prpri Penalty / Consequence of Late Income Tax Return Filing Penalty / Consequence of Late Income Tax Return Filing

CMA Arif Farooqui

Due date of filing of Income Tax Return for Assessment Year 2018-19

1. In case of person who are not liable to get their Accounts Audited is 31st August 2018 (extended from 31st July 2018)

2. In case of person whose accounts are liable to be audited under any law is 30th September 2018 and partner of such firms and all companies.

3. Where the assessee is required to furnish report u/s 92E pertaining to international/specified domestic transaction-30th November 2018

In first case (31st August 2018) person who has earned income from salary, pension, Interest income, Capital Gain, Income From house property and person owning small business and not liable to get their accounts audited are covered.

We Indians, always wait for last date for any task whether it filling of examination form or Income Tax Return. As we all knew last date for filling of Income Tax Return for A/Y 2018-19 was extended from 31st July 2018 to 31st August 2018 but still there are many who have not filled their Return and now all these persons seeking appointment with their CA/CMA.

The assessee shall be liable for late filing fees under section 234F from A.Y 2018-19 onwards. The late filing fees is explained in table below:

Serial No. Date of Filing Return Amount of late filing fees u/s 234F (Rs)
1. If the return is filed after the due date but on or before 31st December of the assessment year 5,000
2. If the return is filed after 31stDecember of the assessment year 10,000

However if the total total income does not exceeds Rs 5 lakhs the amount of late filing fees shall not exceed Rs 1,000.

Now you would like to know why people are so much worried about the due date, the reason is that as due date has been linked with various other section of the Income Tax Act, so it is significant in that manner Apart from this, hype created by CA/CMA and Income Tax Department too play its role, So I have given some of impact of late filing of the Income tax return and issues related to due date of Income Tax Return.

Some of the Impact of late filing of Income tax return

1. You will not be able to carry forward your Speculation loss or loss from specified business , capital loss , loss due to owning and maintaining of race horses.

2. 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.

3. Interest u/s 234 A:If there is tax due after deducting Advance Tax, TDS and Self Assessment Tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234 B or 234 C. Means this interest is applicable only if there is any tax payable in your return. (online calculator is available at below link)

So if you are ambit of the above points then you should furnish your return up to 31st August 2018 or 30th September 2018 as the case may be.

Person who can afford to file late Income Tax return

If you have

a) Already deposited due tax or due taxes has been deducted and nothing is due or

b) You are not claiming a Major Amount as refund or

c) You have no losses to be Carry Forward or have loss under House Property, Unabsorbed Depreciation and Capital Expenditure on Scientific Research to Carry Forward.

Then you can fill return up to the end of the Assessment Year i.e. 31st March 2019 without any penalty.

Person who must file Income Tax Return on time.

If you have

i. Balance tax to be deposited or short fall of tax or
ii. Huge amount of refund due to you or
iii. losses to be carried forwarded as explained above

Then it is advisable for you to file your return on time.

(Author can be reached at

(Republished With Amendments)

More Under Income Tax


  1. PAVAN says:

    Dear Sir,

    If a Society fails to file its returns for FY 2013-14 with in the due date (30/09/2014) they can file the return with in end of assessment year (31/03/2015), but, i have a case where the return is not yet (03/12/2015) filed so can you please tell me what are the consequences for filing the return now…? and what may be the penalty..??

  2. R R Joshi says:

    I am an insurance agent. I earn commission on on my insurance business. My income is subjected to tds. In almost all years i used to get refund from income tax department.
    But since 2007_08 assassment year not filed my income tax return.

    Please advise me how to proceed further.

    What will be penalty and interest.please quantify if possible.

    Whether to file my return in electronic form or filing all the returns through personally by visiting the I T Office.

    Also advise me how to save the inerest and penalty amount if possible

  3. Varughese P. Peter says:

    Kindly give answer for the following question:
    I am Head of a Government School. During Q3 (FY 2012-13) I deducted income tax through salary from my employees. To filing TDS I submitted details to an authorised TIN facilitation centre. But unfortunately they not get upto 31.03.2013, 24g details, Hence Q3 filing only made on 12.04.2013. TDS CPC is charged late filing fee Rs. 14,200/. How to overcome this problem

  4. kaushal rathore says:

    We are doing a partnership business(with tax audit) but till date as on 24.11.2012 we have not filed our income tax return of our firm but we have paid our full tax liability as advance tax within time.

    please advice that weather IT department can impose any penalty,if so up to what extant.

  5. Rushi Shah says:

    For the Financial Year 2011-2012 I have not filled IT return as I was in the slab of NIL Return (Below 1,80,000). But now I want to file the same as NIL Return.
    How can I file the same online and would any penalty be charged?
    Please advise.
    Thanks in advance.

    With best regards,

  6. pradip chamaria says:

    We are doing a partnership business(with tax audit) but till date as on 24.11.2012 we have not filed our income tax return of our firm but we have paid our full tax liability as advance tax within time.

    please advice that weather IT department can impose any penalty,if so up to what extant.

  7. Nagesh says:

    Dear Sir,

    Our Company got registered under Service tax in this July 2012 so in this case kindly let me know if we are liable to file an nil return for the period of April 12 to June 12. and submit again the revised return for July 12 to Sep 12 .

  8. ajay sharma says:


    i have finished my audited balance sheet and make mat appxo. 5 cores and i have no amount till date for pay tax 5 croes before 30.09.12, so i want to known how much penalties and interest i will pay and which date.

  9. Arun says:

    As far as i understood i can file my returns till march 31 2013 if i don’t have any tax refund right? Because i have still not not filed for returns and i thougth i am screwed . So can i go and file for returns now as i don’t have any refund or losses. Please do let me know. As this is my first ITR 🙁

  10. CMA Arif Farooqui says:

    Thanks Subhash Sir. Your words definatly motivated me.
    Although i am professonal but many time me too wait for last date for complting a task.

  11. Manoj Kumar says:

    Hello Concern……..I have submitted ITR AY 2012-2013 within due date i.e. 31.08.2012…after that how many times i can revise my ITR A.Y. 2012-2013. Also Can i file ITR AY 2010-2011…..if i didnot submit ITR within due date i.e. 31.07.2010.

  12. CA.Subhash Chandra Podder says:

    Keep on writing my dear CMA Arif Farooqui. You have correctly stated , non filling of income tax returns. Most of the Indians are like minded for the last dates. May it be payment of utilities bills , exam forms. Catch train. Buses ,flight etc.
    Best of luck.
    CA. Subhash Chandra Podder, FCA. (1970)

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

July 2021