All about the due dates of Belated and Income Tax Returns

Filing income tax returns (ITR) is a legal requirement for individuals, businesses, and other entities earning a certain level of income. However, it’s not always possible to meet the tax return deadlines for a variety of reasons. This can lead to the filing of “belated” returns. It’s crucial to understand the deadlines for both regular and belated returns to avoid penalties and complications. Here’s an overview of the due dates for belated and income tax returns.
Regular Income Tax Return Filing Deadline
The regular deadline for filing income tax returns depends on the type of taxpayer. For individuals and entities, the general timeline is:
 Income tax return filing for individuals and entities not liable for tax audit, and who have not entered into any international or specified domestic transaction. 31st July.
 Submission of the audit report (Section 44AB) for those assessees covered under tax audit but do not have any international or specified domestic transactions. 30th September.
 ITR filing for assessments requiring audit (not having international or specified domestic transactions). 31st October.
 ITR filing for Transfer Pricing cases (for assessee having international and specified domestic transactions) 30th November.
It’s essential to submit the returns within these timelines to avoid penalties and interest on the dues.
Belated Return Filing (Under Section 139(4))
If a return of income is called belated return if it is filed after the expiry of the original due date specified under Section 139(1).
A belated return is an income tax return filed after the due date. Typically July 31st each year due date for individuals not subject to audits. If an individual fails to meet this deadline and files their return after July 31st but before December 31st, it is considered a belated return.
For individuals subject to tax audits, the deadline is September 30th. Any return filed after this date is also termed a belated return and is filed under section 139(4) of the Income Tax Act. It’s important to note that filing a belated return may incur additional interest on taxes owed.

As per Section 139(4), a Belated Return can be filed 3 months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Revised Return (Under Section 139(5))
Revised return is a return filed under Section 139(5) to correct mistakes or omissions made in the original return.

Section 139(5) of the Income Tax Act, 1961, allows you to file a revised return if you discover mistakes in your initial filing. You can even revise a Belated return. You can file a revised return by 31st December of the relevant assessment year or before the completion of assessment, whichever is earlier.
Updated returns (Under Section 139(8A))
The concept was introduced to allow an eligible taxpayer to file or update an income tax return, within specified timelines albeit by paying additional tax, interest and penalty, in an endeavour to increase voluntary compliance and to avoid penal consequences and further litigation if such omission was subsequently detected by the tax authorities.
A taxpayer who has either filed his ITR (whether on time, belatedly or even a revised return) or has not filed his ITR for an assessment year has an option to file an updated return within 24 months from the end of the relevant assessment year provided it results in additional payment of tax to the Government. This means that an updated return cannot be filed to claim a refund of tax paid.
Consequences of Not Filing Belated Returns
While filing a belated return is better than not filing at all, not filing the return at all could lead to severe penalties, legal consequences, and the possibility of the tax department taking recovery actions. In extreme cases, the taxpayer could face prosecution.
Conclusion
Understanding the due dates for filing income tax returns and belated returns is critical to avoid unnecessary penalties and interest. Filing a timely return ensures compliance and saves taxpayers from added financial burdens. If delays happen, it’s important to act promptly and file a belated return to minimize the consequences. Always stay informed about the latest tax laws and deadlines to ensure smooth tax filings and stay on the right side of the law.