Last date of filing Income Tax Return for Assessment Year 2015 – 16
The due date for filing income tax returns has been set under section 139 of income tax act. The act also states who should file their returns and who should not. In this article, we would cover about the last date of filing income tax return for assessment year 2015-16. But before we ponder over that information, we would first like to share about who are required to file their income tax return.
Last date has been extended to 7th September 2015
Who should file their income tax return?
Following are four categories or assesses who are required to file their income tax returns:
- Every registered firm
- Every registered company
- Every individual/BOI/AOP/HUF or any artificial judicial person
- Others, if their income is not chargeable under the income tax act
Apart from the above, there is a certain section of population whose maximum amount is not chargeable under the IT act. The maximum income for various group of population varies with their age, like the below:
- For those below the age of 60 years: the limit is 2.5 lakh
- For those between the age of 60 years and 80 years: Rs 3 lakh
- For those above age of 80 years: 5 lakh
We would illustrate this with an example for your better understanding. If someone below the age of 60 years has a net income of 3.9 lakh and claims a deduction of Rs 1.5 lakh under 80C, his net taxable income would be Rs 2.4 lakh and he would be required to file his income tax returns for Rs 2.4 lakh. On the other hand, if the net income of a person is just Rs 2.4 lakh, he/she is not required to file income tax returns.
Likewise the deductions and income tax filing rules vary for senior and very senior citizens with respect to their taxable limits.
The last dates for filing income tax returns are as following:
- For Corporates who are required to furnish u/s 92E under transfer pricing, the last date is 30th November 2015
- For all other corporates, the last date for filing income tax return is 30 September 2015
- For non-corporates including firms (partnership/proprietorship) the last date of filing income tax return is extended to 7th September 2015
- The last date for working partners is 30th September 2015 for any partnership firm
- For any other person or individual, the last date of filing income tax return is 31st August 2015
There are certain things to pay attention to in regards to the last date of filing income tax returns. If the last date of filing income tax returns falls on any holiday or Saturday or Sunday, the last date would be considered as the next working day after the mentioned last date.
Do you need to file income tax return if you have a PAN Card?
Not always. If your net income is less than the exemption income as mentioned in the income tax act, even if you have a PAN, you are not required to file your income tax returns. However, if your net income without deduction is more than the exemption limit, you are mandatorily required to file your income tax returns.
If the assesse is deceased or no more alive, the income tax for that individual can be filed by any living legal heir of the individual.
What is Belated Return?
Even if there are last dates to file your income tax returns, you can file your returns even later as well with belated returns clause. The belated income tax returns can be filed within an year from the end of the respective assessment year. That means you can file your income tax returns for AY 2015-16 by 31st March 2017.
However, there are certain causes and consequences in case of filing belated income tax returns. Some of them are here under:
- No revision is provided after the last date of belated tax returns
- No loss would be carried forward if the assesse sustained losses in any of the previous years
- If you are filing an income tax return under the belated return condition, a penalty of up to Rs 5,000 can be imposed on the assessed by the assessing officer, depending upon case to case. This rule comes under section 271F of income tax act.
- An interest of 1 per cent per month can be imposed on the applicable net outstanding tax amount under section 234A of income tax act.
Last but not the least, the exemption is only provided in case of individuals and not in case of companies and firms. Companies and firms would have to file their income tax returns in whatever case of whether they have gone through a profit or incurred a loss, whatsoever.