It is advisable for a taxpayer (whether an individual or any other entity), to furnish the tax return before the due date as per Section 139(1) of the income tax act.
However, if the return file is still delayed, he can file belated return with in following time limit:
- Before the three months prior to end the of the relevant assessment year(or)
- Before completion of assessment Year
Whichever is earlier.
Read Also : Filing Return of Loss [Section 139(3) read with Section 80]
What are the consequences of belated income tax return ?
No carry forward of specified loss as per sec 80.
No deduction of certain Income u/s VI-A as per 80AC.
Interest u/s 234A i.e. 1% per month or part of the month.
Late filing fees u / s 234F i.e.5000/1000.
Interest on refund u/s 244A calculated from the date of filing of Return of Income 1st April of assessment year.
