Consequences of filling Income tax return after the due date

Due date of filling income tax return or ITR has been specified by the IT department. If it has not been submitted within such time allowed then it will be treated as a belated return.

Such belated return will have following consequences;

  1. You will be liable for a penal interest @1% per month under section 234A of IT act
  2. If you have submitted the belated return after the end of the assessment year (For year ending 31st march 2013 the end of the assessment year is 31st March 2014) then a penalty of Rs. 5000 may be imposed.
  3. If you discover any omission or any wrong statement in your belated return then it can not be revised. That means you can not make changes to the belated return.

filling your income tax return after the due dateIf IT department has issued a notice to file your ITR within the time allowed and you filled it after the date mentioned there in then it will be treated as a belated return and all the provisions as discussed above will be applicable to it.

If you are a company or carrying a business and filled a belated return then your losses filled in the ITR may not be carried forward to next year. But such delay can be condoned if certain conditions are satisfied

IT department through notification may extend the due date of filling your ITR. If you are filling it within such extended time then the ITR will be treated as if you have filled before the due date and will not be treated as a belated return.

To avoid the penal provision including the penal interest of 1% per month it is always suggested to the taxpayer to pay your income tax before the year end of 31st march and file your ITR before the due date of filling.

What will happen if I missed the due date of filling?

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.