Belated Return might be filed at any time earlier than the tip of the related evaluation yr or earlier than the completion of evaluation whichever is earlier.
In easy phrases, in case you’ve not been capable of file your earnings tax return earlier than the prescribed due date, you’ll be able to nonetheless file a belated return of earnings tax after the due date as nicely. Below Part 139(1), the conventional due date of submitting of earnings tax return is
| Particulars | Due Date |
The place the taxpayer is
|
30th Sept of the Evaluation Yr |
| In case of some other class of taxpayer i.e. Salaried/ Self employed/ Contract Worker who are usually not required to get their tax audit carried out | 31st July of the Evaluation Yr |
Nevertheless, in case you will have missed the above deadline for submitting of earnings tax return, you’ll be able to nonetheless submit a belated return of earnings tax after the due date beneath Part 139(4)
Belated Return of Revenue Tax after Due Date
If a taxpayer fails to submit his earnings tax return
- On or earlier than the due date talked about beneath Part 139(1), or
- If the earnings tax return shouldn’t be filed earlier than the due date and the earnings tax officer has issued a discover beneath part 142(1) directing the taxpayer to file his earnings tax return throughout the time specified within the discover and he has not even filed his return as required within the discover
he can nonetheless file his earnings tax return even after the due date. Such an earnings tax return filed after the due date is known as Belated Return.
Belated Return might be filed at any time earlier than the tip of the related evaluation yr or earlier than the completion of evaluation whichever is earlier (relevant from Evaluation Yr 2017-18 onwards). This may be defined with the assistance of an instance.
Instance of Belated Revenue Tax Return after Due Date
The earnings tax return due date for the monetary yr 2017-18 is 31st July 2018/ 30th September 2018 (for the Monetary yr 2017-18, the Evaluation yr can be 2018-19).
If because of any cause, the taxpayer shouldn’t be capable of file his earnings tax return, he can nonetheless submit a belated return earlier than the tip of the evaluation yr i.e. earlier than 31st March 2019. Nevertheless, in case you haven’t filed your earnings tax return and the earnings tax officer has himself began conducting the evaluation, the taxpayer can file his earnings tax return any time earlier than the completion of evaluation or earlier than 31st March (whichever is earlier).
Curiosity beneath Part 234A for late submitting
If a belated return is filed after the earnings tax due date, the taxpayer can be liable to pay the tax together with Curiosity @ 1% monthly (easy curiosity) beneath Part 234A.
In case no tax is payable, the taxpayer gained’t be liable to pay any curiosity for submitting belated return of earnings tax after due date however earlier than the tip of the related evaluation yr.
Penalty for late submitting of Revenue Tax Return
In case the Revenue Tax Return after the due date, it will be thought-about as a Belated Return and the next penalty would even be required to be paid
| Particulars | Quantity |
| If the Revenue is lower than Rs. 5 Lakhs | Rs. 1,000 |
| If the Revenue is greater than Rs. 5 Lakhs | |
|
Rs. 5,000 |
|
Rs. 10,000 |
Related factors relating to Belated Return
- Completion of Evaluation means the due date on which the order of evaluation was handed and never the date on which the order was acquired by the taxpayer. Thus a return submitted after the evaluation is accomplished however earlier than the date on which discover of demand is acquired by the taxpayer can be thought-about invalid. [Balchand v ITO (1969) 72 ITR 197(SC)]
- If the return is filed after the evaluation which will get cancelled, the return would nonetheless be thought-about legitimate [Ram Billas Kedar NAth v ITO (1963) 47 ITR 586 (All)]
- Belated Return filed beneath Part 139(4) will also be revised. [Amendment introduced by Finance Act 2016 and applicable from Assessment Year 2017-18 onwards.]
- The Revenue Tax Dept vide Round No. 9/2015 has allowed taxpayers to file ITR to assert Revenue Tax Refund or file Loss Return upto 6 years. Nevertheless, such returns would solely be accepted after a Letter for Condonation of Delay is filed with the Revenue Tax Dept and the identical has been duely accepted by the Revenue Tax Officer.