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Income Tax Return Filing

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The return of Income Tax also known as ITR is a statement of taxable income, a computation as to how the taxable income is calculated and details of the taxes paid by the taxpayer during a specific financial year. The ITR is filed in the assessment year which is the subsequent tax period to the period in which income is earned. For the last date (Due Date) of submitting the ITR for individuals is 31st July while for companies it is 30th of September.

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Income Tax Return Filing

Income tax return is an annual statement of the income and tax paid thereon based on self-assessment by the taxpayer detailing the gross receipts, expenses & taxes paid. The return of income tax has to be filed within its due date which falls in the next financial year for the income earned during a financial year. The year in which the return is to be filed is known as assessment year and the period for which the tax return is filed is known as the previous year. For example, If the income is earned within 2018-19, then the period shall be known as the previous year and the assessment year shall be 2019-20.

Income Tax Return Filing

Due Date Of Filing of Income Tax Return For Assessement Year 2019-20

SL. NO. TYPE OF TAXPAYER (ASSESSEE) DUE DATE TAX AUDIT CAES
1. Company 30- Sep -2019 30- Sep -2019
2. Limited Liability Partnership 31 July 2019 30- Sep -2019
3. Partnership 31 July 2019 30- Sep -2019
4. Proprietor 31 July 2019 30- Sep -2019
5. Individual 31 July 2019 30- Sep -2019
Meaning of Advance Tax

First Pay Tax Then File Return

Filing of income tax return is a self assessment method wherein the taxpayer needs to make a computation of taxable income earned during the previous year and the income tax payable thereon. Before filing the return, the due tax must be paid. The tax can be paid online or through challan 280 by depositing in bank with cheque or cash.

Who is Exempt From Advance Tax

Late Return Filing

If the taxpayer has missed the due date of filing the Income tax return, the same can still be submitted as "belated income tax return" within the last date of the assessment year. However, the losses or accumulated depreciation cannot be carried forward, and in case there is any error the belated return cannot be revised.

Interest on Late Payment

Penalty For Not Filing The ITR

Filing of ITR is a mandatory requirement under section 139 of the Income Tax Act,1961 and non-filing of the same attracts a penalty Up-to Rs. 5,000/-. This penalty is over and above the interest or other consequences on nonpayment of tax. However, if a genuine reason is shown to the satisfaction of the ITO, it may be waived off or reduced.

Video on Income Tax Return Filing

The return of Income Tax also known as ITR is a statement of taxable income, a computation as to how the taxable income is calculated and details of the taxes paid by the taxpayer during a specific financial year.

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