Friday, May 3, 2013

INCOME TAX RETURN DUE DATE AY 2013-14


on Friday, May 3, 2013

Provision related to due date of Income Tax return is provided under Section 139 of the Income Tax Act , 1961.As per the provisions of section 139 of the Income Tax Act, 1961 the due dates for filing of returns of income for different category of assessees are given as under:We have tabulated the various provisions related to Income Tax return Due date related to Assessment year 2013-14 related to Financial year 2012-13 for all type of assessees and relevant provision has also been reproduced.




Income Tax Return Due Date AY 2013-14

Sr no
Particulars
Due date
1
For such corporate assessees which is required to furnish a report u/s 92E of the Income Tax Act, 1961
30.11.2013
2
For all  other Corporate assessees
30.09.2013
3
For non corporate assessees,   (Like Partnership Firm ,prop Firm) whose accounts are required to be audited  under Income tax act


(Like 44AB turnover is more than 100 lakh in case of business and 25 lakh in case of profession- section 44AB and Business where disclosed profit is less than 8% of the turnover -Section 44AD
(year wise audit limit 44AB is available here)
or any other act for the time being in force.  
30.09.2013
4
For working partners of Partnership firms covered under sr no (3) above
30.09.2013
5
For any other assessees Like Salaried Income ,Person having Income from House property ,Interest income , Business Income where accounts are not required to be audited .


Qus : If the last date of filing falls on Saturday or Sunday or Public Holiday and Income Tax Department is closed on these days, can subsequent Monday be treated as "Last date of Filing"? 

Answer: Yes, if Income Tax Department is closed on these days. Otherwise, No.

Qus : Is it mandatory to file return of income after getting PAN?

Answer: No. The liability to file return of income arises only when you total Income is more than exemption limit without deduction u/s 80C to 80U and section 10A and 10B ,section 10BA.

Qus : Who can file the return for a deceased assessee?

Answer: A legal heir can file the return in such case.
=============================================

Revised return {section 139(5)} : Return Filed with in due date can be revised any time before completion of assessment subject to maximum by  the expiry of one year from the end of the relevant assessment year. For Financial year 2012-13 ,if return is filed with in due date then it can be revised by 31.03.2015.
 

Belated Return {section 139(4)} :Every assesse Can file their belated return with in one year from the end of the assessment year relevant to previous year or before completion of assessment u/s 142(1) . For Financial year 2012-13(AY 2013-14) belated (late) return can be filed by 31.03.2015 (i.e one year from end of assessment year 2013-14 ending 31.03.2014)

Consequences of Belated (late) return Filing :
  1. No revision :Late (belated ) return Can not be revised.
  2. Loss can not be carried forward :If any person file late return ,who has sustained a loss in any previous year under the head following head , can not carried forward losses to next year.
    • "Profits and gains of business or profession" or 
    • under the head "Capital gains" 
  3. Penalty :If return is filed after end of assessment year (after 31.03.2014 in case of return of Fy 2012-13) then assessing officer may impose penalty up to Rs 5000/- under section 271F
  4. Interest :Interest Under section 234A @ 1 % per month applicable on Net outstanding Tax due amount .

Other Related Points.
  1. No return If Gross Total Income Less than exemption Limit :No Income Tax Return Return required to be filed If Gross Total Income is less than the Exemption Limit (Income before deduction u/s 80C to 80U and  section 10A and 10B ,section 10BA )
  2. Mandatory Return for Firm and Company: Every company and Partnership Firm have to file Income tax return of their Income or Loss. 
Download Income Tax return Form Paper Form in PDF assessment year 2013-14


If you have not sign your online return with digital signature then uploading of xml file on e filing site is not enough ,Please furnish the Form ITR-V to the Income Tax Department , CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka BY ORDINARY POST ONLY within 120 days after the date of transmitting the data electronically .

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  1. Excellent work. Please keep doing

    ReplyDelete
  2. If we registered on Income tax side but income is less than exemption limit then to file ITR is mandatory ?

    ReplyDelete
  3. no excess format provided for download

    ReplyDelete
  4. @ Raja babu

    Please let me confirm if this year itr-1 scope is reduced ?
    As i am a salaried person, i used to fill itr-1 every year and i am having deductions/exemptions like child education (1200 per child), Conveyance (800 per month), washing,driver etc given by employer under the law of income tax deptt. As this is not coming in the head "Income under the head -salary" in my form-16, upto now i did not show this in exempt details in itr-1. But now i want to confirm whether all this along with interest income (10000 from savings bank) and agricultural income and lic tax free maturity etc. to be shown and whether all this is to be filled in itr-2 instead of itr-1.

    plz reply...

    rohit

    ReplyDelete
    Replies
    1. Yes , you are correct .You can not file itr-1 ,if exempted income is more than 5000/- .

      However ,many professional have view that for salary component ,above exemption limit is not applicable ,so you can still use itr-1.

      Further you should show lic receipt , dividend income , ppf interest etc should be shown in exempted income .

      So as per strict rule you should go far ITR-2

      Delete
  5. @ Raja babu

    Thanx for prompt reply...so as per u, i should fill itr-2 and show savings bank interest (exempted upto 10000.00) also along with other exempt income in salary plus lic etc...

    one more query...should i sum all exemptions and total should be shown or is there any provision of breakup showing in itr-2

    thanx

    rohit singh


    ReplyDelete
    Replies
    1. bank interest is not covered under exemption ,it is a deduction u/s 80TTA.

      Further in itr 2 check exempted income schedule and fill details accordingly

      Delete
  6. For a PERSON having income from SALARY & PROF Fee Income it is ITR 1V.Correct?
    Can such an individual(not having to maintain accounts) claim deduction from Prof Income for expenses such as Conveyance,Life Insurance etc?

    ReplyDelete