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  1. Important for tax payers! Revised ITR for FY17 can be filed up to March 31, 2019

Important for tax payers! Revised ITR for FY17 can be filed up to March 31, 2019

As per Section 139(1) of the Income Tax Act, the due date for filing income tax return (ITR) is July 31 of every assessment year for individual / Hindu Undivided Family.

Published: February 21, 2018 3:13 AM
tax payers, income tax, filing income tax return, Finance Act of 2016, Income Tax Act The Finance Act of 2016 made an amendment in Section 139(4) and the time limit for filing of return has been reduced from two years to one year from the end of the financial year. (PTI)

Yogesh Agrawal

As per Section 139(1) of the Income Tax Act, the due date for filing income tax return (ITR) is July 31 of every assessment year for individual / Hindu Undivided Family. For a company or other than company assessee who is required to furnish audit report under Section 44AB of the Act or any other laws or working partner of a firm in which audit is required, the due date is September 30 of every assessment year and November 30 for AN assessee who is required to furnish report of Transfer Pricing u/s 92E.

Last date for filing ITR up to AY 2016-17

As per Section 139(4) of the Act, any person who has not furnished a return within the due date mentioned above, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. In simple words, an assessee can file a return within two years from the end of the relevant financial year. Thus, an assessee can file a return up to March 31, 2018 for the financial year 2015-16.

Last date for ITR filing from AY17-18

The Finance Act of 2016 made an amendment in Section 139(4) and the time limit for filing of return has been reduced from two years to one year from the end of the financial year. As per Section 139(4) of the Act, any person who has not furnished a return within the due date mentioned above, may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. In simple words, assessee can file a return within one year from the end of the relevant financial year. Thus, one can file a return up to March 31, 2018 for the financial year 2016-17. One can file a return up to March 31, 2019 for the financial year 2017-18.

Revision of return up to AY16-17

As per Section 139(5), if any person, having furnished a return under sub-section (1), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. In simple words, assessee can revise only those returns filed before due date u/s 139(1) within two years from the end of the relevant financial year.Thus, one can revise a return up to March 31, 2018 for FY2015-16, if return was filed on or before due date, i.e., July 31, 2016. If return was filed after July 31, 2016, assessee can’t revise return at any cost.

Revision of return from AY17-18

As per Section 139(5), 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 one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. In simple words, assessee can revise return even filed after due date mentioned above within two years from the end of the relevant financial year. For example, one can revise ITR up to March 31, 2019 for FY2016-17 even if return was filed after due date or before due date. Even if the return was filed after July 31, 2017 then assessee can revise return after amendment made in Finance Act, 2016. The law has been changed from AY 2017-18 and one must file a ITR accordingly, otherwise it will treated as invalid return after March 31, 2018.

The writer is a chartered accountant. Extracted from Tax Guru

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