What is belated return?

Asked by: Alessandra Koelpin  |  Last update: November 23, 2022
Score: 4.7/5 (53 votes)

What is a Belated Return? An assessee does not file his return within the timelines prescribed in the income tax act but files it after the due date is referred to as a belated return. The due date for filing a belated return is on or before the end of the relevant assessment year.

What is the time limit for submitting a belated return?

However, for FY 2020-21 onwards, belated return can be filed 3 months before the end of the relevant assessment year or completion of assessment, whichever is earlier. Hence, the last date to file belated return for the FY 2020-21 is 31st December 2021 (extended to 31st March 2022 specifically for FY 2020-21).

Is there any penalty for belated return?

As per the changed rules notified under section 234F of the Income Tax Act, filing your ITR post the deadline, can make you liable to pay a maximum penalty of Rs. 5,000.

How do I file a belated return?

The process of filing a belated return is the same as filing the return on or before the due date. If a belated return is filed after the income tax due date, the taxpayer would be liable to pay the tax along with Interest @ 1% per month (simple interest) under Section 234A.

Who can file belated return?

However, “if a taxpayer fails to do so, Section 139(4) of the Act allows a taxpayer to file a belated return up to three months before the end of the assessment year i.e. December 31 of the relevant assessment year or completion of assessment, whichever is earlier,” adds Kumar.

Belated Return

31 related questions found

What is the last date for belated return for AY 2021 22?

The belated ITRs can be filed voluntarily after the nor-mal deadline, up to March 31 of the assessment year. Thus March 31, 2022 is the last date for ITR filing for AY 2021-22.

Can I claim refund in belated return?

Relevant points regarding Belated Return

9/2015 has allowed taxpayers to file ITR to claim Income Tax Refund or file Loss Return upto 6 years.

Can I file ITR for last 3 years now?

No, you cannot file an ITR for the last three years together, that is, in one year.

Can I file ITR for last 2 years?

In case if you fails in filing of income tax return then don't worry you can file your income tax return for previous 2 years in current year for which you have to follow the procedure of income tax department.

Can belated return be filed online?

You can file a Revised Return for the Original before the end of the current assessment year i.e., before Mar 31st, 2022. 6. Can I revise my belated ITR? Yes.

What happens if you miss filing ITR?

If you miss filing ITR by the due date, you can file the belated return by 31st December 2022. However, you are required to pay the penalty for late filing. The maximum penalty of Rs 5,000 will be levied if you file your ITR after the due date 31st July 2022 but before 31st December 2022.

How much is the penalty for late filing of ITR?

However, you will have to pay a late fee. If the yearly income is above Rs 5 lakh per annum, your late fees will be Rs 5,000. If the income is below Rs 5 lakh per annum, the late fee is Rs 1,000.

What happens if you don't file taxes for 3 years?

If you don't file within three years of the return's due date, the IRS will keep your refund money forever. It's possible that the IRS could think you owe taxes for the year, especially if you are claiming many deductions. The IRS will receive your W-2 or 1099 from your employer(s).

Can I file old income tax return?

Individuals can file returns for the previous years. This can only be done for the two years preceding the current financial year for which the returns have to be filed. Taxpayers are provided a two year period during which returns can be filed.

Is it mandatory to file ITR?

Topics. A person with a total income exceeding the basic exemption limit must file an income-tax return (ITR) under the Income-Tax (I-T) Act, 1961. This obligation must be fulfilled even in case of a person's death.

What happens if you don't pay income tax?

The charges accrue at a rate of 5% of the unpaid taxes for each month or part of a month that a tax return is late. The charges max out after five months, at which point the failure-to-file penalty is 25% of the unpaid tax liability. As you can see, filing late does not pay off, with or without an extension.

Can belated return be rectified?

No - Rectification of ITRs are different from filing a revised return. You can revise your belated return (applicable only from FY 2016-17 onwards) either before the end of the following FY, or before the processing of the ITR by tax authorities, whichever comes first.

What is the last date for belated return for AY 2020 21?

The last date to file your belated Income Tax Returns for FY 2020/21 or Assessment Year 21/22 is 31 March. This deadline is for people who had failed to file their tax returns on the original due date of 31 December 2021.

What is the penalty for late filing of ITR for AY 2021 22?

ITR filing late fees: As per the rule, individuals filing their ITR after the deadline will have to pay Rs 5,000 as penalty. They penalty is charged in the form of late fee. The fine, in case the total income of an assessed person does not exceed Rs 5 lakh, is Rs 1,000.

How much does it cost to file ITR?

1500-2000 for the filing depending on the complexity of transactions in your tax returns. The online filing via syndicators like Clear Tax and H&R Block is still lower and costs anywhere between Rs. 500 to Rs. 1000 for filing of returns.

What is the last date for filing income tax return 2022?

Tax Day Deadline 2022 for 2021 Tax Year Returns - see state related tax deadlines and payment information. April 18, 2022 - not April 15 - is the IRS Tax Deadline, or Tax Day, for 2021 Tax Returns.

Can I skip ITR for a year?

Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years. Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years.

Can you go to jail for not paying taxes in India?

You can only go to jail for tax law violations if criminal charges are filed against you, and you are prosecuted and sentenced in a criminal proceeding.

Which section deals with belated return?

Assessee's or entities with belated or late filing of income tax returns may incur a penalty of Rs 5,000 as prescribed under Section 271F of the Income Tax Act 1961.