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 am a house wife and out of my saving every year I do some Fixed Deposits. Sometimes matured ones are recurred. I generally, deposit Form 15G to get my full interest and to do away from the TDS. I recently discovered through 26 AS that there are many entries of TDS which are not refunded by the bank.
Is it possible to file ITR and get my previous year Income Tax Refund of F.Y. 2012-13 & 2013-14.
I’ll be grateful to get your advise at the earliest on the said issue.
Thanks and regards
Subuhi Asim
sir, i have not filed return for AY11/12. i am a salried person and have paid tax for 4 months and then I went to work out of india for rest of the year. can I file my returns now even with penalty.Foem 16 is available with me.
Sir I want To Know I have Not Filed MY INCOME TAX RETURN FOR f.Y 2009-10,2010-11,2011-12,2012-13 My Income is Below Exemption Limit and I have My TDS Deducted in these Financial Year. Is There any Way of Getting TDS Refund.
Hello everyone. Can I file return for A.Y. 12-13, even i ready to plenty . please advice me .
+919780695069
mail vsnsolutions@yahoo.com
Hello everyone.
Can I file NIL return for A.Y. 11-12,12-13,13-14 without imposing pentaly of Rs 5000 u/s 271F .?
As i’m showing income from agriculture & stitching work.
Reply asap.
i have to file return of
hi,
i have form 16 for the yera of 2011-2012,2012-2013, but i haven’t filled my incontem tax return,i was jobless for 2014 whole year and rejoing in jan.2015.
what should i do ?
should i fill income tax return for available form 16, or for this year only.
Please suggest.
thank you
For any query contact on my Mail id- ankushguptajuly@gmail.com
or u can call me @ 9310685565
How file Income Tax return for the assessment year 2013-14.
Sir, I am salaried person and could not filed return for financial year 2012-13, 2013-14 and 2014-15. Now is it possible to file return for all these financial year?
can I File now ITR AY 2013-2014?
Sir, I am salried person and could not filed return for financial year 2011-12, 2012-13, 2013-14 and 2014-15. Now is it possible to file return for all thease financial year?
any body freely contact me for income tax return and income tax refund solutuins
m-9067331200
My TDs has been deducted for AY 09-10 for commission income, but I am not filling my return for at 09-10. My income is not exceed the basic exemption limit for AY 09-10 and there after. Can I file my return for AY 09-10. I have no other income there after. I am a student, if I file my return for AY 09 -10 any penalty was imposed by department or not.my TDs is displayed when I open my form 26as
Sir I missed to file return of 2011-12, 2012-13, 2013-14. I want to file it nw….what shud I do plz guide
I have filed IT for 2010-11, 12-13 and 13-14. but missed 11-12. Whether I can file now and how to file. Pls inform me.
i have pan no. ,am i requird to file income tax return before 31 march 2015
Dear Sir,
I have submitted the ITR 5 during 2011-2012, but not file 2012-2013 & 2013-2014 can it submitted 31 march 2015 what is the plenty on it.
An individual cannot file income tax return as on date. I have newly applied PAN Card. i am a salaried employee, monthly drawn salary Rs. 20000/- but as per requirement of loan i need to filee income tax return. please let me can I file the returns without any penalty.
Sir,
I have already filed ITRs from 2003-04 to 2008-09 from Tirupati, Andhra Pradesh. Now I am shifted to Bangalore. I have not filed ITR for the accounting years 2009-10, 2010-11, 2011-12, 2012-13 and 2013-14. Now i want file the above years ITRs from Bangalore. Which years possible to file the above years before the march, 2015.
N. RAJA REDDY
CELL NO. 9663906600.
We have form No.16 A TDS deduction of 2013-14 to file IT return for refund of Rs. 1200 deducted. Is is file IT return now itself. What is the fine amount.
regards
venkatesan
sir can i file return of p.yr 2011-2012 to get refund of TDS??
I had deposited all the self assessment taxes due before 31st July 2014 but due to connectivity problems with the IT site I filed the return 3 days late . Now I have received notice and I am being charged interest till date for filing late return, whereas there is a SC decision that if you have paid all taxes due before the last date, no interest or penalty can be claimed by the Income tax. I have put up my grievance on the IT site in the grievance column, which they claim to reply within 5 days, but they are not replying the same or clarified whether the SC decision is not applicable to individual tax payers or negatively they do not care for the SC decision. As on 31st July 2014 all the taxes due were paid by me. Could some tax expert guide me in the matter, since the IT officials are maintaining silence and refusing to clarify the same.
As a freelance assignment, can a Nil tax ITR be filed for the years
2011-12,11-12,12-13,13-14.
during the Asst yr 2010-11,2011-12 & 2012-13 i have some interest income of Rs 31000/-, Rs 38000/- & Rs 299000/- and TS there of was Rs 4800/-, 5400/- & 38000/- respectively and due to ignorancy i have not submitted return now i like to submit my return is it possible to submit return for the abovementioned period. plz help as early as possible
thanking you
Debasis Chakraborty
Hi Naveen
Yes we could claim refund by filing revised return.
Hi Shuja
Yes you have to file your income tax return.
Hi Amit
Yes you could file your income tax return now.
Hi Sneha
Yes in our software we could upload your return.
Hi Rajesh
Yes you could file your return and get refund.
Hi Krishna
You could file the return now
For all the rest of people if you guys wants to file your income tax return contact me Girish – +91 9538852134 Email ID- girishrandco@gmail.com
i started a partnership firm. but i have not worked at all. still no bank account. i have to file nil tax return or it is not necessary.
sir,
I couldn’t filled my income tax of financial year 2013-14, Can i fill my income tax? And can i also fill my income tax return?
Sir,
i had taken a home loan in Mar 2011. My employer had paid Rs 9.25L for the whole year AY 2012-13 & deducted Rs 1.35L as tax. I delayed to submit the provisional certificate which had Rs 2.5L interest & Rs 50 Thousand principal amount, hence the TDS was deducted without considering the home loan interest & principal for 80C & 24(h).
I had submitted the ITR & has been processed by CPC in 2012.
Please let me know if i can reapply for the same to recalculate for a refund.
Thanks
my wife Smt. Seema Dasgupta was a govt. employee retired on 31.03.2014. A total amount of Rs.25346/- has been deducted from her salary for which a income tax return has to be submitted.
But on 25.08.2014, she is expired ( died ) of cancer. As her treatment was going on since January 2014, I could not submit her return before due date.
My query is ” Whether her income tax return is to be submitted mandatorily”. If so, what to do for signature in ITR-V to be signed and sent to CPC, Bangaluru for efiling return.
You are requested to update me at the earliest as I want to submit the return if it is mandatory.
Tapas Dasgupta
can i uploadede return in ay 12-13 pl replay
Can we file last 3 years salary return (Accounting year 2011-12,2012-13,2013-14)
My name ganesh ramakant dubey sir my refund ay ye year 2014-2015 my refund not arrival my pan no AJIPD6976H date of birth 04041984 refund file date 20/07/2014 sir pls my refund send me .my mobile number 08149629334
Sir
I have not filed my itr for FY 2011-12 a sum of rs 13000 has already been deducted as tds is there any way so that i can file my return and get the refund…
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Sir,for the assessment year 2010-2011,my income was less than exemption limit for d year 2010-2100 and 2011-2012.I have received a letter from complaince dept cell,income tax department new delhi on05/11/14 letter no.NMS2/AAOPG3956H/6015737 regarding not filling of returns of the year 2010-2011..now what shd I do. ? Can I fill d return foe d above asked yr at this time
Sir
I have not filed my itr for FY 2011-12,2012-13 & 2013-14 a sum of rs 5000 in 2011-12, 20000 in 2012-13 & 19000 in 2013-14 has already been deducted as tds is there any way so that i can file my return and get the refund…
I want to submitt income tax on year13-14 now..so where i approach
Hi
If you not filed income tax return and you received a letter from income tax department Newdelhi. Don’t worry file it now.
Contact me only Bangalore residents because it is manual work I cannot undertake outstation work.
For further details contact me GIRISH , Mob No:+91 9538852134, Email: girishrandco@gmail.com
Sir,
I have received notice for not submission salary return assessment year 2012-13.
IT deptt not accepted my return copy now ask for online submission. while submitting Online shows date expired.
Please let us know the solution
Hello Experts,
I have started a private limited firm in 2010. But due to some reasons I could not run any any business by this pvt firm. I alteady obtained STax. Current A/C in KVBank. Registration in New Delhi territory.
Since its foundation I have never paid ITR or other taxes. Niether I did any business by this firm.
Now I wiuld like to reactivate everything.
I would like to file ITR
Status activation of S.Tax
Registration of DVAT
New Current A/C
New Deed/MOA
And other related works.
Kindly contact me whosoever is interested. I’ll be thankful for immediate approach towards my query/request.
Regards,
M. Nandan
Don’t worry about the filing of income tax returns call me at 9066419818 or mail me at ca.tramprasad@gmail.com. will help you definitely.
I have received letter from Compliance cell for non filing of incometax returns for AY 10-11, 11-12, 12-13. Information summary states TDS-92B and TDS 94D.
I was a salaried employee in all these years and tds was deducted from my salary .
what is the next step?
For any tax query, mail me @ akashvajpai24@gmail.com. Answer will be given in 24 hours.
I have received notice from Income Tax deptt for not filing Income for 10-11, 11-12, 12-13. I am a salaried employee and all taxes are already deducted from my salary, what should I do now ?
DO I have to pay any penalty ?
I have to file my income tax return for F.Y.2012-13 as my tds is deducted and my income is not taxable because my income is below taxable timit
please suggest can i file return
I have received notice from Income Tax deptt for not filing Income for 10-11, 11-12, 12-13. I am a salaried employee and all taxes are already deducted from my salary, what should I do now ?
DO I have to pay any penalty ?
Sir
I have not filed my itr for FY 2011-12 a sum of rs 30000 has already been deducted as tds is there any way so that i can file my return and get the refund…
Dear Sir,
I have submitted my Reimbursement bills to co.
But my mistake they have shown it as taxable & deducted my huge Income Tax.
Now they say that it will be done.
I have not filled my ITR yet. My Question is:
1) If I fill my ITR now, will I get my due Refund.
2) What is the procedure.
Request to help me & send reply at my mail id
bhatia1808@rediffmail.com
Sir,
I have already missed the July 31 deadline for filing my return. Luckily, I am due a refund.
I am a senior citizen and my total income was Rs 5,07,000. I uploaded my return(online) for AY 2014-15 using the government site
incometaxindiaefiling.gov.in. Fortunately, before I could send the signed ITR-V to them, I realized an error in my income. Now, this site
won’t allow me to rectify and upload a fresh return. Their helpdesk said that I should mail in the ITR-V and request a rectification, though
I won’t be allowed to revise the income(my refund will be less with the revision).
So, even though officialy I have not filed my return(as I have not sent in the signed ITR V), I will be forced to live with the
erroneosuly filed return and bear the consequences ?
It seems the only solution is to file a paper return (but I am just above the 5 lakh limit).
What should I do? Please advice.
Bhagwati