An individual is required to file an income tax return (ITR) to report the income earned in the previous financial year, and pay taxes accordingly. The due date for filing an ITR is July 31, unless the government extends the date. A tax return filed on or before July 31 is termed as original ITR. After the due date, the individual has the option to file other types of ITRs as mentioned under the Income-tax Act, 1961. Here is a look at the types of ITRs:
Belated income tax return
If an individual misses the original due date to file a tax return, she can use a belated ITR to file the tax returns so as to avoid any adverse action from the income tax department. It is filed under Section 139(4) of the Income-tax Act.
But taxpayers have to pay a penalty while filing a belated ITR. The penalty is levied under Section 234F of the act. For small taxpayers whose total income does not exceed Rs 5 lakh, the penalty would be Rs 1 ..
Abhishek Soni, CEO of ITR filing website Tax2Win.in, says, "Before a taxpayer files a belated ITR, they are required to deposit a late filing fee. This amount is required to be deposited irrespective of whether any self-assessment tax is due or not. Further, if any self-assessment tax is due or if there was any shortfall in advance tax, then penal interest will be levied as well."
Revised ITR
If a person makes a mistake while filing the original ITR, then she has an option to correct the mistake through a revised ITR. For example, if a person forgets to disclose a bank account or interest from FD in the ITR, she can file a revised ITR to correct the mistake.
Soni says, "While filing a revised ITR, if additional income is reported in the ITR, then the individual may have to pay the additional income tax as well. Further, penal interest may be applicable on such tax paid."
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