New Delhi, Dec. 1 -- Each taxpayer is supposed to file their income tax return within the time prescribed under section 139(1)/139(4) of the Income Tax Act. However, it may be possible due to any genuine hardship or reason, a taxpayer is not able to file an income tax return within the specified time.

In this kind of situation, there are two options with the taxpayer:

1. To file ITR-U u/s 139(8A), or

2. To file ITR under section 139(9A) read with order u/s 119(2) (b) of the I-T Act 1962 received after request for condonation of delay in filing ITR.

While filing ITR-U, the taxpayer has to face heavy additional tax, i.e., 25%, 50%, 60% or 70% of tax and interest as per section 139(8A).

Alternatively, in case of a genuine hardship, the ...