CA Ashish Aggarwal

While filing your income tax return within due date is important, it does not mean that if for any reason you missed the dead line than you wouldn’t be able to file your income tax returns.

But the clock turns on, which means as you have missed the dead line you might receive a notice from the income tax department any time.

You can always file your income tax return (before receiving any notice from the department) within 2 years from the end of the financial year of which return is required to be filed by you. Filing your income tax return after the due date invites some consequences which are as follows:

  • In case there are some taxes yet to be paid, filing of income tax return after the due date will attract interest @ 1% per month and part thereof up to the date of filing of the return, on such unpaid tax amount. This interest will be charged only if there is any tax payable by you.
  • You will not be allowed to carry forward certain losses if you are filing your income tax return after the deadline.
  • You may lose interest on refund u/s 244A as delay in filing is attributable to you for the period by which you have filed late return.
  • You may be charged a penalty of Rs 5,000 if you file your income tax return after the expiry of one year of the financial year for which you are filing your income tax return.
  • Late returns are not allowed to be revised as compared to a return filed on time which can be revised indefinite times. So late returns are required to be filed with extra consciousness.

So, you can still file your taxes if you have missed the deadline. Just keep in mind the above consequences of filing your taxes late.

(Author is associated with portal www.fileitronline.com which provides online financial services in the nature of online income tax returns filing)

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9 responses to “Consequences Of Late Filing Of Your Income Tax Return”

  1. Kananelo Khoboko says:

    Evening Sir, i’m from a jurisdiction which allows late filing of the returns with the prerequisite that you inform the Commissioner of tax and that was done too. Now there are administrative penalities of course attached to that. Now having followed that can the Revenue Authority just then choose to prefer criminal proceedings on that issue yet the internal remedies were not firstly exhuasted ? Is ti really a fair practice at all?

  2. S L PANDITA says:

    YOU CAN FILE RETURN NOW ALSO. IF YOU HAVE NO TAX PAYABLE THEN IT IS OKAY . IF U HAVE PAY TAX ,PL PAY WITH INTEREST ,.HOWEVER YOU MAY ALSO BE LEVIED PENALY=TY FOR NOT FILING RETURN IN TIME OF Rs5000

  3. Vinod Rana says:

    Hello Sir,

    I have received a compiiance notice letter from In come tax office stating that 2013-2014 return has not been filed. Sir is there a way to avoid penality and file the return now?

    Thanks,
    Vinod Rana

  4. priyakant says:

    Hello Ashish I need a help regarding my ITR problem. Please help me.
    Priyakant
    9716110410

  5. Kiran Pujari says:

    Hi, I have missed submittion of my tax return for the assessment year 2013-2014,
    TDS was deducted and mine is nil tax.

    what shall I do now ?

    will there will be any penalty for non filing of return , though my tax payable is nil ?

  6. P.G.S.Pillai says:

    Sir,
    I am a Govt. employee. My gross salary for the F.Y. comes 5,18000/- without any deduction. GPF recovery 100000,Prof.Tax 5000/-Housing loan Loan Nil,full tax deducted from source. No refund. whether I should file the return or not.

  7. CA Ashish Aggarwal says:

    Dear Venkata,

    Currently, Income tax department allows ITR filing for AY 2014- 15 and AY 2013-14 only.
    ITR’s relating to all the AY’s preceeding to the AY 2013-14 cannot be filed now.

    Hope you will find this answer and post useful.

    Best Regards,
    CA Ashish Aggarwal
    +91 9873 935 538

  8. sudarshana says:

    This is same as another post in TaxGuru! Duplicate.

  9. A.S.VENKATA RAMANAN says:

    Dear Sir,

    Good Morning ,As per the suggestion given by you, can we filed IT A Y 2012-2013 NOW. As two years time has completed.

    Your advice is required.

    A.S.VENKATA RAMANAN MOBILE 92821 54411

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