Let’s be honest, this year has been a roller coaster ride for every Indian tax filer such as you. From covid to various natural calamities, the list is endless. It is quite natural for some of you to have missed filing your return within the due date. If you missed filing your Income-tax return for F.Y. 2020-21 within the due date, which was 31st December 2021, there is no need to panic. Let us guide you through. You can still file your return. The last date to file a return in the case of individual taxpayers is 31st March 2022.
What is a belated return?
A belated return is a return filed after the due date but before the end of the assessment year. For the F.Y. 2020-21, a belated return is a return filed after 31st December 2021 but on or before 31st March 2022. A belated return is filed u/s 139(4).
Are there any disadvantages of filing a return after the due date
Yes. There are the following disadvantages of belated return:
1. Late filing fee u/s 234F:
One may have to pay a late filing fee u/s 234F of up to Rs. 5,000/- for filing a belated return. However, no
fine is charged if the total income is up to Rs. 2.5 lacs.
Late filing fee
Upto Rs. 2.5 lacs
From Rs. 2.5 lacs – Rs. 5 lacs
Above Rs. 5 lacs
2. Interest u/s 234A:
Apart from penalty u/s 234F, an additional interest of 1% per month or till the amount is cleared for the unpaid taxes is levied. This interest is applicable u/s 234A. However, if tax liability exceeds Rs.1 lac then interest u/s 234A is levied from the original due date, which was 31st July 2021, till the date of filing of return.
3. Carry forward of losses:
Sadly, apart from house property losses, any other losses cannot be carried forward if the return of income for the loss year is belatedly filed.
How to file a return after the due date?
You are required to file a belated return u/s 139(4). This can be done with the help of myITreturn.com quickly. The portal automatically takes the relevant section and files the return.
What if you do not file your return at all?
This is strongly not advised. Non-filing of the return brings your financial health card in bad shape. So though, the last date to file a belated return is 31st March 2022, it is advised to file the return immediately to avoid default.