Is It Possible to File IT Returns for Fiscal Year 2019-2020 in 2023?

When you visit the tax deposit option, you might see various fiscal years, including AY 2020-21 and AY 2021-22. Despite being able to see these options, it's important to note that you cannot file your Income Tax (IT) return for the fiscal year 2019-2020 in 2023. This is because it has already exceeded the due date, making it time-barred.

Understanding Time-Bar
and Why Filing Late Is Not Possible

A time-barred return refers to a tax return that is too late to be filed with the Income Tax Department. The deadline for filing returns for the fiscal year 2019-2020 was by August 31, 2021 (for businesses and regular income taxpayers) and 15th March 2022 (for sections 99 and 139 V), respectively. Once these deadlines have passed, attempting to file the return later is considered time-barred and is not allowed.

Conditions for Filing Time-Barred Returns

There are exceptional circumstances under which you might be able to file a time-barred return. These exceptions include:

1. Existence of any Refund

If there is any refund due to you, the Income Tax Department may consider allowing you to file a late return. This refund could be due to any overpayment or eligible deductions that were not claimed during the initial filing period. Even if you do not currently have an outstanding refund, any future refund could be a reason to file the late return.

2. Condonation of Late Filing Request

For a late filing to be accepted, a specific request must be made to the appropriate tax jurisdiction, the Central Inland Revenue (CIT). This request, known as a condonation of late filing, needs to be approved by the CIT. The approval indicates that even though the return is late, the tax department will allow it to be filed. It is important to note that this is not an automatic approval and can vary based on the circumstances andthe explanation provided by the taxpayer.

What to Do If Late Return Filing Is Necessary

If the conditions for filing a time-barred return are met, follow these steps:

1. Make a Request for Refund and Condónation of Late Filing

First, initiate a refund claim and condonation of late filing request. Submit all necessary documentation to the CIT along with the support for your request, such as explanation for the delay and proof of due diligence. Ensure that your request is detailed and justified to increase the likelihood of approval.

2. Monitor Your Application

After submitting your request, continue to monitor the status of your application. While the CIT is processing your application, you will not be able to file the return. However, once the application is approved, you will be given a deadline to file the return and pay any outstanding taxes.

3. File the Return Promptly

Once the approval is received, ensure you file the return as soon as possible and pay any outstanding taxes. This ensures that you do not face further penalties or interest on late payment of taxes.

Conclusion

In summary, while you cannot file IT returns for the fiscal year 2019-2020 in 2023, there are specific exceptions that can allow for late filing. These exceptions include the existence of a refund and a condonation of late filing request approved by the CIT. If these conditions apply to you, you should follow the relevant procedures to seek approval and file the return as soon as possible.