Consequences of Filling late Income Tax return or Filling return beyond given Time Period

If the taxpayer not furnish return within the time section 139(1)] or within the time allowed section 142(1), the person may furnish the return of any previous year at any time before the end of the relevant assessment year.

Consequences of late submission-

If the return is submitted after the due date of submission date-

  1. The assessee will be liable for penal interest under section 234A.
  2. A penalty of Rs. 5,000 may be imposed under sec. 271.
  3. The case of losses, a few losses cannot be carried forward.
  4. After due date, deduction under section 10A, 10B, 80-IA, 80IAB, 80-IB, 80-IC, 80ID, 80ID and 80-IE will not be available

Other points-

A belated return filled would be valid only if it is filled within one month. If a return is filed after the completion of assessment but before service of demand notice, such return is not valid.        

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