ITR filing : Penalty for late filing of Income Tax Return

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Published on 20 Sep 2019 / In Income Tax Return

ITR filing Penalty for late filing of Income Tax Return

Section 139(4) – Late Income Tax Return

If an assessee is unable to file returns by the due date as mentioned in section 139 (1), the assessee can still file belated returns within a period of one year from the assessment year or before the completion or conclusion of the assessment as per Section 144, depending on which takes place earlier;

However such assessees may incur a penalty of Rs 5,000 as prescribed under Section 271F of the Income Tax Act, 1961.

However for those for whom returns were not required to be filed mandatorily as per as provisions under Section 139 (1) even if the returns were filed after the year of assessment was over will not have to pay the penalty.

The disadvantage for late filing of ITR

Failing to file one’s tax returns by the final due date comes with certain disadvantages:

According to Section 234F, if you fail to file your returns on time, you have to pay a penalty of up to Rs 10,000. If the Income Tax returns are filed after the return filing deadline but before December 31, the penalty would be Rs 5,000. If the returns are filed on or after January 1, the penalty goes up to Rs 10,000.

However, if the total income of the taxpayer is less than Rs 5 lakh, the amount of penalty will be a maximum of Rs 1,000, a move meant to provide relief to the small taxpayer.

If you are late in filing your taxes, you cannot carry forward your losses (except loss from house property) from ‘Capital Gains’ or the ‘Profits and Gains of Business/ Profession’.

If you are late in filing your taxes, you also have to pay an interest on unpaid tax as we discuss in the next paragraph.

Further, if you are eligible for refund and interest on that refund, you will not be receiving any interest on the refundable amount if you do not file your tax returns on time.
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