Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline.
Individuals primarily with salary income and certain other tax payers were required to file their tax returns by 31st July, 2019 for the financial year 2018-19 (assessment year 2019-20).
Belated tax return :-
As per the provisions of the Income Tax Act, 1961 (the ‘Act’), a tax payer who has not filed his tax returns within the due date or as per the time specified under a notice issued to him by tax authorities, may do so for a financial year before end of relevant assessment year or before the completion of assessment, whichever is earlier. Thus, in case a tax payer has missed his due date of filing his returns by 31st July, 2019 —for the financial year 2018-19, he could still file his tax return by March 31, 2020.
[Important Note: Please note that due to COVID-19 out break through out the country, the Union FM Smt Nirmala Sitharaman has announced some reliefs for businesses to cope up with the difficult times of COVID-19 and hence the last date for the belated/revised filing of the income tax returns for the FY 2018-19 (AY 2019-20) is extended from 31st March 2020 to 30th June 2020.]
Penalty for non-filing:-
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. | |
Revised returns:-
Furthermore, there may also be instances where returns have been filed by the due date and subsequently, the tax payer finds some error in the same. In such an event, he may file revised returns any time before end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Defective returns:-
It is also possible that certain errors are observed by the tax department in the filing. Thus, where such authorities consider that returns of income are defective, they may intimate the anomaly to the tax payer and give him a chance to rectify it within 15 days from the date of such intimation or within such further period as may be specified. If the tax payer fails to right the wrong, then the returns filed by him shall be treated as invalid and the provisions of the Act shall apply as he has failed to file his tax returns.
Disadvantages of filing a late return
As per Income Tax Department of India : “A tax return may be furnished any time before the expiry of one years from the end of the financial year in which the income was earned’. This means that if you earned your income during FY 2018-19, you may file a belated return anytime before 31st March, 2020 ” . But there are some disadvantages if you don’t file your returns on time. They are
- You will not be able to carry forward your Business loss (Speculation or otherwise) , capital loss , loss due to owning and maintaining of race horses.
- Loss of Interest on refund : You may loose interest on refund u/s 244A specially in case if you are claiming a Major amount as refund.
- You cannot revise your return.
- late filing can delay processing for tax refunds.
- Incremental Interest U/s. 234A – If the tax has not been paid before the end of the tax year concerned and you file the return late, incremental interest at the rate of 1% per month will be payable on the unpaid amount after the due date. This is in addition to the 1% per month interest for non-payment of advance tax, that is, tax due after tax deduction at source exceeding Rs 10,000. Thus, late returns can result in an additional interest burden.
(Republished with Amendments)
Author Bio
Dear Sir,
I need your help as my father did not filed his ITR of FY 2011-12 but he has to return an amount of aprx 2lac. so kindly suggest me how he can get that money return .My father was working with sail and he got retirement in Jan 2012 and the tax was deducted from his gratuity money by SAIL.
Dear All,
People facing difficulty in furnishing their Return of Income for the current past Financial Year -2013-14 or even Previous financial Years can get in touch with me via email – ca.vaibhavkothari@gmail.com.
Contact – +91-9870082308
Hi
Can you suggest some C.A in Thane ( Mumbai),through whom i can file my returns.
I have salary Income, and my wife has been tarding on NSE online on my Demat A/c as weel as Hers..So we both need to file Returns…
Actually We need to file returns for FY 2011-12 onwards…
Many Thanks
Dear Sir,
Can i filled my return For F.Y.2011-12 in which i have refund of Rs.48000. Is there any penalty for late filling….
pls reply me
Dear Sandeep your Income Rs.4,50,000/- is above the basic exemption limit i.e Rs.2,00,000/- hence u have to file income tax return.
for further information u could contact me at +91 9538852134
Hi to every one, if u gays not filed income tax return on due date don’t worry file it now.
For filing income tax return and related quires contact me at +91 9538852134 and Email. girishrandco@gmail.com
I’m Situated in Bangalore.
I am late in filing my return. Pl help
dear sir,
I am getting a salary of 450000peryear so should i file the it return.
re
dear sir,
I am getting a salary of 450000peryear so should i file the it return.
My mother did not file the return for A.Y 2010-2011 but she had refund of 30k for A.Y 2010-11,now how can she get that amount.If possible then reply me through my mail id-dipali.patra@gmail.com
Dear Sir,
I changed company in July last year and the previous employer deducted only 3500/- agaisnt tax and the new employer did not deduct any tax since i submitted the same home loan docs to them.
I have now received form 16 from both the employers and have to pay tax . Can yhou please guide me how to pay tax with interest now.
Regards
Priya
I am salaried & haven’t filed my return for FY 2012-13. since i worked for 2 different organization in this period my tax liability for FY 2012-13 stands at Rs.20k including 5k penalty.
My question is since 31st July is the last date for filing return for FY 2013-14 can i file my tax return for FY 2013 -14 first without filing return for FY 2012-13.
Due to inadvertent reasons my ay 2011 returns were not accepted.though i have a refund against same.what would be procedure to file the same.kindly guide.
DUE DATE OF INCOME TAX RETURN FILLING IS 31.07.2014
As everyone knows about filling of income tax return, here time has come again to file your return for FY 2013-14. Every individual is required to file their return if their income is above Rs. 2,00,000 and for senior citizens if their income is above 2,50,000. From this financial year onwards every assessee will get rebate of Rs.2000 if their gross total income is below 5,00,000. And it is not mandatory that only one can file his/her return if income is above 2,00,000/ 2,50,000 as the case may be rather person can file his/her return if income is below taxable limit.
So here we are to help you in filling your returns for FY 2013-14. In case any person has failed to file their return for FY 2012-13 then remember time has not passed away they can file their return now also.
So contact us for filling your returns for FY 2012-13 as well as for FY 2013-14.
Need Help?
Tax Accounting Services
Call : 7838533488
Email : taxservices31@gmail.com
Dear Sir,
I have filed the IT returns of AY 2008-09, in that returns some error are there like refund is not reflected in that returns, so now(2014) can I file the revise returns of AY 2008-09 to get the refund. Please give me information regarding this.
Hi,
I need some help regarding I.T. I was working in a company from 2009-2012. And my salary was not taxable it was bellow the tax slab. So i never filled any ITR, And right now i am not working anywhere. But few days ago i clicked a tab in my SBI Netbaking portal ( View your income tax statement) And it redirected me to some site called TRACES. There was a page 26AS and it was showing that i have paid TDS for the financial year 2010-11 and Assessment Year 2011-2012. Now my question is there any way so that i can fill the ITR and get the money.
Thanks & Regards
Dear Sir,
My mother inherited a share of residential property from her mother i.e. my grand-mother in year 1991 for Rs. 60,000 (60 thousand) as her share, which she sold off year June’2013 for Rs. sixteen-lakhs as her share. Amount received is completely reinvested in our first residential house as joint property with me i.e. her son.
I am confused, is she Liable to file any ITR for AY 2014-2015 for any such LTCG.
It will be kind of you, if you can let me know that Is it absolutely necessary to file NIL ITR for this LTCG.
Thanks
Avishkar
Dear All,
If you’ve missed the ITR deadlines for FY 2012-13, we can help you to still file your return.
Reach us at 9324242233
It would be advisable to file returns only for FY 13-14 (corresponding to AY 14-15. This would enable an assessee to save on penalty for not filing u/s 271F. This is based on the resumption that there is nil tax liability.
I have been working on and off since Dec 2009. I want to file my returns for all previous assessment years. Can I do that or should I start afresh? Please let me know what needs to be done….
Dear Sir,
Can i file nil return for the f.y. 2011-12 to 2013-14, my net income is in exemption limit so is there any penality to pay for this and what is the deadline date for efilling of that returns
thanks
Hi,
I have to get a refund of around 40k for the year 2011-12, is there no way i can file now.
Can i file a nil tax return now for the a.y. 2013-14. What penalty will araise.
Hi,
I had definitely filed manual ITR through consultant for 2011-12. But i have lost the acknowledgement receipt. Co-incidently i have received the notice from IT dept that i havent filed the ITR for 2011-12. I am damn sure tht i have filed ITR for hat year. Even on ITR sire its showing that i havent filed it.
What can i do in that case?
Thanks,
Mandar
can i it e-return for ay-09-10 to 12-13 without penalty
dear sir,
i want to know if new compnay start a busniess for f.year 2012-13 his turnover is Rs.15 Lakh …it is non professional firm
it is mandotary tax audit or not
PLs contact 9987661182
sorry for typing mistake in above , I typed ward instead of word.
Dear experts
As per Act “tuition fees (excluding any payment towards any development fees or donation or payment of similar nature), whether at the time of admission or thereafter” & Circular 08/2013 says “It is clarified that the amount allowable as tuition fees shall include any payment of fee to any
university, college, school or other educational institution in India except the amount
representing payment in the nature of development fees or donation or capitation fees or payment of similar nature.”
As per above sentence ward given “ any fee at the time of admission or thereafter” not says only tuition fee, so tuition fee covers other fees also which are paid for education.
Only disallowed expenses which are not paid for education & paid for nature of donation (development fees or donation) or capitation fee- eg for uniform , conveyance , Library etc.
Admission fee, Annual fee, Annual charges, Exam fee, Tuition Fee are not the nature of donation or capitation & pa
My father, an ex Central Govt officer, expired on 31st May 2013 at the age of 98 years. He had been regularly filing his IT return by due date. After his death, I complied all the details for filing his return for AY 2013-14. Since his annual income from pension and interest from deposits was around Rs 8 lakhs, as per the new rules his return is to be mandatorily filed by e-filing. Also, I learnt from the Income tax website that I have to get a legal heir certificate for filing his return. But a Chartered account has advised me that only in case where the accounts are mandatorily auditable is a legal heir certificaterequired for filing the return, and, since this is not the case, I need to file it as his representative by putting my name and PAN number in the VERIFICATION section of the return.
Please let me know what is the correct position in this instance as I am keen to file the return before 31st Mar 2014.
Dear Sir.
I am salaried employee joined on 1st march 2011, I didnt file the return since 2011 to till now since im not come under taxable liability. Could you please suggest me should i file the nil return or belated return from 2011 though im not come under tax liability? shall i liable to pay any penalty for not filing nil return?
Please suggest me.
Thanks
Srinivas.S
Dear Sir,
I have just realized, My IT return has not been filed for AY 10-11 by my CA, whereas other returns are update. I have to claim an refund of 50k on AY 10-11. Please guide me how to file it now. FYI, Already filed AY 13-14 returns.
Thx in advance
My Income for the FY 2010-11 was under 5 lakh, not submitted return. Now found Rs. 500 tax due, how can I manage it now. Can I pay the balance tax now, I could not file return now.
Can I still file income tax return for the FY 2010-11, after self assesment it is found around Rs. 500 tax is due for the FY 2010-11. Please help.
CAN I SUBMIT THE INCOME TAX RETURN FOR A.Y.2011-12. I HAVE MIS THE DATE 31.03.2013
Good information.. this acts as a knowledge portal.
I have not filed my income tax return for A.Y 2010-11 and i have a refund of Rs. 40000 in the same,Is there any way to get the amount refunded.
I had purchased a house property in 2008-09. I found out now that there was a mistake in a few transactions in the IT return that i filed that your. Can those mistakes be rectified and can I file a revised return now? TY
Hi,
Is there any provision for a salaried individual to file for losses due to legal issues, or any other forms of expenditure that arise out of legal and personal situations barring health criteria?
Might be a silly or a stupid question, but its better to ask than keep quiet.Thanks for your patience
Can nil return be filled after completion of the period of belated return e.g. 31-03-2012 for a.y.2010-11? If filled can penalty be impoed?
What if it is a salary return(A.Y.2011-12) and TDS has been deducted up to date and there is a refund and in such case if I fie the return after 31/03/2012, will I be imposed witha penalty of Rs.5,000/-.
An individual can file income tax return for last 3 year on or before 31st March,12 if he has no tax due or he was not under income tax slab but as per requirement of loan he need to flie income tax retun. please let me can I file the returns without any penalty
I have filied retrun in Dt. 16.03.2011 in F.Y 2009-2010 & A.y 2010-11
i want some change in my retaun, how can i change my retaun, what was charges of rewised return in F.Y. 200-2010
In the third para last portion it is shown as 31st March 2012 instead of 31st March 2011.Will that be corrected by you now in order to give correct information to the readers.
n case if you hv no filed your returns before 04.08.2010 you cannot C/f your Capital Loss
Pleases explain me that, i have a salaried person and with this i have a short term capital loss- which is carried forward to next year. but ihave not filled my tax return upto 4th august,2010. is i filled in between one month, i can claim capital loss in next year.
Can u elaborate on loss of interest on refund?
Thanks for guidance for people who are self filing returns. How ever this article will remain incomlete with out including guidance on section 234A, B, and C.Many times this section comes in play while calculating ones tax liability. Hence request for detailed article on this section.
Thanks for explaining the causes of belated filing return.
Dear Friend,
Thanks for elaborating the issue of TAX RETURN FILING together with merits and demerits of timely/late filing of returns.
Please keep updating the general one with such articles which are not only useful as also serve as a guiding measure.
AK Bhargava