Filing income tax returns is a fundamental obligation for every taxpayer, ensuring compliance with the tax laws of the land. However, despite the clear deadlines set by tax authorities, circumstances may arise where individuals fail to meet these deadlines, leading to the necessity of filing what is known as a belated income tax return. In this guide, we’ll delve into what constitutes a belated income tax return, the implications of filing one, and the steps involved in the process.
On this page
What is a Belated Income Tax Return?
A belated income tax return refers to the form of an income tax return after the due date specified by the income tax authorities. Every taxpayer is needed to file their income tax return within the quested due date, which is generally July 31st of the assessment year for utmost taxpayers in India. Still, if a taxpayer fails to file the return by this due date, they have the option to file a belated return, subject to certain conditions and penalties.
Under Section 139(4) Section 139(4) of the Income Tax Act specifically deals with the provision for filing a belated return. It states that if a taxpayer fails to furnish the return of income within the specified due date, they may furnish the return for any former year at any year before the end of the applicable assessment year or before the completion of the assessment, whichever is before.
What are the applications for Belated Income Tax Returns?
Section 92CD & Section 92CD of the Income Tax Act pertains to the maintenance and form of transfer pricing documentation by certain taxpayers. It does not directly relate to the form of belated income tax returns.
Still, if there are transfer pricing implications that need to be reported in the belated return, the taxpayer should ensure compliance with Section 92CD while filing the belated return.
How to file a belated Income Tax Return?
To file a belated income tax return, the taxpayer needs to visit the income tax department’s sanctioned website or use authorized filing portals. They also need to select the applicable income tax return form applicable to them grounded on their income sources and category.
- To file a belated income tax return in India, follow these steps
- Visit the Income Tax Department’s-filing website.
- Log in if you are an existing user or register a new account.
- Choose the applicable assessment year for which you’re filing the belated return.
- Fill in the needed details in the ITR form applicable to your income source.
- Calculate the tax liability and pay whatever outstanding taxes are there.
- Submit the form electronically using your digital signature (if available) or by transferring the ITR- V form to the Centralized Processing Centre within 120 days of e-filing.
Due date for Belated Income Tax Return filing
The due date for filing a belated ITR is generally the end of the applicable assessment year, which is generally March 31st. still, it’s pivotal to note that filing a belated return means the taxpayer misses out on certain benefits and may dodge penalties or interest.
Belated Income Tax Return Penalty
Filing a belated ITR attracts penalties and interest under Section 234F of the Income Tax Act. As per this section, a penalty is levied depending on the delay in filing the return.
For case, if the return is filed after the due date but before December 31st of the assessment year, a penalty of INR 5,000 may be levied. However, the penalty may increase to INR 10,000, if the return is filed after December 31st. Still, if the taxpayer’s total income doesn’t exceed the penalty shall not exceed INR 1,000.
Revision of Belated Income Tax Return
A taxpayer cannot revise a belated income tax return. Once a return is filed after the due date, whether freely or due to non-compliance, it cannot be revised. Still, if there are mistakes or discrepancies in the belatedly filed return, the taxpayer can amend them by filing a revised return within the applicable year frame from the original filing date.
Deductions under the Income Tax Act
When a taxpayer files their income tax return belatedly, they’re still eligible to claim deductions under different sections of the Income Tax Act, provided they meet the conditions specified under those sections. still, it’s pivotal to note that certain deductions, like those under Section 80C (for investments), Section 80D (for health insurance premiums), and Section 80TTA (for savings regarding interest), may have formerly been missed if investments or payments were made after the due date for filing the original return. Thus, while filing a belated return, taxpayers should ensure they claim all eligible deductions to minimize their tax liability.
Conclusion
In conclusion, the provision for belated income tax returns offers a lifeline for taxpayers who have missed the initial deadlines, albeit with penalties and repercussions. By understanding the procedures involved, taxpayers can navigate the process effectively, ensuring compliance with tax regulations while mitigating financial implications.
However, it remains imperative for individuals to strive for timely filing, thereby avoiding the pitfalls associated with belated returns and fostering a culture of fiscal responsibility.
Consult 24efiling seeking expert assistance for a smooth filing experience.
FAQs
1. What is a belated income tax return?
A belated income tax return refers to the form of an income tax return after the due date specified by the income tax authorities.
2. What is the penalty for filing a belated ITR?
Filing a belated ITR may attract penalties under Section 234F of the Income Tax Act. The penalty quantum varies depending on the detention in filing the return, ranging from INR 1,000 to INR 10,000.
3. Can a taxpayer revise a belatedly filed income tax return?
No, formerly a return is filed after the due date, whether freely or due to non-compliance, it cannot be revised. Still, mistakes or discrepancies can be remedied by filing a revised return within the applicable year frame from the original form date.
4. What are the consequences of filing a belated income tax return?
Filing a belated income tax return may result in the loss of certain benefits, similar to the carry-forward of losses or the payment of interest on refunds. Also, the taxpayer may dodge penalties as per the provisions of the Income Tax Act.
5. Is there a specific due date for filing a belated income tax return?
The due date for filing a belated income tax return is generally the end of the applicable assessment year, which is generally March 31st. Still, it’s essential to file the return as soon as possible to avoid further penalties and interest.
6. Are taxpayers still eligible for deductions when filing a belated income tax return?
Yes, taxpayers are still eligible to claim deductions under colourful sections of the Income Tax Act when filing a belated income tax return, handed they meet the conditions specified under those sections. Some deductions may have formerly been missed if investments or payments were made after the original due date for filing the return.
