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Due date and income tax filling for an individual

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Individuals like employee, self employed persons are required to file their tax return on or before the due date of filling tax return. Such returns are required to be filled either online or in paper format with the IT department as prescribed in the IT act. Sometime CBDT use to extend the due date based on number of factors. If such due dates are extended then IT return has to be filled on or before such extended due date and the return so filled will be treated as IT return filled within the due date. 

As per IT act, an individual having income more than Rs. 5, 00,000 is required to file their tax return online before the due date of filling IT return. Such return has to be uploaded to IT website with the XML file that is generated from the ITR form.

If your income is below Rs. 5, 00,000 then you can still file your IT return online. However you also have options of filing IT return in paper format with your nearest IT department.

Due date and income tax filling for an individualIT department has prescribed tax forms (ITR) based on the category and incomes that an individual is generating. If you have only salary income and interest from bank interests then ITR 1 will be the form which you need to file with IT department. If you have any business income then ITR4 has to be filled. You need to choose the ITR form that is applicable to you. IT department has prescribed 7 ITR forms to file tax return.

If for some reason, you are unable to file your IT return on or before the due date or the extended due date then you can still file your IT return on or before the end of one year from the financial year’s end without penalty.  After this date you can still file your IT return within one year with fine of Rs. 5, 000. However you need not pay penalty of Rs. 5, 000 at the time of filing IT return. If such penalty amount is asked by your assessing officer then you need to pay it or else you need not pay.

For example; tax return for the financial year 2013-2014 (i.e. for the income generated between 1st of April 2013 to 31st March 2014) can be filled on or before 31st July of 2014. If such date is extended by CBDT then the extended date will be applicable. If you missed the due date or extended due date then you can file your IT return without penalty on or before 31st march 2015 (i.e. within one year from the end of financial year). If you missed 31st march 2105 then you can still file your IT return on or before 31st March 2016 with penalty of Rs. 5, 000 if charged by your assessing officer.

Impact of Due date

  • If you missed the due date of filling your It return then you have to pay interest penalty @1% per month in case you have not yet paid your tax liability.
  • If you are claiming any loss for the financial year then such loss cannot be carried forward to the next year for setting off with that year’s income.
  • Any mistake which require correction on IT return cannot be carried on as tax return filled after the due date cannot be revised.