Income Tax return (ITR) filing: What to do if you have missed deadline

Although the last day to file the Income Tax Returns got over on 31st August, you can still file a belated return, if you are among the one who could not file it yet. In case you have missed the deadline, the government allows to file the return till one-year from the end of relevant financial year.

In case you are filing a belated income tax return, then you have to pay a penalty and face certain restrictions. Image source: PTI

Although the last day to file the Income Tax Returns got over on 31st August, you can still file a belated return, if you are among the one who could not file it yet. In case you have missed the deadline, the government allows to file the return till one-year from the end of relevant financial year.

In case you are filing a belated income tax return, then you have to pay a penalty and face certain restrictions.

Some of the restrictions that you have to face while filing a belated Income tax return.
You are not allowed to carry forward certain losses if you are filing a belated return. If you have filed the return within the stipulated time, then you can carry forward the capital and business losses that would be adjusted against the gains in the subsequent years.

According to the budget provision, the taxpayers have to pay a penalty upto Rs 10,000 if the ITR filing is done after the deadline. The new provision says that a penalty of Rs 5,000 will be levied if the tax return is filed after the due date but before December 31, and this penalty will increase to Rs 10,000 after December 31. If the taxpayer’s income is less than Rs 5 lakh, maximum penalty levied is capped at Rs 1,000.

There was no penalty for the late filing of the income tax returns, until last assessment year. The penalty is applicable from FY 2017-18 or AY 2018-19.

The government has inserted a new section 234F in the Income Tax Act. The section says that if a taxpayer files his/her ITR after the due dates specified in section 139(1) of the Act, then he/ she would be eligible to pay a late fee of up to Rs 10,000.

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Income Tax Returns