Consequences of Filing ITR (Income Tax Return) after due date

What is the due date of filing of Income Tax Return?
  • 30th September for corporate assesses and other assesses who are required to get their accounts audited.  
  • 31st July for others.
  • However, for Assessment Year 2020-21, the due date is extended to 30th November 2020.
Can One File Belated Return?
  • Yes, under section 139(4) a belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
  • So, the belated return financial year 2018-19 (Assessment Year 2019-20) can be filed up to 31-03-2020.
  • However, due to Covid-19, the due date of the belated return for the Financial Year 2018-19 has been extended to 31st July 2020.

What are the consequences of filing of Income Tax Return after due date?
  • In case there are some taxes yet to be paid, filing of income tax return after the due date will attract interest @ 1% per month or part thereof up to the date of filing of the return, on such unpaid tax amount. 
  • Carry Forward of certain losses shall not be allowed if you file your ITR after the due date.
  • Loss interest on refund u/s 244A (as delay in filing is attributable to the period by which you have filed late return.)
  • Late Fee under section 234F shall be charged as:-
    • Rs.5,000/- If the return is furnished after the due date of filing but on or before the 31st day of December.
    • Rs.10,000/- In other cases.
    • However, if the total income of the taxpayer does not exceed Rs 5Lacs, then the late fee payable under this section shall not exceed Rs.1000/-
  • The Assessing Officer is under an obligation to make an assessment to the best of his judgment in the following cases: –.
    • If the taxpayer fails to file the return required within the due date prescribed under section 139(1) or a belated return under section 139(4) or a revised return under section 139(5).
    • If the taxpayer fails to comply with all the terms of a notice issued under section 142(1) or fails to comply with the direction issued under section 142(2A)
    • If the taxpayer fails to comply with all the terms of a notice issued under section 143(2).

Due Dates of TDS/TCS Compliances are extended

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[Disclaimer:-This article is being furnished for informational purposes only. We make every effort to use reliable & comprehensive information, but we do not represent that the contents of the article are accurate or complete.]


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