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Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline.

Individuals primarily with salary income and certain other tax payers were required to file their tax returns by 31st July, 2019 for the financial year 2018-19 (assessment year 2019-20).

Belated tax return :-

As per the provisions of the Income Tax Act, 1961 (the ‘Act’), a tax payer who has not filed his tax returns within the due date or as per the time specified under a notice issued to him by tax authorities, may do so for a financial year before end of relevant assessment year or before the completion of assessment, whichever is earlier. Thus, in case a tax payer has missed his due date of filing his returns by  31st July, 2019 —for the financial year 2018-19, he could still file his tax return by March 31, 2020.

[Important Note: Please note that due to COVID-19 out break through out the country, the Union FM Smt Nirmala Sitharaman has announced some reliefs for businesses to cope up with the difficult times of COVID-19 and hence the last date for the belated/revised filing of the income tax returns for the FY 2018-19 (AY 2019-20) is extended from 31st March 2020 to 30th June 2020.]

Penalty for non-filing:-

If a person fails to furnish return before due date, the assessing officer may levy a penalty u/s 271F as follows:

Date of Filing Fees Leviable
If the return is furnished after the due date of filing but on or before the 31st day of December. Five thousand rupees
In any other case  Ten thousand rupees
Note: If the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

Revised returns:-

Furthermore, there may also be instances where returns have been filed by the due date and subsequently, the tax payer finds some error in the same. In such an event, he may file revised returns any time before end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Defective returns:-

It is also possible that certain errors are observed by the tax department in the filing. Thus, where such authorities consider that returns of income are defective, they may intimate the anomaly to the tax payer and give him a chance to rectify it within 15 days from the date of such intimation or within such further period as may be specified. If the tax payer fails to right the wrong, then the returns filed by him shall be treated as invalid and the provisions of the Act shall apply as he has failed to file his tax returns.

Disadvantages of filing a late return

As per Income Tax Department of India : “A tax return may be furnished any time before the expiry of one years from the end of the financial year in which the income was earned’. This means that if you earned your income during FY 2018-19, you may file a belated return anytime before 31st March, 2020 ” . But there are some disadvantages if you don’t file your returns on time. They are

  • You will not be able to carry forward your Business loss (Speculation or otherwise) , capital loss , loss due to owning and maintaining of race horses.
  • Loss of Interest on refund : You may loose interest on refund u/s 244A specially in case if you are claiming a Major amount as refund.
  • You cannot revise your return.
  • late filing can delay processing for tax refunds.
  • Incremental Interest U/s. 234A – If the tax has not been paid before the end of the tax year concerned and you file the return late, incremental interest at the rate of 1% per month will be payable on the unpaid amount after the due date. This is in addition to the 1% per month interest for non-payment of advance tax, that is, tax due after tax deduction at source exceeding Rs 10,000. Thus, late returns can result in an additional interest burden.

(Republished with Amendments)

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117 Comments

  1. Amogasidha wade says:

    Sir,
    I am not filed itr from 2008-9, 2009-10,2010-11,2011-12,12-13,13-14,14-15,15-16,16-17,17-18,18-19 and 2020
    What can I do sir tell me
    My mob no 8899197298
    Plz sir

  2. Velu says:

    Sir, I am an ex-servicemen and I re-employed to govt est since last 2 year. Can I show the my pension with the salary. While I showing the pension, Is it taxable?

  3. kunjbihari sharma says:

    My query is after due date for 2014-15(ay) 31.03.2016 can an assesse file the incometax return ?Clear the position yes ? not ?why ,If IT department has issued the demand notice previous years like 6th year old without incometax return submit.

  4. Sunny says:

    Dear Sir,

    After 2010, I didnot fill ITR, Although it was not tax payable. Can I fill now all previous year ITR?
    How much plenty I have to pay?
    Sunny
    3-9-2015

  5. Satish says:

    Hello Sir,
    this is regarding e-filing of my Tax for AY 2013-14 , as i have missed to file it earlier , even recently i got to know that the last date was 31st Mar 2015 , so i missed the near chance of filing it.
    Do let me know by any chance i can file it now ?
    FYI – I am a salaried person & tax is already been deducted from my salary during my work tenure. I have Form 16 available with me.
    Kindly help
    Regards:
    Satish
    +91 9980 495 415

  6. vijayluxmisaxena says:

    sir,
    I did not submit income for ax return for assessment year 2011-12.
    my income was 513,476.84
    tax paid 51,352.38.
    How can submit return.
    thanks

  7. Anjani Negi says:

    Return can be filed upto 31st march 2016 of F.y 14-15,13-14 but not of other years. Tds is not refunded by banks .It will be refunded by Income tax department only when you will file Income tax return. To get your refund you have to file your Income tax return for that year.

  8. Madhukar says:

    Hi, The status of my efiling return for AY 2008-09 is “return Uploaded” and I believe I missed out sending/posting the signed copy to CPC, what is the solution for this, please advise.

    Regards
    Madhukar

  9. Suyash says:

    Hello Sir,
    this is regarding e-filing of my Tax for AY 2013-14 , as i have missed to file it earlier , even recently i got to know that the last date was 31st Mar 2015 , so i missed the near chance of filing it.

    Do let me know by any chance i can file it now ?

    FYI – I am a salaried person & tax is already been deducted from my salary during my work tenure. I have Form 16 available with me.

    Kindly help

    Regards:
    Suyash

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