Introduction

It is compulsory for every assessee to file a return of income or loss as per the provisions of section 139(1), for every previous year either on or before the due date which has been prescribed, if their income exceeds the basic exemption limit. If the assessee fails to furnish the return of income within the due date under Section 139(1) or within the time which is allowed to him through the notice under Section 142(1), then he can file a Belated Return.

The due dates for filing the normal return are:

Sr. NoStatus of the taxpayerDue date
1

Any company who is required to furnish a report in the Form No. 3CD under section 44AB

September 30 of the assessment year

2

Any person who is required to furnish a report in the Form No. 3CEB under section 92E which may be corporate/non-corporate

November 30 of the assessment year
4

A working partner of a firm whose accounts are however required to be audited under this Act or under any other law

September 30 of the assessment year

5

Any other Assessee

July 31 of the assessment year

Due date for filing Belated Return

The belated return shall be filed on or before 31st March of the relevant Assessment Year. It may be noted that the date of filing a belated return has been changed from F.Y. 2016-17. Earlier, a belated return was allowed to be filed before the end of F.Y. after the relevant A.Y.

Procedure for filing Belated Return

The Income Tax return which is filed within the due date is not much different from the return filed after the due date regarding the process of filing.

You need to select ITR Form applicable to you and fill it in the same manner as if you are filing the return on time and select the assessment year for which you are filing the belated return. For example, if you are filing the return for F.Y 2016-17 select 2017-18 as the A.Y. and file your belated return.

Disadvantages of filing Belated Return

(1) The assessee cannot carry forward the losses which have been incurred during the year under the head  ‘Capital Gains’ or the ‘Profits and Gains of Business/ Profession’.

(2) The assessee, if delays in filing return, then he has to pay interest under section 234A @ 1% per month or part thereof.

(3) If the Assessee is eligible for the refund and there is interest on that refund then he won’t be able to receive the interest on the refundable amount.

(4) If the taxpayer fails to file the belated return, then the taxpayer receives a notice of an inquiry under Section 142(1) or the notice of income escaping assessment under Section 148. And if such a notice is received by the taxpayer, he shall then file the income tax return online within the date that is being specified in the notice and a penalty may also be imposed on the assessee.

Revised Return of Belated Return

From F.Y. 2017-18, the belated return under section 139(4) which has been filed by the assessee for any year can be revised as per section 139(5) for if he discovers any omission or any wrong statement therein. The revised return for belated return can be filed at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Penalty

If the return is filed after the due date but  of the Assessment Year, then the income tax officer can levy a penalty of up to Rs. 5,000 for the delay from F.Y. 2017-18 and if the return is filed after 31st December, a penalty of Rs. 10,000 shall apply. It may be noted that penalty will be restricted to Rs 1,000 for those with income up to Rs 5 Lakhs. 

For any help on ITR Filing feel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, Bulk Return or Revised Return Filing.