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Last date of filing income tax return 31st March or 31 july?

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Many people comes to me and say last date of filling income tax return(ITR) is 31st March not 31st july.

Are they correct? If, yes why some people says due date of filing of ITR is 31st July? and Why income tax department organise camps for return filing in the month of july?

Here is also some question arise?

  1. What is the last date of filing of ITR?
  2. What would be impact if one missed the deadline of 31st July?
  3. What is the penalty/ interest for non filing of ITR within due date?

 

In this post I will try to clear this doubt and will tell you the penalty and interest for delays in filing of return.

Friends always remember that we filed return for previous year in assesment year. 

Now the question is that- What is previous year and what is assesment year. Understand it with an example-

Mr. X earn some income during 01/04/2013 to 31/03/2014, in this case previous year i.e PY is 2013-2014 and Assesment year i.e AY is 2014-15.

Now as per section 139(1) of Income tax Act, 1961 X has to file his return of Income till 31st July of the assessment year i.e 31 July 2014. 

Is this means last date of filing return is 31st July of Assesment year?

ANSWER IS NO. as  31 st july is the due date of filing return not last date.

Assesse (X in our example) can still file his return till 31st March 2016(because of section 139(4))

 

note:- Assesse can file return but it will be treated as belated return under section 139(4) of the income tax act, 1961 .  

Due Date of ITR   –                                                                                                                 31st July of Assessment Year

Last Date without penalty  –                  31st March 2015(without penalty but interest will be charged)

Last Date with penalty-                              31st March( add one year from the end of assesment year (Along With                                                                              Interest There may also be a Rs 5,000 penalty for late filing                                                                                  after March 31, 2015 depending on the discretion of the assessing                                                                      officer.)    

Interest 

Though the tax authorities are lenient towards lazy taxpayers, there is a price to be paid for missing the deadline. If there is some unpaid tax, the taxpayer will have to pay a 1% late payment fee for every month of delay since April 2014.

If we can file return after due date i.e 31st july than why one should file within due date?

  1. If return filed after due date Losses cannot be carried forward.
  2. Also late return cannot be modify/revise again
  3. Interest will be charge on late return under section 234.

-CA. MANISH MALHOTRA

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