Applicability and due date of filing income tax return

Every person who is earning income above the basic exemption limit is require to file income tax return on or before due date. Section 139(1) of income tax act deals with due date of return . It means when the income tax return should be filed.

Section 139(1): Who is required to file the return of income?

According to section 139(1) every person being,

-> a company or a firm;

-> or, being a person other than a company or a firm, (i.e. an Individual , HUF ,AOP and BOI ) whose total income exceeds the basic exemption limit shall furnish return of income on or before due date.

Further, this return of income must be furnished on or before due date in prescribed form and verified in prescribed manner .

However company includes any public, private domestic or foreign entity located in India or doing business in India. And firm includes LLP limited liability partnership firm.

What is the due date of filing income tax return?

a) In case of a company and Individual ,HUF, Firm, AOP, BOI, AJP, Local Authority and other assessee whose books of accounts are subject to audit – the due date of furnishing income tax return is 31st october of relevant assessment year.(i.e. for assessment year 2022-23 due date is 31st oct 2023)

b) And In case of Individual ,HUF, Firm, AOP, BOI, AJP, Local Authority and other assessee whose books of accounts are not subject to audit – the due date of furnishing income tax return is 31st july of relevant assessment year.(i.e. for assessment year 2022-23 due date is 31st Jul 2023).

c) Assessee who is required to furnish report of transfer pricing u/s 92E – he due date of furnishing income tax return is 30th Nov of relevant assessment year.(i.e. for assessment year 2022-23 due date is 30th Nov 2023).

What if return is furnished after due date?

If income tax return is filed after due date than late filing fee along with interest will be levied. And the return is filed after due date called as belated return.

what is the rate of interest if the return of income is filed after the due date specified under section 139(1)?

Interest for delay in filing income tax return is specified in section 234 of income tax act.

According to section 234A – interest is attracted for failure to file return of income on or before the due date mentioned above.

In brief, interest is payable where an assessee furnishes the return of income after the due date or does not furnish return of income.

Further, simple interest @ 1% per month or part of the month is payable .And the interest for the period commencing from the date immediately following the due date and ending on the following dates-

Circumstances	Ending on the following dates
Where return is furnished after due date	the date of furnishing of return
Where no return is furnished	the date of completion of assessment year.

In addition, interest has to be calculated on the amount of tax on total income as determined under section 143(1) or on regular assessment as reduced by the advance tax paid and any tax deducted or collected at source.

Note: no interest shall charged u/s 234A on SA tax paid before the date of filing ROI.

What is the penalty for filing return of income after the due date specified under section 139(1)?

Penalty on late filing of income tax return is prescribed under section 234F of income tax act.

According to section 234F, if total income is Rs. 5,00,000 or less, the maximum penalty of Rs. 1,000 is levied.

And if total income exceeds Rs. 5,00,000 and the return is filed on or before 31st December of relevant assessment year than maximum penalty of Rs. 5,000/- is levied .

Further, if total income exceeds Rs. 5,00,000 and the return is filed after 31st December of relevant assessment year, than maximum penalty of Rs. 10,000/- is levied .

Point to be noted:

If return if filed on or before due date than it can be revised at any time. But belated return cannot be revised.

& where assessee is required to file returns u/s 139, the same shall be verified and signed by the respective signatories.

Conclusions:

Section 139(1) says

1) Return should be filed on or before due date.

2) Company and Individual ,HUF, Firm, AOP, BOI, AJP, Local Authority & other assessee whose books of accounts are subject to audit shall file return on or before 31st october of relevant assessment year.

3) Individual ,HUF, Firm, AOP, BOI, AJP, Local Authority and other assessee whose books of accounts are not subject to audit shall file return on or before 31st july of relevant assessment year.

4) And if return is filed after due date, simple interest @ 1% per month or part of the month shall be levied.

5) Also penalty will also be imposed for delay in filing income tax return.

Frequently asked question

1. What will be the rate of interest if the return is filed late?

simple interest @ 1% per month or part of the month is levied. For example return if filed on 21nov than interest will be charged from august to nov i.e. interest will be charged for 4 months.

2. Who is required to file income tax return?

every person being,

-> a company or a firm;

-> or, being a person other than a company or a firm, (i.e. an Individual , HUF ,AOP and BOI ) whose total income exceeds the basic exemption limit shall furnish return of income on or before due date.

3.Can i revise my belated return ?

No, you cannot revise return field after due date. However, return cab be revised if original return is filed on time.

4. Can i file return after due date?

Yes, but If income tax return is filed after due date than late filing fee along with interest will be levied as mentioned above.