Can you file your income tax return after the due date

Most people missed the deadlines of filing income tax returns every year due to their busy schedules, lack of time, or for some other personal reasons. The tax filing due date for the financial year ending 31st march 2020 (FY 2019-2020) was 31st July 2020 which has been extended by CBDT till the 30th of November 2020 due to the COVID-19 outbreak.

In case you have missed both due dates, then do not worry, you still have time to file your tax return (ITR) up to 31st March 2021 for the financial year 2019-20. But the filing of such return will be treated as a belated return and not the original return that you could have filled before the due date.

File your income tax return after the due date

If for the financial year ending 31st March 2020, you file your return between the due date, which is 30th November 2020, and 31st March 2021, you will be liable to pay late fee and interest as applicable.

But filing your ITR after 31st march 2021 is not allowed.

If you do not file your IT return which you are liable to do, then the penalty can be charged by the assessing officer.

You can file your ITR before 31st march 2021 with a late fee but how about if you have not paid your income tax dues yet.

Please remember, if you have not paid your tax dues yet then you have to be ready with a penal interest of 1% (simple interest) for every month or part of the month starting from the due date of filing IT return till the date of filing.

While deriving the tax liability to be paid at the end of the financial year, you need to make sure that you have taken out all the TDS or advance tax paid from your tax liability.

In case, you have not remembered advance tax paid then you can check such things by viewing form 26AS online.

Remember, Income Tax Return can be filed within 1 year from the end of the financial year. This means before 31st march 2021 you must file your ITR related to the financial year 2019-2020 (the assessment year 2020-2021)

Similarly, for the financial year 2020-21 (the assessment year 2021-21), you must file your ITR on or before 31st March 2022. After the end of 1 year from the end of the financial year, you are not allowed to file your ITR for the respective financial year.

If you file your ITR on or before 31st March of the assessment year relevant to the previous year, then such IT returns can be revised number of times based on your requirements.

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