Why you should file your pending income tax returns this month itself i.e. December 2022?
First, let us have a look at due dates for income tax returns. Section 139 of the Income Tax Act governs the same.
The most relevant ones are as follows:
| No. | Type of assessee | Due date (after the end of financial year) |
| 1 | Non- Audit cases | 31-July |
| 2 | Where Audit is required under the Income tax or any other Law | 31-Oct |
| 3 | Where Audit is to be done under Section 92E | 30-Nov |
The above dates as per Section 139(1).
You can still file belated returns under Section 139 (4). Belated returns are income tax returns filed after the prescribed due dates.
Earlier one could file belated returns by March but this year one can file only upto December. This year, the present month i.e. December 2022 is actually the last month to file belated income tax returns for Financial Year 2021-22. (unless the Government declares an extension).
This is because of a change in Section 139 (4) –
Earlier the section read:
“Any person who has not furnished a return within the time allowed to him under sub-section (1), 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.”
The amended section reads as follows:
“Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the [return for any previous year at any time before three months prior to] the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.”
Conclusion: Hence for financial year 2021-22 i.e for the relevant assessment year 2022-23, the last month of filing income tax returns is December 2022.
Yes, the same is the case with the revised returns.
Tax payer may revise their returns if they discover any omission or wrong statement(s) therein. Section 139 (5) governs this process to file belated returns.
Earlier the section read:
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 prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
The amended section reads as follows:
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 three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Conclusion: Thus tax payers can revise their income tax returns only upt December 31, 2022 for the Financial Year 21-22 (relevant to Assessment year 22-23)
Conclusion: Hence file all your pending income tax returns by 31 December itself. Also revise all returns with errors by 31 December.
To file your pending income tax returns this December or in case of any queries, email to info@entrecap.in. Read more about income tax returns here.
