Belated Income Tax Return (ITR) | Income Tax Return after Due Date

Belated Income Tax Return (ITR) | Income Tax Return after Due Date

Many people forget to file their Income Tax Return (ITR) within the due date as prescribed by the income tax department. If you have also missed to file your income tax return then you might have received an SMS from IT Department as “You have not filed the ITR for AY 2017-18. The law has changed and ITR for AY 2017-18 cannot be filed after 31-03-2018. Please ignore if already filed”.

Please see the images tweeted by Income Tax India (@IncomeTaxIndia) in February 2018

Image tweeted by Income Tax India on February 9, 2018

Image tweeted by @IncomeTaxIndia

Image tweeted by Income Tax India on February 24, 2018

Image tweeted by @IncomeTaxIndia

This means revised or belated income tax return (ITR) of AY 2016-17 and AY 2017-18 can still be filed up to March 31, 2018 (with interest, if any, for late filing).

What is Belated Income Tax Return (ITR)?

Income Tax Return (ITR) filed after the due date are called belated income tax return (ITR). This means if you fail to file income tax return by the due date and filing income tax return after the due date is called a belated Income Tax Return.

What is the deadline to file Belated Income Tax Return (ITR)?

As per the Income Tax rule, as it stands today, a belated income tax return can be filed at any time before the end of the relevant assessment year (AY). For example, if you are filing a belated income tax return for the financial year (FY) 2016-17 then you need to file it on or before March 31, 2018. This means belated income tax return (ITR) for FY2016-17 can be filed by March 31, 2018.

Financial Year (FY) and Assessment Year (AY)

Financial Year (FY): Year in which the income is received

Assessment Year (AY): Year immediately following the financial year. This means AY is the year in which the income is assessable to income tax.

Persons mandatorily required to file Income Tax Return (ITR)

1.  All Companies, Partnership Firma, LLPs.

2. Trusts, Associations, Political Parties (whose income prior to claim exemptions exceeds the minimum chargeable to tax).

3. Individuals and HUFs having income more than Rs. 2.5 lakh [For senior citizens Rs. 3 lakh (age 60 years upto 80 years) and Rs. 5 lakh (age 80 years or more)].

How to file Belated Income Tax Return (ITR)?

The procedure of filing belated income tax return is same as if you file your income tax return before the due date. Select and fill the ITR form applicable to you. You need to choose the appropriate ITR form and assessment year (AY) with care. Generate XML file and upload the saves XML file to file your belated income tax return.

Also read: How to file your Income Tax Return (ITR) online?

Consequences of Belated Income Tax Return (ITR)

The deadline for filing of belated Income Tax Returns for AY 2016-17 and AY 2017-18 is March 31, 2018.

If you file your Income Tax Return after the due date and there is any unpaid tax liability then you would be liable to pay the unpaid taxes along with penal interest @ 1% per month (simple interest) from the due date of filing the income tax return till the date of payment of taxes. A penalty of Rs. 5,000 may be charged for the pending returns.

For Income Tax Returns (ITR) of FY 2017-18 and onwards, the government has introduced a late fee of Rs 5,000 for individuals if Income Tax Returns are filed after the due date but before 31st December. Late fee of Rs. 10, 000 shall apply if Income Tax Returns are filed after 31st December. For those with income upto Rs. 5 lakh, the late fee will be Rs 1,000.

Always file your Income Tax Return (ITR) within the due date as prescribed by the Income Tax Department to avoid any consequences in future.

Also read: 10 Tax saving options other than Section 80C
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Also read: The most common mistakes people make while filing Income Tax Return (ITR)
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Belated Income Tax Return (ITR) | Income Tax Return after Due Date