Revised return allows an assessee to rectify the error or omission of facts made at the time of filing the original ITR. When filing a revised return we need to mention details of the original return i.e., acknowledgment no and date of filing original return.
Time limit to file revised return is anytime-
before the end of the relevant assessment year; or
before the completion of the assessment,
whichever is earlier.
The process of filing a revised ITR is the same as filing an original one. However, while filing a revised ITR, an assessee is required to file it under section 139(5) of the Income-tax Act.
Any person who has not furnished a return within the time allowed to them under section 139(1), or within the time allowed under notice issued under section 142(1), may furnish the return for any previous year at anytime —
before the end of the relevant assessment year; or
The determination of residential status of a person is very important as income tax is levied based on the residential status of a tax payer. The Residential status of a tax payer can be divided in the following categories.
Residential Status of an Individual
Basic Conditions :
Stays in India for 182 days or more in previous year. OR
Stays in India for 60 days or more in previous year and 365 days or more during 4 years preceding the previous year.
Exceptions:
The aforesaid period of 60 days is extended to 182 days in
case of
Citizen of India who leaves India for the purpose of employment or as member of crew of Indian ship.
Citizen of India or foreign national of Indian origin living outside India comes on a visit to India.
Determining whether ordinarily resident or not ordinarily resident?
An
Individual who is resident in India is said to be ‘ordinarily resident in
India’ if he satisfies both of the following conditions:
Resident for at least 2 out of 10 years immediately previous years. AND
Stays in India for at least 730 days 7 immediately previous years.
If an
individual satisfies any one of the above conditions, he is said to be
‘not-ordinarily resident’ during such assessment year.
Non-Resident(NR)
An individual satisfying neither of the conditions stated in 1 and 2 of the basic conditions, would be categorized an NR for the year.
Income tax return is the format in which the assesse furnishes information as to his total income and tax payable.
The format for filing of returns by different assesses is notified by CBDT.
The particulars of income earned under different heads, gross total income, deductions from gross total income, total income and tax payable by the assesee are generally required to be furnished in a return of income.
In short, a Income tax return is the declaration of income by the assesee in the prescribed format.
What is a nil return?
A nil income
tax return is filed to show the Income Tax Department that you fall below the
taxable income and therefore did not pay taxes during the year.
Why should I file nil return?
To show income tax return as proof of income. This action provides proof for the income as legal and disclosed.
To claim a refund, it might happen that on your total income you paid more in taxes than you needed to, you must file an income tax return to claim a refund
Is It Mandatory To File Income Tax Return?
Filing income tax returns is mandatory for those whose total income before allowing the deductions under Chapter VI-A(section 80C to 80U) is more than the basic exemption limit :
Rs 2,50,000 for individuals/HUF/AOPs/BOIs and artificial juridical persons.
Rs 3,00,000 for resident individuals of the age of 60 years but less than 80 years.
Rs 5,00,000 for resident individuals of the age of 80 years or more at any time during the previous year.
Due Date for Filing of Income Tax Returns for AY 2019-20
Particulars
Due Date
Individuals, HUF, BOI, AOP (Income Tax
Return by Assesse whose Books of Account are not required to be audited)
30th November 2020
Due date of filing the Income Tax Return
by businesses whose Books of Account are not required to be audited
30th November 2020
Filing ITR Due Date for (Assessee who are required to furnish report under section 92E i.e., Transfer Pricing)
30th November 2020
Due date of filing the Income Tax Return by assessee whose Books of Account requires to be audited and A working partner of the firm whose accounts are required to be audited.
30th November 2020
What are the penalties for non-filing or late filing of income tax return?
Non filing or late filing of ITR can lead to a penalty, but there are also other consequences and inconveniences attached to the delay. Please refer https://blog.taxsmile.com/interests-penalties/
