Update 2018 – March 31, 2018 was the deadline to file income tax returns (ITR) for the financial year 2015-16 and 2016-17. In case you haven’t filed your ITR for FYs 2015-16 and 2016-17, you cannot file a belated return anymore.
Update June 2015 – As per new circular, you can file application to claim refund for last 6 years. Read the post at the link.
You must be aware that due date for filing your income tax returns in 31st July. However, sometimes taxpayers fail to file their returns on time. But you can file the belated returns for last 2 years by 31-3-2016.
If you have received compliance notice for non-filing of returns, please read the post below
https://wealth18.com/notice-received-from-income-tax-department-what-to-do/
What are your options, if you have not filed returns by due date of 31st July?
If you have missed filing IT returns on time, you can file it within 1 year from the end of relevant assessment year
These returns which are filed after due date is called – BELATED tax returns (Section 139(4) of Income Tax Act 1961)
| FY | AY | Due Date | Belated Return |
| 2011-2011 | 2012-2013 | 31/07/2012 | till 31-3-2014 |
| 2012-2013 | 2013-2014 | 31/07/2013 | till 31-3-2015 |
| 2013-2014 | 2014-2015 | 31/07/2014 | till 31-3-2016 |
| 2014-2015 | 2015-2016 | 31/07/2015 | till 31-3-2017 |
Are there any disadvantages of filing returns late?
Yes, if you file return after due date, you loose certain rights:
1) Interest on Outstanding Taxes – If you have any taxes due and you have not filed return by due date, then you need to pay penal interest @ 1 % per month from the due date of filing the return to the actual date of filing (As per Section 234A of the Act) .
For e.g if your tax due is Rs 10000 and you filed the return on 2-Aug-2013, you need to pay 1% interest on Rs 10000 i.e Rs 100
2) Penalty for ITR filing after 31-Mar-2016 (hardly exercised): As per Section 271F of Income Tax Act, the assessing officer may impose a penalty of Rs 5000, if an individual fails to submit ITR before the end of the relevant assessment year. However, this penalty is rarely exercised by Assessing Officer, if taxes have been paid.
3) Belated returns cannot be REVISED : Returns submitted after due date ( Belated returns) cannot be revised. Only if you file IT returns before due date, you can revise it for any error.
4) Loose right to Carry forward any losses : If you have not filed tax return by the due date, you cannot carry forwards the losses incurred in a financial year to subsequent financial years for offset against corresponding future income.
Loss from house property & depreciation loss can be carried forward even if the income tax return is filed after the due date .
5) Delayed refund – Sometimes the refunds are delayed if you file returns after due date, as department will process the returns first which are received by due date.
How to file Belated return after Due date
There is no major difference in the process of filing Income Tax return before or after the deadline.
You just need to mention in ITR form that this is belated return under 139(4). While filing the ITR, select the return filed section code as “12” in the tax return form.
Upto 31-3-2015, you can file returns for following years:
AY 2014-2015 (FY 2013-2014)
AY 2013-2014 (FY 2012-2013)
So if you have not filed return for these years, Hurry up !!!!
Update June 2015 – As per new circular, you can file application to claim refund for last 6 years. Read the post at the link.
Read : Many people are receiving notices for non-filing of IT returns
IT department to send notices for 21 lakh non-filers
If you have any tax related queries, feel free to ask using comments box below.
Important Links – Must Read
How to File Income Tax return (ITR) online – Step by Step Guide for eFiling
How to quick e-file ITR1 & ITR 4S online for FREE – Step by Step Guide
How to other ITR forms online (using excel upload) for FREE – Step by Step Guide
Income tax slab rates for FY 2014-2015 (AY 2015-2016)
[How to] get Electronic Verification Code (EVC) to e-Verify Income tax return for AY 2015-2016
[How to] View your Form 26AS online – Check Tax Credit Statement
Which ITR form to use for filing IT returns
How to pay balance Income Tax online