As we are coming towards end of the financial year i.e. March, 2020, various things are going on simultaneously such as last month for investment pertaining to FY 2019-20 for tax savings, various due dates, etc. Most importantly, everyone has to keep in mind that the last date for filing of belated return is coming closer i.e. 31st March, 2020.

As we all are aware that, Finance Act, 2016 has amended the Section 139(4) and reduced the time limit to file belated return. Now the last date for filing belated return will be till the end of Assessment year. E.g. For FY 2018-19 belated returns can be filed upto 31st March 2020.

Due Date

Further, please note that, any return filed after due date till the end of assessment year has to pay some penalty u/s 271FA as under:

Date of Filing Income Tax Return Penalty under Section 271FA
If the return is furnished after the due date of filing but on or before the 31st day of December Rs. 5,000
In any other case i.e if file after 31st December Rs. 10,000
Note: If the total income of the person does not exceed Rs. 5,00,000/-, the penalty payable under this section shall not exceed Rs. 1,000/-.

To conclude, it is a reminder for all taxpayers to file their return in prescribe time to avoid further consequences.

Republished with Amendments

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5 Comments

  1. Kartik Duneja says:

    last date for belated return for a.y 16 17 will be 31st march 2018.As the amendment in 139(4) w.e.f for a.y 17 18 & clarification regarding this issue is also provided on faqs on incometax site .

  2. ANJUM GOUS says:

    But the said provision is introduced wef 01/04/2017 hence , it will be applicable from AY 17-18 and returns for AY 16-17 can be filed upto 31/03/18.

    Any expert opinion???

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