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.

Latest Update

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

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

Who is Liable to File a Return?

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 very senior citizen (aged 80 years or more) this income limit gets increased to Rs 3,00,000 and Rs 5,00,000 respectively for filing a return of income. 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 2018.

Scenario 1:

On 15th July 2018, he realised he has not disclosed his bank account details correctly. He files his return on 18th July 2018 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 2018, he realised he has not disclosed his bank account details correctly. He files his return on 2nd August 2018 after rectification. His revised return will override his original return. For all purposes, his revised return acknowledgement will be considered.

Scenario 3:

For FY 2017-18, Roshan can file a revised return anytime on or before 31st December 2018

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 2019-20. He files his return on 5th September 2019. His due date to file the return is 31st July 2019. Since he has filed it on 5th September 2019 it is a belated return. Ram can file his belated return anytime until 31st December 2019.

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.

Frequently Asked Questions

What is the due date to file a revised income tax return?

You can file a revised income tax return within 31st December of the relevant assessment year when there are changes/revision in your tax liability amount.

What is the due date for income tax return filing for companies?

The due date of income tax return filing for domestic companies is 31st October 2023 of the relevant assessment year. When the company has international transactions, the due date to file income tax return is 30th November of the relevant assessment year.

What is the due date to file income tax return filing for HUFs?

The due date for filing income tax returns for HUFs is 31st July of the relevant assessment year when they do not have to get their accounts audited. Where the HUF needs to get its accounts audited, the due date to file income tax returns is 31st October of the relevant assessment year and if the HUF has international transactions the due date to file income tax returns is 30th November of the relevant assessment year. 

What is the due date to file income tax return filing for Partnership firms and Limited Liability Partnership (LLP)?

The due date for filing income tax returns for firms and LLP is 31st July of the relevant assessment year when it does not have to get its accounts audited. Where the firms and LLPs have to get its accounts audited, the due date to file income tax returns is 31st October of the relevant assessment year and if it has international transactions the due date to file income tax returns is 30th November of the relevant assessment year. 

Can a salaried individual file income tax return after the due date?

Yes, you can file a belated return within 31st December of the relevant assessment year after payment of the penalty as per Section 234F.

Can I opt for the new regime after the due date?

If you have income from salary, you can opt for the new tax regime when you file the belated income tax return. However, if you have income from business or profession, you cannot opt for the new tax regime.

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