Income Tax return filing: What happens if you miss ITR deadline
Income Tax return filing: What happens if you miss deadline to file your ITR? Well, a lot of times people miss their ITR deadlines due to various reasons. However, there is nothing to worry as you can always pay your income tax even after missing deadlines of that particular fiscal year.
Income Tax return filing: What happens if you miss deadline to file your ITR? Well, a lot of times people miss their ITR deadlines due to various reasons. However, there is nothing to worry as you can always pay your income tax even after missing deadlines of that particular fiscal year. A tax return filed after the due date is referred to as 'Belated Return', while there are certain things that a tax payer should know before filing a belated return.
A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier. One can file a belated return for FY 2018-19 by March 31, 2020, i.e, before the end of the current assessment year (AY2019-20).
Here are few things that you should must know, in case you have missed your ITR deadline:
In case, you want to file a belated return for the current FY before December 31, 2019, you can pay your tax after a penalty of Rs 5,000. However, the penalty will increase to Rs 10,000, if you will file your ITR after January 1, 2020. While, if your total income is below Rs 5 lakh, the penalty amount will be not above Rs 1,000, as per ITR norms.
2. Interest levied
It is important to note that if you have any unpaid tax liability, then interest in the form of penalty on the same is also levied, in case of a belated return. While if no tax is payable, the taxpayer is not required to pay any interest due to the belated filing of ITR for FY17-18.
3. No option to carry forward losses
If you file a belated return you cannot carry forward losses in income (except loss from house property). The loss in income from business and profession including speculation business, capital gains, and income from other sources, cannot be carried forward in case a belated return is filed by the tax payer.
However, it is important to note that the belated returns filed for previous years before FY 2016-17 cannot be revised as the income tax law for this was changed from FY 2016-17.
Income Tax Return last date has been extended from July 31 to August 31 for the year FY 2018-19. The taxpayers will get some more time to file their ITR returns as the government has extended the dates for filling Income Tax Returns for this year.
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