What is the time limit and conditions for submitting a belated return?

Asked by: Miss Alvina Keebler MD  |  Last update: March 18, 2023
Score: 4.8/5 (13 votes)

You can file your belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY). An ITR filed after the due date is called a belated return.

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).

Can belated return be filed?

A belated income-tax return attracts a late-filing fee under Section 234F of the Income Tax (I-T) Act. The deadline for filing the income tax return (ITR) for the Financial Year (FY) 2020-21 or Assessment Year (AY) 2021-21 ended on December 31, 2021. But you can still file a belated return till March 31, 2022.

What is belated return?

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 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.

Income Tax Return Filing After Due Date AY 2021-22 Belated | How to File ITR After Due Date Belated

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Is there 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. From Financial Year 2021 onwards, the income tax department has reduced the maximum amount of penalty for late filing of return to Rs 5,000 from Rs.

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.

How do I submit belated ITR?

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.

What is revised and belated return?

Revised Returns

After filing the return, if a taxpayer finds errors or has omitted to report certain income or claim some expenses, he can revise the return, without paying any penalty. As per Section 139(5), even a Belated ITR can be revised.

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.

Can a belated return be revised for ay 21 22?

(c) Belated return can also be revised. (d) You can revise your income tax return even if you have received Income Tax Refund. Receipt of refund does not mean that your assessment is complete. For income tax refund, intimation under Section 143(1) is sent which is different from Assessment as mentioned above.

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.

Which is the due date for filing belated return of income u/s 139 4?

It means that an individual can file a belated return for FY2020-21 by March 31, 2022, i.e. before the end of the assessment year (AY)2021-22.

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.

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 we submit ITR after due date?

If the ITR is filed after the due date (July 31) and before December 31, 2022, then a late filing fee will be levied. A late filing fee will be levied if you file a belated tax return, i.e., after the deadline. Until assessment year (AY) 2017-18, there was no penalty for filing belated income tax returns.

Can refund be claimed in belated return?


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.

What is the penalty for late filing of ITR for AY 2020 21?

Until, FY 2019-20 if a taxpayer missed the ITR filing deadline, the maximum penalty he/she had to shell out was Rs 10, 000. However, with effect from FY 2020-21 (AY 2021-22) i.e., last year, the penalty amount has been reduced by half, i.e., a maximum penalty of up to Rs 5,000.

What is late fee for ITR?

One can file income tax return (ITR) after missing the deadline, which is 31 July 2022 for the financial year 2021-22 (FY22), but they have to pay a late filing fee. As per the latest details, if the yearly income of an individual is above Rs 5 lakh per annum, a late fee of Rs 5,000 will be imposed.

How can I avoid fee 234F?

In order to avoid payment of late fee u/s 234F, one needs to file the income tax return on time in respect of every assessment year :-) Visit tax2win for hassle free ITR filing.

What is the time limit for scrutiny assessment?

Time Limit for Scrutiny Assessment

As per Section 153, the time limit for making scrutiny assessment under section 143(3) is: Within 21 months from the end of the assessment year in which the income was first assessable.