Belated Return
If you fail to file the return before the due date u/s 139(1), the next course of action would be to file a belated return u/s 139(4) before notice is issued by the department.
Such belated return must be filed before 31 December 2022.
Applicable interest and penalty:
Interest u/s 234A : 1% pm on the tax liability from 1st August till the date of filing the return. Not applicable if there is no balance liability/ liability is discharged before the due date.
Interest u/s 234B : 1% PM on the tax liability from 1st April till the date of filing the return. Not applicable if the Balance tax liability to be discharged is less than 10% of the total tax due for the year.
Interest u/s 234C: 1% pm on quarterly income accrued. Applicable if advance tax is not remitted. However such interest is not applicable in case there is deficit in remittance of advance tax towards capital gains, lottery income, dividend, gambling etc.
Interest u/s 234F : Rs. 1000/Rs. 5000 (Late Fee)
Revised Return
*If there is any wrong statement or omission a revised return can be filed u/s 139(5).
*The revised return must be filed before 31st December 2022.
*If audit report is not filed along with the return within the due date u/s 139(1), the same can be filed as revised return.
*Interest u/s 234A, 234B and 234C will be applicable accordingly.
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