The due date to file the Income Tax Return for the financial year 2019-20 ended on 10th January 2021. In case if an individual was required to file the return and failed to do so, then there are few options to file the return.
The Central Board of Direct Taxes (CBDT) has said that the filing of the belated income tax return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Income Tax Act, 1961, for the assessment year 2020-21 has been extended to May 31, 2021. The previous deadline for the filing was March 31, 2021.
Steps to file a Belated Income Tax Return
Firstly, visit the Income Tax Department’s website– incometaxindiaefiling.gov.in and log in to file ITR. Remember to register using your PAN in case you have not.
Secondly, select the ITR filing option, select the assessment year, form number and filing type namely original or revised return.
Thirdly, now, select ‘prepare and submit online’.
Fourthly, select the pre-validated bank account, where you want to receive the Income Tax refund if you are eligible for any.
It is compulsory for individuals earning a specified amount of income in a year to file an income tax return.
Disadvantages of Filing Belated Income Tax Return
If a belated return is filed after the income tax due date, the taxpayer would be liable to pay the tax along with 1% Interest per month (simple interest) under Section 234A.
A fee under Section 234F would be levied upto Rs 5000, if the return is filed on or before 31 March of the relevant AY. After that, the fine can go upto Rs 10,000.
For Example, for the FY 2018-19 (AY 2019-20), if MR.X has filed the return is after 31 August 2019 but before 31 December 2019, a fee of Rs. 5000 applies. Post 31 December 2019, the late fee would be Rs 10,000.
You cannot carry forward some losses that belong to the years for which you did not file returns. However, an exception is available for losses from house property that can be carried forward even if you file your returns late.
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