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:
- 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.
- 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. | |
- The Assessing Officer is under an obligation to make an assessment to the best of his judgment in the following cases: –
- If the taxpayer fails to file the return required within the due date prescribed under section 139(1) or a belated return under section 139(4) or a revised return under section 139(5).
- If the taxpayer fails to comply with all the terms of a notice issued under section 142(1) or fails to comply with the direction issued under section 142(2A)
- If the taxpayer fails to comply with all the terms of a notice issued under section 143(2)
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: [email protected], M +919815243335)
Read Other Articles from Advocate Amit Bajaj
Disclaimer: The contents of this article are for information purposes only and does not constitute advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer to relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up. The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof. This is not any kind of advertisement or solicitation of work by a professional.
(Republished with Amendments by Team Taxguru)
Author Bio
i have registered my trust in 2012 but i did not file any income tax return till now . i did not have apply pan card and i have not made any transaction in these years.
helo sir/mam,,,,,,m filing my return of ass yr 15-16,bt wen m subtimming itsd giving me an error n asking me the reason to file under section 44AA of income tax Act..kindly help me ASAP….
I am a retired senior male, resident Indian aged 69 years. I have income only from other sources ie income from house property and some Bank FDs coupled with savings bank accounts.
All transactions have been /are thru banking channels only.
I missed filing tax returns for FY2010-11(net taxable income rs 6.3 lakhs), FY2011-12(net taxable income rs 8.5 lakhs, and FY2012-13(net taxable income rs 9.3 lakhs).
Subsequently on realization of the omissions and need to regularise, started filing returns in 2015.Then I could file tax returns only for FY2013-14 and FY2014-15 and not for the years beyond, which I did and got the assessment/refund order for these two years during 2015. However I could pay for those pending years only voluntary taxes and cannot upload the connected returns.
Accordingly, calculated the tax due for those pending years as above and paid the due taxes as voluntary taxes in 2015. The tax paid details have appeared in the respective form 26AS.
Also, I was told to hold on to the interest due to late payment of taxes and the penalty for non-filing of returns for these years involved, as it needs to be paid only against a notice to be issued by the tax authorities. So far I have not received any notice for payment of the interest involved and penalty for non-filing with respect to those years or anything for that matter including for the non-filing of returns too. Also there are no pending action points from my side on the tax authority’s web site and it says” No compliance record relating filing of return is pending how to regularize the above omissions and come up-to-date on my tax matters.
I am a retired senior male, resident Indian aged 69 years. I have income only from other sources ie income from house property and some Bank FDs coupled with savings bank accounts.
All transactions have been /are thru banking channels only.
I missed filing tax returns for FY2010-11(net taxable income rs 6.3 lakhs), FY2011-12(net taxable income rs 8.5 lakhs, and FY2012-13(net taxable income rs 9.3 lakhs).
Subsequently on realization of the omissions and need to regularise, started filing returns in 2015.Then I could file tax returns only for FY2013-14 and FY2014-15 and not for the years beyond, which I did and got the assessment/refund order for these two years during 2015. However I could pay for those pending years only voluntary taxes and cannot upload the connected returns.
Accordingly, calculated the tax due for those pending years as above and paid the due taxes as voluntary taxes in 2015. The tax paid details have appeared in the respective form 26AS.
Also, I was told to hold on to the interest due to late payment of taxes and the penalty for non-filing of returns for these years involved, as it needs to be paid only against a notice to be issued by the tax authorities. So far I have not received any notice for payment of the interest involved and penalty for non-filing with respect to those years or anything for that matter including for the non-filing of returns too. Also there are no pending action points from my side on the tax authority’s web site and it says” No compliance record relating filing of return is pending in your case” even as on date.
Kindly let me know how to regularize the above omissions and come up-to-date on my tax matters.
in case of old persons above 74 when there is no income but living on allowances given by some one say about 20,000 a month is there any liability to file nil return?
Sir, My Income Tax unpaid by me on 31,3,2008 was Rs 7907 It was deposited in bank on 13 6.2008. What will be interest payable by me under Section 234B
Please suggest me
Q. An individual assessee how had been filed his ITR continuously til 2006-07 after that he have no filling any ITR 2014-15 til date. But he want to loan from bank for his business and bank is demanding document of three year ITR so please me how to fill itr of p.y.2012-13.
THANKS
Dear Sir,
IF a Society fails to file its return (FY 2013-14) till the date(03/12/2015) what is the procedure to file its return, and what may be the penalty…????
Thanks in anticipation of your reply
Regards,
Pavan
Rebate U/S 87A ASSESSMENT YEAR 2014-15 IS ALLOW .Date of filling 10/04/2015.
TOTAL INCOME RS 2,08,750.00 . SECTION 271F PENALTY APPLICABLE .PLEASE SUGGEST .
hi, AY2013-14 can be file after 31/03/2015 U/S142(1)
Dear sir,
what shuld be if efiling a. y. 2013-14 after due date ( e filing date 10/09/2014
Dear sir,
i have my filing assessment year 2013-14 and tds refund claim A.Y.2011-12But my received refund by a.y.2012-13,because 2011-12 refund wo r u itr claim u help me sir pls given my email id answe
thanx regard
Dhiren Parmar