I-T return, I-T filing, Income Tax department, belated return
The last date for filing an I-T return was July 31 which was extended by the Income Tax department this year to August 31. So, your return for financial year 2017-18 (Assessment year 2018-19) was supposed to be submitted last by Friday.
Any one missed filing their Income Tax return yesterday, August 31, then filing a belated return can help you save further penalties or attract an assessment by the Income Tax department.
Section 139 (4) of the Income tax Act deals with late filing of I-T returns. If someone don’t file the return within the stipulated time and miss the deadline, then they may file a belated or late I-T return before the end of the relevant assessment year. This means one can file the belated return for 2017-18 by 31st March 2019.
But for any return furnished after the due date, a fee of Rs 5,000 is to be paid for default if return is filed by December 31. For return filed after December 31, a fee of Rs 10,000 is to be paid. The late filing fee has been restricted to Rs 1,000 if your total taxable income is not more than Rs 5 lakh.
If your income is below the taxable limit, then you need not worry about the said penalties. No fine is payable and no interest stands due to be paid as there is no tax liability.
To answer is any hitch in belated return , then below consequences has to be taken in to account :
1. One cannot carry forward your losses except under the head house property.
2. An interest is levied for late filing of return at 1 per cent per month
3. Fine of Rs 5,000 or Rs 10,000 is to be paid as prescribed
4. Certain exemptions (allowances or deductions from total taxable income) are not available.
It is better to stick to the due date for filing IT returns is the advice of Tax experts
