to adhere to the time limit prescribed under section 139 of the Income Tax Act to avoid any penalties or consequences. Taxpayers should plan their income tax returns in advance to ensure timely filing and avoid any last-minute rush. It is also advisable to seek professional help for filing income tax returns to ensure accuracy and compliance with the relevant laws and regulations.
Read more useful content:
- section 234e of income tax act
- section 286 of income tax act
- section 90a of income tax act
- section 40a(7) of income tax act
- section 226(3) of income tax act
- section 24 of income tax act
Frequently Asked Questions (FAQs)
What is the penalty for filing income tax returns after the due date?
If a taxpayer files his/her income tax return after the due date, he/she may be liable to pay a penalty of up to Rs. 10,000 under section 234F of the Income Tax Act.
Can I file my income tax return after the due date?
Yes, taxpayers can file their income tax return after the due date by filing a belated return before 31st December of the assessment year.
Can I file a revised return after filing the original return?
Yes, taxpayers can file a revised return if they discover any error or omission in the original return.
Can I file a revised return after the due date?
Yes, taxpayers can file a revised return before the end of the assessment year or before the completion of assessment, whichever is earlier.
Is there any difference in the time limit for filing income tax returns for individuals and companies?
Yes, the time limit for filing income tax returns is different for individuals and companies. The due date for individuals is generally 31st July of the assessment year, while the due date for companies is 30th September of the assessment year.
What is the due date for filing income tax returns for HUFs?
The due date for filing income tax returns for HUFs is the same as that for individuals, which is generally 31st July of the assessment year.
Can I file a return for the previous year after the due date?
No, taxpayers cannot file a return for the previous year after the due date. They can only file a belated return within the prescribed time limit.
What is the due date for filing income tax returns for LLPs?
The due date for filing income tax returns for LLPs is the same as that for companies, which is generally 30th September of the assessment year.
What is the due date for filing income tax returns for trusts?
The due date for filing income tax returns for trusts is the same as that for individuals, which is generally 31st July of the assessment year.
Can I file a return for the current year before the end of the financial year?
No, taxpayers cannot file a return for the current year before the end of the financial year. They can only file a return after the end of the financial year, once they have all the necessary information and documents.
