Due Date of Income Tax Return Filing FY 2015-16 AY2016-17

Published On - May 16, 2016

admin CBDT, Income Tax

Due date of income tax return is decided by income tax act, 1961 and its rules. The last date may be changed by central government in special cases by gibing proper notice.
Normally the due date of income tax filing can be categorized into two parts.

  1. For the following persons the due date of income tax filing is 30th September of relevant assessment year.

    i) company
    ii) a person whose accounts are required to be audited under income tax act or any other act.
    iii) a working partner whose accounts are required to be audited under income tax act or any other act.

  2. For all other persons like Individuals/HUF/BOP/AOI the due date of income tax filing is 31st July of relevant assessment year.

For example the due date of ITR for individuals ( with no tax audit)  for FY 2015-16 is 31st  July 2016 and for companies it is 30th September 2016.

Last date of income tax return

The above dates are due dates, you may file ITR even after the due dates but you will have to pay interest, which is discussed at the end of the article. The final time allowed to file income tax return is one year from the end of assessment year of the financial year.
It means the ITR for Financial year 2013-14 can not be filed after 31st march 2016. At 31st march 2016 one year is completed from the end of AY 2014-15 (31st march 2015).
The due dates may be extended by CBDT for particular reasons.
Like in for financial year 2014-15, the due date was extended for non availability of online ITR forms.
The CBDT had finally decided to extend the due date of company return filing from 30th sept 2015 to 31st Oct 2015 for whole country. Earlier the last date of filing was extended to individuals  to 3oth september 2015 from 7th Aug 2015.
The Individual Tax payer had an extra extended month to file their income tax return, and  due to technical problem faced by many tax payer on the last day, the income tax department had further extended the last date of income tax filing to 7th September 2015.
Who is required to file income tax return?
It is mandatory to file income tax return for three categories of individuals/HUF/AOP/BOI-

  1. If the Gross Total Income of the individual, who is less than 60 years of age, is more than Rs. 2,50,000 for the financial year 2014-15.
  2. If the Gross Total Income of the individual, who is 60 years of age or above but less than 80 years, is more than Rs. 3,00,000 for the financial year 2014-15.
  3. If the Gross Total Income of the individual, who is 80 years of age or above, is more than Rs. 5,00,000 for the financial year 2014-15.

CONSEQUENCES OF LATE FILING OF INCOME TAX RETURN
If the assessee do not file Income Tax  Return within the due date, the Assessing Officer may levy a penalty of Rs. 5,000 under section 271F. There is also a interest provision for late filing of return in the section 234A of the Income Tax Act, 1961.Under section 234A, if the return of Income is late file by the assessee than he is liable to pay interest @1% for every month or part of the month, from the last date of filing the return upto the date of furnishing the Return of Income.
Therefore the one should file their return in time to avoid the provision of interest and penalty.
Which ITR is applicable to a person ?
Do you want to know which ITR is applicable for you for the FY 2015-16 or AY 2016-17 .
SAHAJ (ITR 1)– It can be used by individual whose income includes:

  1. Salary/ Pension
  2. Income from one house property excluding where loss is brought forward from previous year
  3. Income from other sources exclude winning from lottery and income from horse race.

SAHAJ (ITR 1)– It can not be used by individual whose income includes:

  1. Income from more than one house property.
  2. Income from winnings from lottery or income from horses race.
  3. Income chargeable to tax under the head “Capital Gains”.
  4. Exempt income of more than Rs. 5,000.
  5. Income from business or profession.
  6. Loss under the head “Income from other sources”.
  7. Relief under section 90and/or section 91
  8. Who is a resident and ordinarily resident and having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.

ITR 2A– It can be used by individual or a HUF whose income include:

  1. Salary/ Pension
  2. Income from house property
  3. Income from other sources

ITR 2– It can be used by individual or a HUF whose income include:

  1. Salary/ Pension
  2. Income from house property
  3. Income from capital gains
  4. Income from other sources

ITR 2 & 2A -It can not be used by Individuals or HUFs whose income includes

  1. Income from business and Profession only being partners in firms
  2. Income from Capital Gains

ITR 3– It can be used by Individuals or HUFs whose income includes

  1. Salary/ Pension
  2. Income from house property
  3. Income from business and Profession only being partners in firms
  4. Income from Capital Gains

SUGAM (ITR 4S)– It can be used by individual or HUF whose income include:

  1. Salary/ Pension
  2. Income from house property
  3. Income from capital gains
  4. Income from business and profession only presumptive income u/s 44AD and 44AE
  5. Income from other sources (excluding winnings from lottery and income from race horses).

SUGAM (ITR 4S)– It can not be used by individual or HUF whose income includes:

  1. Income from more than one house property.
  2. Income from winnings from lottery or income from race horses.
  3. Income chargeable to tax under the head “Capital Gains”.
  4. Exempt income of more than Rs. 5,000.
  5. Income from speculative business and other special incomes.
  6. Income from profession as referred to in section 44AA(1).
  7. Income from agency business or income in the nature of commission or brokerage.
  8. Relief u/s, 90A and/or section 91
  9. Who is a resident and ordinarily resident and has any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.
  10. In case of a taxpayer who is engaged in any business eligible for the presumptive taxation scheme of section 44AD or section 44AE but he does not opt for the presumptive taxation scheme, then such a person need to maintain the books of account of the business as per the provisions of section 44AA and has to get his accounts audited. In such a situation he can’t use ITR 4S. Such a taxpayer has to file its return of income in Form ITR – 4.

ITR 4– It can be used by individual or HUF having income from a proprietary business or profession.
ITR 5– It can be used by Firms, Co-Operative Societies, Co- Operative Banks, LLP, AOP, BOI and Artificial Judicial Person.
ITR 6– It can be used for company except companies registered under section 25 of the Income Tax Act, 1961
ITR 7– It can be used by Persons like Trust, Political Party, Section 10 exempt institutions, Section 35 institutions or colleges.