What happens if you miss the ITR filing deadline?

What happens if you miss the ITR filing deadline?

Last Date for Filing Income Tax Return was 31st July of every year but this time the GOI has not extended the due date and despite record number of filing still many people are yet to file their Income Tax Return. So what is the course of action for the taxpayers who are yet to file ITR, whether they can file ITR or not.

What are the consequences of failing to file Return on or before due date and what to do to file Return after due date.

If Taxpayer can file ITR , are there any consequences or they can easily file ITR, so there is always a penalty for not being punctual. In filing ITR also there are a lot of people who are late to the party. Let discuss below what are the consequences of late filing of ITR:

1. One has to pay late filing of fees u/s 234F of Rs 5000 for delay in filing of Return. But considering hardship to small taxpayer Rs 1000 late filing fees is applicable to those, whose GTI is less than RS 5 lakhs. One can file a late Return only till 31st December of the following financial year.
2. If you have any loss income except House Property and Depreciation then you can’t carry forward to the next year.
3. Interest will be charged on balance tax liability as per applicable provisions i.e u/s 234A at 1% per month.
4. If you have a refund then the refund will get reduced due to late filing of return as late fees will get adjusted from the refund.
5. Taxpayers are even liable for Prosecution if even after issuing notices fails to file return. The imprisonment can be for a term of three months to two years with a fine.

So even if one misses the due date, one can file Belated Income Tax Return till December of following FY.

1. One can file Belated Income Tax Return only after paying late fees u/s 234F as discussed above.
2. Belated Return can be revised if the taxpayer finds any error or mistake in the return, kindly note that revised return can also be filed till December.

So if genuinely one gets late to file ITR then he/she can file return even after the due date but will lose many benefits or perks due to late filing of Return. The Author requests every person to file Income Tax Return within due date or before the due date to enjoy lots of benefit. Even if someone fails to file a Belated return then one can file ITR – U. For more details kindly look at our blogs.

Author Bio:
Name: CA Karan Singh
Qualification: CA in Practice
Contact info: 8087397644
Company: Bashmakh & Co Location: Shill,Thane.


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