Introduction

Filing income tax returns can be a daunting task, especially when it comes to understanding the deadlines, claiming refunds, and navigating through audits. This comprehensive guide'll provide you with all the essential information you need to know about filing your income tax returns. Whether you missed the deadline, need to claim a refund, or want to understand the intricacies of income tax audits, we've got you covered. So, let's dive in!

FAQs

1. How can I claim an income tax refund after the due date?

Claiming an income tax refund is possible even if you missed the deadline for filing your Income Tax Return (ITR). To do so, you can file a belated return on or before December 31st of the assessment year. However, it's important to note that a penalty of Rs.5,000 is charged for the delay. In case your total income is less than Rs.5 lakh, the fee payable is reduced to Rs.1,000.

2. What is the procedure for paying income tax after deadline?

If you failed to pay your taxes and file your return within the specified deadline, there's still a provision for you to do so after the due date. However, keep in mind, that late filing penalties and interest will be levied while filing your ITR. The penalty for late filing is Rs.5,000. For individuals with a total income below Rs.5 lakh, the fee payable is Rs.1,000.

3. Which section of the Income Tax Act allows individuals to file ITR after the deadline?

Section 139(4) of the Income Tax Act grants individuals the option to file a belated return, which means filing a return after the due date. However, please note that a penalty of up to Rs.5,000 is charged for the delayed filing of the return.

4. What is the due date/deadline for filing an income tax return?

Typically, the due date for filing an income tax return for individuals and non-audit cases is July 31st of the relevant assessment year. However, for audit cases, the due date is extended to October 31st. To make the process seamless and efficient, you can opt to e-file your income tax return with Instabizfilings.

5. How can I revise income tax returns before the deadline/due date?

If you wish to revise the original return that you filed, you can do so by filing a revised return under Section 139(5). The process of filing a revised return is similar to filing the original return. However, it is crucial to submit the revised return under Section 139(5) and complete the e-verification process.

6. How can I revise income tax returns after the deadline/due date?

If you want to revise your original return after the due date, you can still do so by filing a revised return under Section 139(5). The deadline for filing a belated return is on or before December 31st of the assessment year. However, it's important to note that once this date has passed, you won't be able to file any return. In exceptional situations, you can request permission from your Assessing Officer (A.O.) to file past returns under Section 119.

7. What happens if I don't file my income tax return before the due date?

Failing to file your income tax return by the due date doesn't mean it's the end of the road. You can still file a belated return. However, be prepared to face a penalty of up to Rs.5,000 for late filing. For individuals with a total income below Rs.5 lakh, the fee payable is reduced to Rs.1,000.

8. What is the due date of return filing for Trusts?

For the financial year 2022-23, trusts whose accounts do not require auditing must file their returns by July 31st, 2023. If the trust's accounts need to be audited, the due date for filing ITR is extended to October 31st, 2023. In cases where the trust needs to submit a report in Form No. 3CEB under section 92E, the due date for filing ITR is further extended to November 30th, 2023.

9. What is the due date of return filing for Companies?

For domestic companies, the due date for filing returns for the financial year 2022-23 is October 31st, 2023. However, if the company is engaged in international transactions or specified domestic transactions and needs to submit a report in Form No. 3CEB under section 92E, the due date for filing ITR is extended to November 30th, 2023.

Conclusion

Filing income tax returns can be a complex process, but with the proper knowledge, and understanding of deadlines, claiming refunds, and handling audits become more manageable. Remember, the Instabizfilings website offers a seamless experience for filing your income tax returns in less than 3 minutes. Stay proactive, meet the deadlines, and ensure compliance with the Income Tax Act. Take charge of your tax responsibilities and file your returns with confidence.

Disclaimer

The information provided in this blog is purely for general informational purposes only. While every effort has been made to ensure the accuracy, reliability and completeness of the content presented, we make no representations or warranties of any kind, express or implied, for the same. 

We expressly disclaim any and all liability for any loss, damage or injury arising from or in connection with the use of or reliance on this information. This includes, but is not limited to, any direct, indirect, incidental, consequential or punitive damage.

Further, we reserve the right to make changes to the content at any time without prior notice. For specific advice tailored to your situation, we request you to get in touch with us.