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Income Tax is an annual tax which every earning individual, corporate firms, local authority and company has to pay. And the tax depends on the annual income of a person or entity where the cycle starts from 1st April in a year and ends on 31st March of the next year.
And every individual, firm or a company should file their income tax returns for a financial year on or before the 31st of July of the next financial year. Under section 139 (1), the normal due dates for filing of income tax return is:
|Where the taxpayer is
2. Any person mandatorily required to get his tax audit done
3. A working partner of a firm whose accounts are required to be audited
|30th September of the Assessment Year|
|In case of any other category of taxpayer i.e. Salaried / self-employer who are not required to get their tax audit done||31st July of the Assessment Year|
However, if you have missed your due date for filing your income tax return, you can do so belatedly under section 139 (4).
Belated Return of Income Tax
As discussed if a taxpayer fail to file income tax returns on or before above-mentioned date under section 139 (1) can still pay it belatedly, or
If the taxpayer receives any notice under section 142 (1) from the income tax officer in case income tax return is not filed stating to file the required tax within the time specified in the notice and he has missed the due date of the notice as well can still file the income tax return. Such income tax returns which are filed after the due date are called “Belated Return”.
And one can file the belated return at any time of their convenience before the end of the relevant assessment year.
Also, ponder upon following points regarding Belated Return:
- Considerable Assessment date means the due date on which the order of assessment is passed and not on which the taxpayer has received the order
- If the return is filed after the assessment which gets cancelled, the return would still be considered as valid
- Belated return of loss from business/profession is not applicable after the normal due date
- Under the Finance Act 2016, Belated Returns filed under section 139 (4) can be revised, which is applicable from Assessment Year 2017 – 18 onwards.
- The taxpayers are required to pay interest of 1% (simple interest) per month along with tax under section 234 A in case the return is filed after the income tax due date.
What are the penalties for late filing Income Tax Return?
Late filing income tax return is subjected to penalty i.e. penalty of Rs. 5000. Although this penalty has to be paid once the taxpayer receives a notice from the income tax officer, else the penalty is not automatically levied. Hence this penalty depends on the assessment officer.
An Income Tax Refund is a refund which is issued to the taxpayer by the Income Tax Authorities when his tax liability is less than the actual taxes he/she paid. The Income Tax Department offers an online facility to check the Income Tax Refund Status.
The taxpayers can see their Income Tax Refund Status after 10 days the refund has been sent. You just need your PAN Number and then select the desired Assessment Year for which you want to check.
Check Income Tax Refund Status
- Visit the official website of e-Filling Portal- incometaxindiaefilling.gov.in
- Login using the details: PAN, Password, Date of Birth and Captcha Code.
- Go to “My Account” and click on “View Returns/Forms”.
- Select the “Income Tax Returns” and choose the relevant assessment year for which you want to check the refund status.
- Click on the acknowledgement number which is a hyperlink.
- A pop-up appears on the screen which displays the timeline of the filling of return activities. This includes the date and time when your ITR was filed and verified, date of completion and processing, date of issue and refund etc.
- It will also show the details of the assessment year, status, reason for failure, mode of payment.
Eligibility for Income Tax Refund
The different criteria’s for the eligibility of the Income Tax Refund is as follows:
- If the taxpayer has paid more tax as the self-assessment but should have paid less for the regular assessment.
- If the TDS deducted by the bank or the employer of the taxpayer is more than the latter’s tax liability through a regular assessment.
- If the same income of a taxpayer has been taxed in a foreign country (with which the Government of India has an agreement to avoid double taxation) and in India as well.
- If the taxpayers have not declared some of the investments which provided the tax benefits to him.
- What if you have e-Filed an Income Tax Return but have not received the refund yet?
If you haven’t received your refund to date, then there could be three possible reasons:
- Your Income Tax has not been processed yet.
- Your Income Tax Return has been processed but the Income Tax Department has determined no refund.
- Your Income Tax Return has been processed and a refund has been determined but the Cheque/ECS credit could not reach you.
- What if you have checked the status of the IT Return and it is displayed as “Refund Returned”. How can we apply it again?
Visit the official e-filling website and go to “My Account” section. From the drop-down menu of “My Account” select “Refund Re-Issue Request”. Select the mode of re-receiving the refund. ECS or Cheque. Provide the bank account number, if in case you have changed and provide the address details.
This same process goes for all the other cases such as the following:
- If in case your Bank Account Number has changed and you want to change the bank account number.
- If in case you have changed your address.