What is last date of filling I.T Return?

Many of us here are salaried employee but also doing frequent trading (Intraday and Short Term) in Cash Segment as well as Future & Options. Also it appears that I.T.R -3 needs to be filled with Audit because one is willing to declare Market Activity as business.

In the above scenario, what is the last date of I.T.R filling ?

  1. 31 July 2018
  2. 30 Sep 2018

For all auditing cases 30 sep is the due date

F.Y. 18~19 .
A.Y. 19~20.
The due date to filing I.T.return was till 31st december 2020 .

I missed it.

Actually, i had no income , had loss in cash equity and f&o . And have to ask The TDS refund on the bank F.D. .

. My local C.A. accountant says that i still can file before 31st march 2021 . I can declare the stock market loss and carry forward and can also apply for the TDS refund .

Is it true ?

@Quicko
@Pratist
@CleartaxExpert

Hi,

As far as I know, the last date for filing revised/belated returns for Financial Year 2018-19 was 30th November, 2020. So yeah, I don’t think it is possible to file your returns (or) carry-forward your losses (or) claim tax refund for the said year.

However, I have heard that in extraordinary cases, you can file an application for condonation of delay with your assessing officer and if your A.O. accepts such application, you can file your returns for the financial year, thereby allowing you to claim any tax-refund or carrying forward of losses.

I am not clear of the procedure to be followed, but I think your tax-consultant can help out with it.

References:

  1. Section 119(2)(b) - Income Tax Act
  2. Circular No. 9/2015, issued by CBDT
1 Like

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@CA_umesh
@CA_ROHIT

Hi @RLM,

  1. The last date for filing revised/belated returns for FY 2018-19/ AY 2019-20 was 30th November 2020. It is not possible to file your returns or carry forward your losses.
  2. For FY 2019-20/ AY 2020-21, you can file a belated return, however, carrying forward losses is not possible.
  3. You can report FD interest income as other sources and claim TDS on it as unclaimed brought forward TDS.

F.Y. 18~19 .
A.Y. 19~20.

As u said : i still can file before 31st march 2021 . BUT . can not declare the stock market loss and can not carry forward .BUT . can defenitely apply for the TDS refund and I 'll get the refund too from the tax authority.

Correct ? Is my understanding right ?

Hi @RLM,

For ITR of FY 2019-20,

  1. If Tax Audit is not applicable, the due date was 10th Jan 2021. You can file a belated return and cannot carry forward the loss.
  2. If Tax Audit is applicable, the due date is 15th Feb 2021. You can file an original return and carry forward the loss.

In both the above cases, you can claim the TDS credit as unclaimed brought forward TDS and if the ITR is processed correctly, you’ll receive the TDS Refund too.

F.Y. 19~20 .
A.Y. 20~21 .

Loss in stock market around 3 lakhs .
TDS on bank F.D. around 12ooo .

Can i file the I.T. return before 31st march 2021 .

I want to claim the TDS refund and carry forward the loss .

I know it is difficult to carry forward the loss as the due date is expired .

But is there any remedy or alternative solution?
E.g. if I get the books audited or if i write request to the tax authority assessing officer or any other methods?

Pls guide

Hi @RLM,

You can claim the TDS credit when filing the ITR. To carry forward the losses, you need to file your Income Tax Return before the due date.
The due date to file ITR is 15th Feb 2021, in case tax audit is applicable.
ITR-Tax-Audit-Due-date-

Keep in mind: you cannot carry forward the losses when filing a belated/revised return.