Can I File an ITR for the Year 2012-13?
Every year, taxpayers in India are required to file their Income Tax Returns (ITR) according to the due dates prescribed by the Income Tax Act. However, for certain years, specific actions are needed if the ITR is not filed on time. Let's explore the case of filing an ITR for the fiscal year 2012-13 (AY 2013-14).
No, you cannot file an ITR for the year 2012-13 if you have missed the filing window. However, there are options available if you have good reasons for not filing your return on time. One such option is to file an application under Section 119(2)b to your jurisdictional Pr. Commissioner of Income Tax. If the application is considered valid, you can file the return later.
Current Filing Restrictions
Currently, you cannot file a return for fiscal years 2017-18, 2018-19, or any earlier years. You may receive a notice from the Income Tax Department along with penalty charges for not submitting your ITR.
ITR Filing Opportunities
Condonation of Delay
Under Section 119(2)b of the Income Tax Act, individuals can apply for condonation of delay in filing their ITR within six years from the end of the assessment year for which the income tax return needs to be filed. The Central Board of Direct Taxes (CBDT) has granted the power to the income tax authorities to accept the return for a financial year even after the expiry of the due date, provided certain criteria are met.
These criteria include:
Allowable reasons for delay Payment of interest and penalties as prescribed No irregularities in past tax filingsIt's important to stay informed about these conditions and ensure compliance.
Due Dates for Filing Income Tax Returns
The Income Tax Act and Rules prescribe due dates for filing Income Tax Returns. For example, you can file the return for the financial year 2016-17 up to the Financial Year 2018-19, subject to the payment of late fees.
Regardless of the nature of the income (salary, house property, etc.), the last dates for filing returns are the same. Therefore, you cannot file a return for the financial year 2012-13 at this point.
Application for Condonation of Delay
You can approach the Principal Commissioners of Income-tax or Commissioners of Income-tax with an application for condonation of delay under Section 119. However, applications for a claim of refund or loss shall not be entertained beyond six years from the end of the assessment year for which such an application is made. Therefore, you have until 31st March 2019 to make this application.
During assessment, the proper officer can issue a notice demanding the return to be filed under Sections 144 or 147.
Important Considerations
Tax Liability: It's crucial to pay off your income tax liability as soon as possible, rather than waiting for an Income Tax Notice. Penalties and Interest: Failure to file your return on time can result in penalties and interest. Ensure you comply with the guidelines to avoid these charges. Legal Compliance: Stay updated with the latest tax laws and regulations. Non-compliance can result in penalties and legal issues.Conclusion
In conclusion, if you have missed filing your ITR for the fiscal year 2012-13, you have limited options. You may apply for condonation of delay under Section 119(2)b, but within the prescribed period. It's essential to take necessary steps to ensure compliance and avoid any legal issues.