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).
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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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