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Belated ITR filing: If you missed the deadline for filing your income tax return (ITR), you’ll now need to file a “belated return.” This must be done before December 31st to avoid additional penalties or notices. The original deadline for filing ITRs was July 31st. It was first extended to September 15th and then finally to September 16th, providing a 24-hour extension.
What is belated return?
An ITR filed after the due date specified in Section 139(1) is considered a belated return. This date is usually July 31st. However, due to several changes to ITR forms this assessment year, the deadline was extended to September 16th. This means that ITRs filed after September 16th and until December 31st are considered belated ITRs.
Penalties and fees on belated returns
Taxpayers with annual income of more than ₹5 lakh will be charged a penalty of ₹5,000.
Taxpayers with annual income less than ₹5 lakh will be charged a penalty of ₹1,000.
Apart from this, 1% interest will have to be paid every month on the tax due.
According to the Income Tax Department, “Under section 234F, a late fee of ₹5,000 will be applicable for filing the return after the due date specified in 139(1). However, if the total income is less than ₹5 lakh, the fee will be ₹1,000.”
Limitations on Belated Returns
You can claim a refund through a belated return, but you can’t change your tax regime. This means that if you don’t file your ITR on time, you may end up paying more tax and receiving a lower refund. Certain deductions and exemptions (such as sections 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID, and 80-IE) are not available with a belated return.
Additionally, taxpayers who miss the deadline also lose certain other benefits. For example, business and capital gains losses cannot be carried forward to subsequent years. However, house property losses can be carried forward to belated returns.
If the tax is not paid, the penalty is imprisonment for a term of three months to two years. If the outstanding tax exceeds ₹25 lakh, the penalty is imprisonment for six months to seven years. This generally does not apply to salaried individuals.
How to file belated return?
- Login to the e-filing portal .
- Go to e-File and select Income Tax Returns.
- Click on File Income Tax Return.
- Select the mode.
- Click on Start New Filing.
- Select Status (individual/HUF/others).
- Select the applicable ITR form.
- Verify all the details in Personal Information.
- In the Filing section, select 139(4) (Belated Return filed after due date).
- Fill in income details, deductions etc. and submit ITR.
Can I get a refund on a belated return?
Yes, you can claim a refund from a belated return as well, but it is necessary to pre-validate your bank account and e-verify your ITR.
Can a belated return be revised?
Yes, you can also file a revised return for a belated return. However, keep in mind that the deadline for filing a revised return is December 31st of the same assessment year. According to the Income Tax Department, “An income return can be revised three months before the end of the assessment year or before the completion of the assessment, whichever is earlier.”
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