CMA Arif Farooqui

Due date of filing of Income Tax Return for Assessment Year 2012-13 …..

1. In case of person who are not liable to get their Accounts Audited is 31st August 2012 (extended from 31st July 2012)

2.   In case of person whose accounts are liable to be audited under any law is 30th September 2012 and partner of such firms and all companies.

In first case (31st August 2012) person who has earned income from salary, pension, interest income, capital gain, 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 2012/2013 was extended from 31st July 2012 to 31st August 2012 but still there are many who have not filled their Return and now all these persons seeking appointment with their CA/CMA.

Everybody believes that Income Tax Department will impose a heavy penalty if they not filled their return on time. But what is amount of (heavy) penalty if someone has not filed his return on time?

In fact there is no penalty as such for this fault,  absolutely no penalty, believe me, I said that there is no penalty on late filing of return as such. Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under…

If a person failure to furnish return of income as required by section 139 (1) before the end of relevant Assessment Year, the assessing officer may impose a penalty of Rs 5000/-

So this section says end of relevant Assessment Year, its end on 31st March 2013, means there is no liability for late filing of Income Tax Return up to 31st March 2013 and after that Assessing Officer can impose a penalty of Rs 5000, and that is also his (Assessing Officer) power which he may or may not exercise after giving due hearing to the Assessee.

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 Business loss (Speculation or otherwise) , 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. You cannot revise your return.
  4. 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 2012 or 30th September 2012 as the case may be.

Person who can afford to file late 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 2013 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

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0 responses to “Penalty / Consequence of Late Income Tax Return Filing”

  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. sunny says:

    can i sumit the audit itr for fy 2012-213 now
    as there is refund of rs 2 lac

  3. mahesh jalan says:


    I hv not filed the return for AY 2011-12. Can i file it as i hv got the refund of around rs 11000/–

  4. 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

  5. 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

  6. Chandrakant says:


    I hv not filed the return for AY 2010-11. Can i file it as i hv got the refund of around rs 60000/-

  7. 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.

  8. 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,

  9. 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.

  10. 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 .

  11. CMA Arif Farooqui says:

    @ Arun, yes you can file your return for A/Y 2012-13. It will be belated return but dont panic, as you dont have to pay any panelty.

  12. 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.

  13. 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 🙁

  14. uday kumar says:

    thanks sir for imparting knowledge.

  15. vijay says:

    information you provided is very good sir it is really helpful .

  16. 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.

  17. 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.

  18. 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)

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