Types of ITR & Due dates for filing ITR

Generally, when you talk about taxes, you tend to procrastinate, because that is tedious job to do, but there is due date for filing your taxes which needs to be adhered to else you’ll have to face the consequences for the same.

Today, let us deep dive to understand what are the different types of ITR and what are the due dates for filing them.

Lets first understand what all types of Income tax returns are available?

1. Regular return

A regular Income Tax Return (ITR) is a document which is used to report details about your income and taxes to the Income Tax Department. The amount of tax a taxpayer owes is determined based on their income. If the return indicates that excess tax has been paid within a given year, the individual is eligible to receive a refund from the Income Tax Department.

2. Revised Return

If you find any error or discrepancy in your original return, you can rectify the same and file a revised return u/s 139(5). Such errors can include

a. Any mistake in personal information like address, residential status etc

b. Wrong ITR Form

c. Missed reporting income sources

d. Errors in carrying forward losses

e. Mistakes in deductions claimed and so on.

Once you file a revised return, it will substitute your original return, and don’t forget that you also need to verify your revised return as well within 30 days of filing it.

3. Belated Return

This is for all those who snoozed through the due date of filing ITR. You can file a belated return till 31st December of the relevant Assessment Year. So, if you haven’t filed your ITR for AY 2022-23, you can file a belated return by 31st December 2022. But wait! Remember that filing a belated return comes with consequences. What are they?

a. Interest u/s 234A

Simple Interest @ 1% of tax liability per month or part thereof will be levied if you file a belated return. The calculation of interest will be from the date after the due date until the actual date of filing. For example, the due date for filing ITR for AY 2022-23 was 31st July 2022. Now, if you file a belated return on 2nd October 2022, you will have to pay interest for 3 months. So, the earlier you file it, the lesser penalty you will have to pay.

b. Late Filing Fees u/s 234F

If you file a belated return, you may have to end up paying a late filing fee of up to INR 5,000. However, it will only be applicable if your income is above the basic exemption limit.

c. Inability to carry forward losses

You can set off your losses against the current year’s incomes while filing a belated return. However, you will not carry forward your losses incurred except for house property loss.

d. Inability to claim certain deductions/exemptions

Filing a belated return also prevents you from claiming deductions/exemptions u/s 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID and 80-IE.

4. Updated Return

ITR-U or Updated Income Tax Return is the form that allows you to rectify errors or omissions and update your previous ITR. It can be filed within two years from the end of the relevant assessment year. The government introduced the concept of updated returns in the Union Budget 2022.

An Updated Return can be filed in the following cases:

a. Did not file the return. Missed return filing deadline and the belated return deadline

b. Income is not declared correctly

c. Chose wrong head of income

d. Paid tax at the wrong rate

e. To reduce the carried forward loss

f. To reduce the unabsorbed depreciation

g. To reduce the tax credit u/s 115JB/115JC

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

Now after understanding the types of returns, let us also take a look at the due dates for filing these returns.

Income tax filing due dates for FY 2023-24 (AY 2024-25)