The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed u/s 139(1).
For a layman sometimes it may create doubt if he fails to file his return of Income within due date, whether he can file his return of Income after the due date, especially when he is under no obligation to get his accounts audited under Income Tax Act or under any other law.
The answer to this question is yes. Under section 139(4) a belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
In other word a belated income tax return for FY 2018-19 (AY 2019-20) can be now filed only up to 31-03-2020 or before the completion of assessment whichever is earlier
Note: Please note that due to COVID-19 pandemic the due date for belated filing of Income Tax Return for AY 2019-20 has been extended till 31st July, 2020.
Filing your income tax return after the due date invites some consequences which are 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.|
Thus, Non-Filing of the Income Tax Return may result in the Best Judgement Assessment. This is an assessment carried out as per the best judgment of the Assessing Officer on the basis of all relevant material he has gathered.
Therefore, just keep in mind the above consequences of late filing of your Income Tax Return.
(Author – Amit Bajaj Advocate, Bajaj & Bajaj Advocates, 128, Sangam complex, Milap chowk, Jalandhar City (Punjab), Email: firstname.lastname@example.org, M +919815243335)
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(Republished with Amendments by Team Taxguru)