Different Types of Return Forms

Taxpayers must file income tax returns forms which contain information regarding their earned income and the tax applicable. Taxpayers can easily calculate their income tax liability or the tax they need to pay for the financial year with the help of an income tax form. They can even apply for refunds in case of tax overpayment and schedule tax payments. Through this article, we will help you understand more about the aforesaid returns and the difference between them.

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Return of income is a form used for detailing the income and taxes paid on the income and reporting the same to the government. For the purpose of income tax, there are mainly three types of returns which can be filed:
1. Original
2. Revised
3. Belated

Note:
In Budget 2022, the government has proposed an ‘Updated return’ that taxpayers can file for any mistake or omission in filing an income tax return on payment of additional tax.

Who is Liable to File a Return?

In the case of the old regime, an individual below 60 years of age, who has a total income of Rs.2.5 lakhs or more in a financial year is liable to file an income tax return. For a senior citizen (aged 60 years or more) and for a super senior citizen (aged 80 years or more) this income limit gets increased to Rs.3 lakhs and Rs.5 lakhs respectively for filing a return of income. Whereas in the case of new tax regime, individuals having a total income less than Rs.3 Lakhs are not required to file an ITR. Companies and partnership firms are mandatorily supposed to file their returns even in case they have a loss. To know more, you may visit the ClearTax page.

What are the Due Dates for Various Returns?

What is an Original Return?

A valid return filed within the due dates specified in the above table is called an original return.

What is a Revised Return?

When an assessee successfully files his return but subsequently realises he has either missed some information or has not disclosed the information completely or any other reason for which he wishes to file his return again, is known as a revised return. The due date for filing the revised return is three months before the end of the relevant assessment year, i.e. 31st December. 

Example: Roshan has successfully filed his return of income on 10th July 2023.

Scenario 1:

On 15th July 2023, he realised he has not disclosed his bank account details correctly. He files his return on 18th July 2023 after rectification. His revised return will override his original return. For all purposes, his revised return acknowledgement will be considered.

Scenario 2:

On 1st August 2023, he realised he has not disclosed his bank account details correctly. He files his return on 2nd August 2023 after rectification. His revised return will override his original return. For all purposes, his revised return acknowledgement will be considered.

Scenario 3:

For FY 2012-13, Roshan can file a revised return anytime on or before 31st December 2023

Points to keep in mind while filing a revised return:

• ITR form can be changed while revising of return.
• No penalty can be levied by the department for bonafide mistakes (unintentional).
• If the assessing officer discovers that the error/ omission was intentional/fraudulent return revision of return is not allowed and penalty may be levied.
• Interest under section 234B and 234C will be recalculated under every revised return.
• If the taxpayer has revised return after the survey/search and it was has found that the mistake in the original return was not bonafide then levy of penalty is justified.

What is a Belated Return?

An assessee does not file his return within the timelines prescribed in the income tax act but files it after the due date is referred to as a belated return. The due date for filing a belated return is three months on or before the end of the relevant assessment year, i.e. 31st December. 

Example: Ram has a taxable income of Rs.7,00,000 from salary in AY 2024-25. He files his return on 5th September 2024. His due date to file the return is 31st July 2024. Since he has filed it on 5th September 2024, it is a belated return. Ram can file his belated return anytime until 31st December 2024.

What are the Consequences if There is A Delay in Filing Your Return?

Delay in filing your return has its own set of disadvantages:

• Loss under head capital gain and business and profession will not be allowed to be carried forward;
• The assessee will be liable to pay interest under section 234A depending upon the amount of tax due to @1% per month;
• The income tax officer may levy a penalty under section 234F for late filing of return for a taxable income above 5,00,000 is Rs.5,000. However, if taxable income is below 5,00,000 but above 2,50,000, the penalty is Rs.1,000.
• In case the assessee is eligible for a refund, the tax department pays an interest under Section 244A, a portion of which will be lost due to the late filing of return.

What is an Updated return?

Updated Income Tax Return allows taxpayers to update their ITRs by reporting the additional income missed to report or missed to file the return altogether before the due dates within two years from the end of the relevant assessment year.

An Updated Return can be filed in the following cases:

1. Did not file the return. Missed return filing deadline and the belated return deadline
2. Income is not declared correctly
3. Chose wrong head of income
4. Paid tax at the wrong rate
5. To reduce the carried forward loss
6. To reduce the unabsorbed depreciation
7. To reduce the tax credit u/s 115JB/115JC

A taxpayer can file only one updated return for each assessment year(AY).