Before discussing the types of Income Tax Return filing, Let’s first understand that what is ITR. The income tax return is a statement of the incomes of an individual from different sources and the tax that is to be paid on that income. It also acts as a proof of the tax that is being paid by the Assessee. ITR has to be filed every year in the form which is applicable to the assessee.There are 7 types of ITR forms as of F.Y. 2017-18.

However, As per Section 139 of the Income Tax Act, the different types of Income Tax Return Filing are:

1.Normal Return u/s 139(1)

2.Belated Return u/s 139(4)

3.Revised Return u/s 139(5)

4.Loss Return u/s 139(3)

5.Defective Return u/s 139(9)

Normal Return

Normal return is the return which is filed by a person who is required to file the return as per the criteria.Income Tax Return Filing in the case of normal return has to be done by the following person:

  • Any person whose total income exceeds the threshold limit which is Rs.2,50,000 in the FY 2016-17 for normal assesses and this limit is Rs 3,00,000 for assesses who are more than 60 years old but less than 80 years old and Rs 5,00,000 for super senior citizens (assesses who are more than 80 years old).
  • Company or a Firm.
  • A person who is carrying forward any loss under a head of income.
  •  If a person is not required to file a return but is having any assets located outside.
  • A person who is having a signing authority in any account located outside India.
  • A person who is income which is derived from property held under a trust for charitable or religious purposes or a political party or a research association, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, news agency, educational or medical institution or any other specified authority, body or trust.
  • A person who is having long-term capital gains from the sale of equity shares or business trust in a company or sale of a unit of equity oriented mutual funds of more than Rs 2,50,000 in a financial year. These are exempted under Income Tax but an income tax return has to be filed.

Belated Return

If the assessee fails to furnish the return of income within the due date under Section 139(1) or within the time which is allowed to him through the notice under Section 142(1), then he can file a Belated Return.

Due date for filing Belated Return

The belated return shall be filed on or before 31st March of the relevant Assessment Year. It may be noted that the date of filing a belated return has been changed from F.Y. 2016-17. Earlier, the belated return was allowed to be filed before the end of F.Y. after the relevant A.Y.

Revised return of Belated Return

From F.Y. 2017-18, the Belated income tax return filing under section 139(4) which has been done by the assessee for any year can be revised as per section 139(5) for if he discovers any omission or any wrong statement therein. The revised return for belated return can be filed at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Revised Return

Revised return is a return which is filed u/s 139(5) as revision for the original return. It is a revision for any omission or mistake made in the filing of that original return. In order to meet the deadline, a person may forget to disclose some income or may make any other mistake like a mistake in claiming any deduction.

Returns eligible for revision:

  • An original return filed u/s 139(1).
  • The belated return filed u/s 139(4) can also be revised now.

Time Limit of Revised Income Tax Return filing

Revised Return of Income Tax can be filed by an assessee any time

whichever is earlier.

For example: If an assessee files the return for F.Y. 2016-17 (A.Y. 2017-18) on 8th July 2017. And later on, if he discovers some mistake, then he can file a revised return of Income Tax anytime up to 31 March 2018 or before the completion of Assessment, whichever is earlier.

Loss return

The Income tax return filed with the details of losses is the Loss Return. You may have to file an income tax return with details of the loss, depending upon the type of loss. Filing a return for your losses helps to carry them forward to future years, in which these can be set off against future gains when they arise.

If you have a loss from business or profession or loss under the head capital gains, you must file an income tax return as:

  • If you have any income in that year, your losses will be set off with the income you have earned and you have to pay tax on the income after deducting losses from it.
  • If you don’t have any income in that year, then in such a case you will be allowed to carry forward losses and adjust them against future income in your returns for coming years. Losses from house property, capital loss, and business loss are allowed to be carried forward for 8 years.

Defective Return

Defective Return u/s 139(9) is the type of return for which a person receives a notice because the IT Department has found any discrepancies or mistakes or any missing information in ITR.Once you file your income tax return, the details provided by you in the ITR is cross-verified and processed by the IT dept. The dept compares the details provided by you with the information that is available to them.

Time limit

A person who has received notice under section 139(9) about the defective return can rectify the return within a period of 15 days from the date of such intimation under section 139(9).

For any help on ITR Filing feel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business ReturnBulk Return or Revised Return Filing.