Due Dates of filing return of Income

The due dates for filing return of income have been provided in explanation 2 of section 139(1) which are as under:-

(a) Where the assessee is

(i) A company or

(ii) A person (other than a company) whose accounts are required to be audited under this Act or under any law for the time being in force; or

(iii) A working partner of a firm whose accounts are required to be audited under this Act or under any law for the time being in force, the (30th day of September) of the assessment year

(iv) In the case of any other assessee, the 31st day of July of the assessment year.

Quantum of Fees

• Nil – if total income is below taxable limit except loss return U/S 139(3).
• 1000/- if total income is below Rs. 500000/- i.e. gross total income less deductions Under Chapter VI A.
• 5000/- if total income exceeds Rs. 500000/- and return is furnished up to 31^st December.
• 10000/- if total income exceeds Rs. 500000/- and return is furnished after 31^st of December and non-filing of return.

The default in furnishing the return of income before the due date has been further made punishable by way of disallowing the deductions under heading C of Chapter VI A i.e. deduction in respect of certain incomes. This amendment has been made by substituting section 80AC in Finance Act 2018.