ITRs - Details of forms, due dates and late fees for AY 2019-20

CA. Brijesh Baranwal , Last updated: 09 August 2019
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EXTENSION OF DUE DATE

The Government of India, through its Order dated July 23rd, 2019, has extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2019-2020 to August 31st 2019 from July 31st 2019, for certain category of taxpayers, particularly where Audit is not applicable.

TIME LIMIT FOR FILING INCOME TAX RETURN

S. No.	Type of Assessee	Time Limit
1.	Company or a person whose accounts are required to be audited or a working partner of a firm whose accounts are required to be audited (Tax Audit cases).	30thSeptember
2.	In the case of an assessee who is required to furnish a report referred to in section 92E (Cases involving Transfer Pricing provisions).	30thNovember
3.	In case of any other assessee.	31stJuly(Extended upto 31st August 2019 for Assessment Year 2019-2020)

FILING OF BELATED RETURN

The last date for filing Income Tax Return is July 31stof every year (Extended upto 31st August 2019 for Assessment Year 2019-2020 and with few certain exceptions as provided above), which can be belatedly filed up to March 31. For example, Income Tax Returns for Assessment Year 2019-20 (Financial Year 2018-2019), can be filed belatedly till 31st March 2020.

However late filing fees will be applicable for the filings beyond specified dates, as follows;

LATE FEES FOR FILING BELATED INCOME TAX RETURNS

S. No.	Type of Assessee	Amount (in Rs.)
1.	If the return is filed after the due date but before December 31stof that year	5,000/-
2.	If the return is filed after the December 31stof that year	10,000/-
3.	If income is below Rs. 5 lakh	1,000/-

LIST OF INCOME TAX RETURNS APPLICABLE FOR AY 2019-2020

S. NO.	ITR FORM	APPLICABLE FOR THE CATEGORY
1.	ITR 1	For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5,000/- (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)
2.	ITR 2	For Individuals and HUFs not having income from profits and gains of business or profession
3.	ITR 3	For individuals and HUFs having income from profits and gains of business or profession
4.	ITR 4	For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)
5.	ITR 5	For persons other than:- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7
6.	ITR 6	For Companies other than companies claiming exemption under section 11
7.	ITR 7	For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)

REVISION OF INCOME TAX RETURN

Section 139 (5) (w.e.f. 1-4-2018) provides that:

If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of the relevant assessment year or before the completion of the assessment, whichever is earlier.

DEFECTS IN INCOME TAX RETURN

As per sub-section (9) of Section 139, where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the Assessing Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, the return shall be treated as an invalid return and the provisions of this Act shall apply as if the assessee had failed to furnish the return :

Provided that where the assessee rectifies the defect after the expiry of the said period of fifteen days or the further period allowed, but before the assessment is made, the Assessing Officer may condone the delay and treat the return as a valid return.

TAXABLE INCOME

In India, Income of the whole financial year is clubbed together under following five heads, i.e.

1. Income from Salary,
2. Income from House Property,
3. Income from Business/Profession,
4. Income from Capital Gains and
5. Income from Other Sources (For those income/s not covered in above 4 heads).

INCOME TAX RETURN-FILING REQUIREMENTS

Under the provisions of Indian Income Tax Laws, if the income of a person exceeds the basic exemption limit, filing of Income Tax Return (ITR) is required. However, In those cases where a person have an asset or financial interest in an entity located outside India or he/she is signing authority in a foreign bank account, then filing of Income Tax Return (ITR) is mandatory even if income is below exemption limit.

Section 139 of the Income Tax Act, 1961 provides that;

139. [(1) Every person, -

(a)		being a company or a firm; or
(b)		being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,

shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.

It further provides that a person, being a resident other than not ordinarily resident in India, who is not required to furnish a return under this sub-section and who at any time during the previous year,—

(a)		holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India; or
(b)		is a beneficiary of any asset (including any financial interest in any entity) located outside India,

shall furnish, on or before the due date, a return in respect of his income or loss for the previous year in such form and verified in such manner and setting forth such other particulars as may be prescribed.

CONCEPT OF BLACK MONEY

The income which is taxable but not disclosed in proper Income Tax Return and due taxes have not been paid, is considered Black Money.

REFUND OF EXCESS TAX

Although filing Income Tax Return is a legal requirement with a consequential penalties etc. for non-compliance, one can claim refund of excess taxes (TDS), after adjusting the final tax with the same.

SPECIAL POINTS FOR NRIs

Although the provisions mentioned above are applicable for NRIs also, there are certain points which are of special significance for NRIs and while filing Income Tax Returns in India, NRIs should consider the same, for example;

1. Finding out Residential status,
2. Taking benefits of Double Tax Avoidance Agreement (DTAA),
3. Special Deductions and Exemptions for NRIs etc.

The Author is a Mumbai based, Practicing Chartered Accountant and can also be reached at cabrijesh@yahoo.co.in

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Disclaimer- This write up is only for awareness purpose and professional opinion may be required in specific cases depending upon the particular facts.