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    How to File Income Tax Return for Last Years?

    Income Tax Returns for a financial year must be filed by individuals on or before the 31st of July of the next financial year. Know more about the income tax returns, last date, Penalties and Drawbacks of Filing Belated Returns

    Filing Returns for Previous Years

    Updated on :  Jul 31, 2022 - 09:06:47 AM

    16 min read.

    The due date to file the income tax return for the financial year 2020-21 ended on 31st December 2021. In case if an individual was required to file the return and failed to do so, then there are few options to file the return.

    This article covers the following:

    Latest Update

    Filing ITR for Previous Years

    According to the Finance Act 1987 amendment, you can file your belated IT return anytime on or before 1 year from the end of the relevant Assessment Year (AY). Example, for the AY 2016-17, the timeline to file a belated return was on or before 31 March 2018.

    With the amendment vide Finance Act 2016, from AY 2017-18 belated IT returns should be filed before the end of the relevant AY. Hence, for the FY 2019-20, the last day to file a belated return was 31 March 2021.

    However, the Finance Bill 2021 has further reduced the timeline of filing the belated return. With effect from AY 2021-22, you can file the belated return three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

    For example, the belated return for the FY 2020-21 can be filed up to 31st December 2021 (if assessment is not completed). This date has been extended by CBDT to 31st March 2022 specifically for FY 20-21.

    What to do if you receive a late payment notice

    If you have received a notice from the Income Tax Department asking you to file your returns that go beyond 2 financial years, you can log on to  www.cleartax.in to prepare your returns. You can then print this return and submit it to the Income Tax Office in your ward.

    Usually, a taxpayer files old returns as a response to an income tax notice. Until AY 2017-18, there was a time limit of 1 year for filing a revised return from the end of the relevant AY.

    It is interesting to note that from the AY 2018-19, the time limit for filing a revised return (rectifying any omission, error etc.) made in the original return has been reduced. Currently, such a revision has to be done on or before the end of the relevant AY.

    Drawbacks of Filing Belated Returns

    Interest may be applicable under section 234A, 234B and 234C.

    A fee under Section 234F would be levied upto Rs 5000, if the return is filed on or before 31 March of the relevant AY. After that, the fine can go upto Rs 10,000.

    Example:

    For the FY 2018-19 (AY 2019-20), if the return is filed after 31 August 2019 but before 31 December 2019, a fee of Rs 5000 applies. Post 31 December 2019, the late fee would be Rs 10,000.

    Note: For FY 2019-20 the last date to file the income tax return was 10th January 2021 so late fee of Rs. 10,000 shall be payable if the return is filed after 10th January 2021.

    Delayed returns cannot be revised. However, from FY 2016-17, a belated return can also be revised.

    You cannot carry forward some losses that belong to the years for which you did not file returns. However, an exception is available for losses from house property that can be carried forward even if you file your returns late.

    How to file the missed returns for FY 2020-21

    The amendment made in the Finance Act 2016 stated that income tax returns must be filed within the end of the relevant assessment year, effective from the assessment year 2017-18. There is no provision for you to file the returns once you have missed the due date.

    The income tax department allows taxpayers to file returns post-deadline in some specific cases. The following ways help you file a condonation of delay request:

    Request the Income Tax Commissioner or the prescribed authority to permit you to file income tax returns and state the reason for missing the deadline. The officer can accept your request based on the following criteria:

    The claim is correct and genuine.

    The case is based on genuine hardship of merits.

    A refund has resulted due to excess tax deduction, TDS, advance tax, or self-assessment tax.

    Any other person cannot assess the tax under the Income Tax Act.

    For such applications, the returns must be filed within a period of six years from the end of the assessment year for filing the return. For example, if you have missed filing returns on the due date of 31 March 2021, you can file such an application until 31 March 2026.

    If you have not paid the tax for FY 2020-21, you must pay the tax along with applicable interest under Section 234A, 234B, or 234C. You must pay the tax even if you are unable to file your income tax returns.

    It may so happen that you have paid your taxes on time but missed to file returns. In this case, you cannot file returns or apply for a condonation of delay. The income tax department may issue a notice under Section 271F for not filing ITR. You may have to pay a penalty of up to Rs.5,000 for missing the deadline. If you have a genuine explanation for not filing and if the officer is satisfied with the reason, you may not have to pay the penalty.

    The income tax department can take legal action against you for not filing returns such as issuing a notice and penalising. In the worst-case scenario, you may be prosecuted and a sentence of imprisonment for up to seven years.

    If you receive a notice from the income tax department, you must respond to it on the income tax e-filing portal. You can, then, file the ITR to comply with the notice.

    स्रोत : cleartax.in

    Personal income tax (PIT) due dates

    Description of Personal Income Tax PIT Due Dates

    Quick Charts

    Quick Charts Personal income tax (PIT) due dates

    Return and payment due dates for WWTS territories

    This table provides an overview of PIT return and payment due dates only. See the territory summaries for more detailed information.

    List View Map View A B C D E F G H I J K L M N O P Q R S T U V Z

    PIT return due date PIT final payment due date PIT estimated payment due dates

    Albania (Last reviewed 21 June 2022)

    30 April 30 April 20th day of the month following the month when the income was received.

    Algeria (Last reviewed 01 June 2022)

    30 April Upon receipt of tax notification. 20 days following the month of income payment.

    Angola (Last reviewed 19 July 2022)

    Individuals only deriving employment income are not required to file tax returns, as the employment income tax is withheld at source by their employer.

    Self-employed individuals should submit their annual tax return until the end of March, which shall discriminate all the income earned during the previous fiscal year. Self-employed individuals should pay the final employment income tax when submitting the annual tax return. Monthly PAYE

    Argentina (Last reviewed 31 August 2022)

    10 June (aprox) The day following the tax return filing due date. 10 June (aprox)

    Armenia (Last reviewed 07 June 2022)

    For monthly income tax returns: 20th day of the month following the reporting period.

    For annual income tax returns: 20 April For monthly income tax returns: 20th day of the month following the reporting period.

    For annual income tax returns: 20 April 20th day of the month following the month when the income was received.

    Australia (Last reviewed 27 June 2022)

    31 October As stated on the assessment notice. PAYG on a quarterly basis: 28 October, 28 February, 28 April, and 28 July.

    Austria (Last reviewed 12 September 2022)

    Paper form: 30 April of the following year;

    Electronic filing: 30 June of the following year;

    If submitted by certified tax advisor: 31 March of the second following year. Due to the COVID-19 pandemic, the deadline for filing the tax returns 2020 was extended until 30 September 2022. Final settlement is due subsequent to the annual assessment (payment falls due one month after assessment). Quarterly instalments

    Azerbaijan (Last reviewed 14 July 2022)

    31 March 31 March 31 March

    Bahrain (Last reviewed 24 July 2022)

    NA NA NA

    Barbados (Last reviewed 30 August 2022)

    30 April 30 September PAYE for salaries.

    Three instalments of 25% on 15 June, 15 September, and 15 December for income from business or rent.

    Belgium (Last reviewed 04 August 2022)

    Income of year X must be reported by the taxpayer in a tax return during year X+1 (tax year). The assessment note is sent by the tax authorities by 30 June of year X+2.

    The tax return filing due date falls around June/July for resident tax returns (depending on whether it is sent on paper or online) and around November/December for non-resident tax returns. The exact dates are communicated by the tax authorities and vary each year. Any tax balance due must be paid to the tax authorities within two months following the sending of the assessment notice. Withholding taxes are retained each month from the employee's gross salary.

    In some specific cases, withholding taxes may not be due.

    Self-employees must normally perform advance payments to avoid paying interest.

    Bermuda (Last reviewed 08 September 2022)

    NA NA NA

    Bolivia (Last reviewed 15 July 2022)

    NA for employment income.

    Quarterly for investment and other income. NA NA for employment income.

    Quarterly for investment and other income.

    Bosnia and Herzegovina (Last reviewed 01 September 2022)

    FBiH and RS: 31 March;

    BD : 28 February NP NP

    Botswana (Last reviewed 14 July 2022)

    30 September NP PAYE

    Brazil (Last reviewed 16 September 2022)

    Last working day of April Last working day of April By the last working day following the month in which the income is received, credited, or paid, whichever occurs first.

    Bulgaria (Last reviewed 09 September 2022)

    10 January through 30 April of the following year 30 April of the following year Monthly for employees.

    Quarterly or annually for other individual taxpayers.

    Cabo Verde (Last reviewed 29 July 2022)

    31 March 31 August NP

    Cambodia (Last reviewed 11 August 2022)

    NA NA PAYE 20 days after the end of the month in which the salaries were paid.

    Cameroon, Republic of (Last reviewed 25 August 2022)

    15 March 15 March 15th day of the month following the payment of wages/salaries.

    Canada (Last reviewed 23 June 2022)

    30 April (15 June for self-employed individuals) 30 April If applicable, 15 March, 15 June, 15 September, and 15 December.

    Cayman Islands (Last reviewed 04 August 2022)

    NA NA NA

    Chad (Last reviewed 25 August 2022)

    15 of the month following the payment of salaries 15 of the month following the payment of salaries Monthly

    Chile (Last reviewed 21 July 2022)

    30 April or 9 May (returns without payment) 30 April Payroll workers: Monthly;

    Independent workers: Monthly, but only when invoices are issued.

    स्रोत : taxsummaries.pwc.com

    How to File ITR Online? FY 2021

    Have you filed your Income Tax Returns? Income Tax Filing for FY 2021-22 (AY 2022-23). Know more on how to file income tax return online. Read our complete guide on Income Tax Return Filing.

    Home Income Tax

    How to File ITR Online? FY 2021-22 (AY 2022-23) - Income Tax Return (ITR) Filing

    Income Tax Return e-Filing - Complete Guide with Steps - FY 2021-22 (AY 2022-23)

    Updated on: 06 Sep, 2022 12:40 PM

    Belated ITR filing: If you have missed the deadline of filing income tax return for FY 2021-22, July 31, 2022, then you have an option to file the belated ITR.

    Most Comprehensive guide for Individuals for FY 2021-22 (AY 2022-23) for e-filing income tax returns in India in simple language

    Income Tax Department has been very proactive from last one year and working too hard on making the compliance as strong as possible in our country. From introducing the provision u/s 234F for non-filing of income tax returns to making- most of the processes online by eliminating the traditional paper-based compliances; the objective of the department is very clear that it wants your files to be clean and compliant with the law.

    In this article, we will share the most crucial information that you must know while filing of your income tax return (ITR) for FY 2021-22 (AY 2022-23).

    Contents

    What is Income Tax Return?

    Why Filing of a tax return in India is important?

    What is eFiling of Income Tax Return?

    Who is required to file an Income Tax Return?

    Is there any benefit of filing return if an individual’s income does not exceed Rs 2,50,000 / Rs. 3,00,000 / Rs. 5,00,000?

    What will happen when I have taxable Income, but do not file my income tax return?

    When should I file my Income Tax Return?

    What will happen in circumstances where I have missed the due date or made a mistake while filing my Income Tax Return

    What will happen if I don’t file an Income Tax Return on or before the due date?

    What are the options available to a person if he/she misses the due date or if one wants to file a tax return after the deadline of Income tax return filing is over?

    What is the process for e-Filing of your Income Tax Return?

    Which ITR form to fill for filing my income tax return in India?

    What documents are needed to file ITR?

    How to e-file ITR with Form 16?

    Can I e-file ITR without Form 16?

    What will be the next steps after efiling of Income Tax Return?

    What is the timeline & methods for completing e-Verification of an Income Tax Return?

    What is the latest amendment introduced u/s 234F i.e. Fees for filing of Income tax return AFTER the due date and other consequences of non filing or late filing of income tax return?

    Apart from 234F, you need to pay interest on the unpaid amount of Tax under 3 different sections of the act.

    Frequently Asked Questions

    What is Income Tax Return?

    Income Tax Return (ITR) is a form through which you report the details of your income earned from various sources and thereon pay taxes to the Income Tax Department. ITR contains all the details of incomes and tax-saving investments done by an individual in a particular financial year. The tax department has notified 7 types of ITR forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 for filing Income Tax Return (Forms are relevant for individuals, companies, firms, etc.).

    Why Filing a tax return in India is important?

    The Income Tax Act 1961, obligates certain eligible persons to file their income tax returns once a year. Filing of Income Tax Return legitimize your earnings and investments whereas non-filing means that you have not disclosed your eligible income which is required to be disclosed as per law, which becomes your Black Money. Also, by filing your Income Tax Return you can get an income tax refund, if you have paid excessive taxes to the government. Further, your Income Tax Return plays a crucial role in the time of applying for loans, credit cards, etc.

    What is eFiling of Income Tax Return?

    E-filing of Income-tax return is filing your Income-tax return online., There are two ways to file an Income-tax return in India:

    One is the traditional method i.e. offline in paper format, where the return is submitted physically to the IT department. and,

    The other one is the electronic mode, where you can submit your return online through the income tax website or by following a few simple steps on Tax2win.

    As per the latest announcement by the Income Tax Department, income tax returns can be filed through online method only. However, the super senior citizens are allowed to use the offline paper mode.

    Who is required to file an Income Tax Return?

    Every Indian including an NRI is required to file an Income tax return where Total Income exceeds the basic exemption limit of Rs. 2,50,000 for an individual; Rs. 3,00,000 in case of a senior citizen and Rs. 5,00,000 in case of super senior citizens.

    Total Income comprises income from all sources i.e., income from salary, house property, business income, capital gains or any other taxable income. This limit is to be checked before giving the benefit of deductions like 80C, 80D, 80DDB etc.

    You are required to file a return irrespective of the fact whether you have paid tax or not. So, even if the employer has deducted TDS in full you are still required to file an income tax return.

    In addition, New IT Rule 12AB now requires Compulsory Return Filing in all circumstances where limitations in the previous financial year were exceeded for the following:

    स्रोत : tax2win.in

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