Can a Income Tax Return (IT Return) be filed after the due date?
Income Tax Return is required to be furnished before the deadline i.e., 31st July/30th Sept of the AY (Assessment Year). If the return is not filed before the due date, then penalty and interest would be levied for the late filing of income tax return. The normal due date of filing of Income Tax return is as follows.
|S.no||Nature of the taxpayer||Due date for relevant AY|
|1.||Where the assessee is a company. (not having international/ Specified domestic transaction)||30th September|
|2.||Where a taxpayer is required to furnish a report under 92E about international specified domestic transactions.||30th November|
|3.||Where the assessee is the person (not having internal or specified domestic transactions) other than the company.
|4.||In any other case.||31st July|
Every year you should remeber that delay in either Payment of Income Tax or Filing of Income Tax Return results in levy of interest and penalty.
What is the Penalty for Late Filing of Income Tax Return?
For late filing of Income tax return, under Section 271F, the income tax officer may levy a penalty of Rs. 5000. This is not applicable in all cases. It is wholly based on AO (Assessing Officer) decision i.e., he may or may not impose a penalty of Rs. 5000.
You won’t be required to pay this Rs. 5,000 at the time of late filing of income tax return. You need to pay Rs. 5000 on receiving any notice from the income tax officer for late filing of income tax return.
The brief description on penalty for late filing of return is prescribed under section 271F which is as follows.
If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.
- If the tax is less than Rs. 25 Lakhs, the income tax officer may penalise the taxpayer with imprisonment for a period of 3 months to 2 years.
- If the tax exceeds Rs. 25 Lakhs, the income tax officer may penalise the taxpayer with imprisonment for a period of 6 months to 7 years.
Are there any drawbacks regarding Late Filing of Income Tax Return?
Along with the penality of Rs. 5000/-, there are also some drawbacks regarding Late Filing of Income Tax Return that are as follows.
- Loss of Interest on Refund: The interest on refund (that is due to a taxpayer) won’t be paid for the period of delay in filing of IT refund.
- Revision of Belated Return is not possible: If the IT return has been filed after the due date, you cannot revise such return in case of any error.
- Some deductions wont be applicable: In case of late filing of income tax return, some Deductions under Section 80 are not available.
I am unable to file FY 2012-2013 Income Tax Return now, how to file this year (2016) Income tax return?
To file those old IT returns, you need to file manually to the Income Tax department. As per CA expert once consult your income tax officer to know whether they will accept your Late Filing of Income Tax Return and whether they will charge any penalty or not.