Time Limit to File the Return of Income


Is there any time limit to file the Return of Income to claim refund of tax deducted in various years? If so, please do mention the time frame!


The last date to file the Income tax return for FY 2012-13 relevant to the assessment year 2013-14 in most of the instances is 31st July 2013. However for corporate and person requiring tax audit, the last date is 30th Sep 2013. Beyond specified date, the return can be filed along with penalty for each delayed month till 31st March 2014. To claim the refund it is advised to file return before 31st July 2013 because incase if you commit any mistake then the return can be easily revised. If the taxes paid during the year were higher than the tax liability you can get the refund. Please make sure that you have taken into account the deduction and exemptions based on the IT rules. Income tax refunds can be checked online and the status can be known on visiting the site of income tax department.



Section 139 of the Income Tax Act 1961 deals with the different kinds of returns that can be filed in case the person or the entity in question has not filed tax returns before the expiry of the prescribed deadline.

This section says that if an assessee or an entity is unable to file income tax returns prior to the expiration of the due date as mentioned under Section 139(1), then, the assessee or the entity can still file late or belated income tax returns within a period of one year from the end of the relevant assessment year or prior to the completion or conclusion of the assessment (as per Section 144), whichever is sooner.

Assesses or entities who file late returns may incur a penalty of Rs 5,000 as prescribed under Section 271F of the Income Tax Act 1961. However, no penalty shall be levied on those income returns that were not required to be mandatorily filed as per the provisions outlined under Section 139(1) even in the event the returns were filed following the expiration of the year of assessment.

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