As per the department of income tax, an income tax assesse who fails to file the return of income within the stipulated timeline can still submit the belated ITR.
What is Belated return?
Income tax return that is not furnished on or before the due date specified under Section 139 (1) is referred as belated return. The belated return is filed under section 139(4) of the Act. Also, the belated return can be furnished by a person in case he fails to file a return within the time period allowed under a notice issued under section 142(1).
Belated ITR can be filed either before the completion of the assessment year or by the end of the relevant assessment year.
1. Banks can ask for a copy of tax returns for Loan Approval (vehicle loan, House Loan etc.)
2. To Claim Income Tax Refund, you will have to file an ITR
3. You will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years.
4. In order to Avoid Penalty
Step-by-step guide to file ITR
1. Collect required documents : such as Form 16, salary slips, and interest certificates etc.
2. Download and check Form 26AS.
3. Cross-check your TDS certificates with Form 26AS.
4. Rectify the errors in Form 26AS, if any.
5. Compute total income for the financial year.
6. Compute your tax liability.
7. Calculate final tax payable, if any.
8. File ITR (Original / Belated ) (Refer next Slides).
9. E-verification acknowledgement.
10. Department will process return after verification.
Steps to file income tax return
1. Go to e-filing portal at https://incometaxindiaefilling.gov.in.
2. If already registered on the portal, click on ‘Login Here” to login to e-filing portal.
3. If not already registered on e-filing portal. Click on “Register Yourself”
4. Select the ITR filing option, select the assessment year, form number and filing type namely original or revised return.
5. Select ‘prepare and submit online’
6. Select the pre-validated bank account, where you want to receive the Income Tax refund if you are eligible for any.
Disadvantages of Filing Belated ITR
Late fee under Section 234F
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