What is a Belated Return?
The due date for filing Income-tax return (ITR) for individuals and HUFs is 31st July of the assessment year. For individuals for whom audit is applicable, the due date to file ITR is 31st October of the assessment year.
However, if a taxpayer fails to submit ITR by the due date, then under section 139(4) of the Income Tax Act, the taxpayer can file a delayed return, commonly referred to as a Belated Return. The due date for filing Belated Return is 31st December of the assessment year (i.e 31/12/2023 for the current assessment year).
Is there any penalty applicable upon filing a Belated Return?
Yes. A late filing fee will be imposed in accordance with Section 234F:
|Total Income||Late Fee|
|Below Rs 5 lakh||Rs. 1,000|
|Above Rs 5 lakh||Rs. 5,000|
There are other consequences such as interest penalty, no losses allowed to be carried forward, no option to opt for the new regime, and more. Click here to know the consequences of late filing.
It is recommended to file the belated return at the earliest to stay compliant, reduce the interest penalty and get the applicable refund earlier.
How can I file a Belated Return?
You can file a belated return using myITreturn.com. Click here to login and file your return.
If you require assistance from a tax expert to file your belated return, then you may opt for our Assisted Filing service wherein our tax expert will handle the filing from start to finish.
Can tax refund be claimed through a Belated Return?
Yes. Similar to an Income-tax Return, one can claim tax refund while filing a belated return.
Do I need to e-verify my Belated Return?
Yes. Similar to an Income-tax Return, once the Belated Return is filed, it needs to be e-verified. Click here to view the steps for e-verification.
Can I revise my Belated Return?
Yes, a belated return can be revised. However, it must be done before 31st December of the relevant assessment year.