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

admin Income Tax Return

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.        

Related posts:

  1. Penalty on Late Filling of Income Tax Return: Consequences of submission of return after due date
  2. What do we mean by Return of Loss or when we are required to fill return of Loss under Income Tax Act
  3. Different Due Dates for filling of Income Tax Return: 31st July, 30th Sept and 31st March
  4. When Person can Revise his Income Tax Return Under Income Tax Act

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