Can a Income Tax return be filed after the due date?
Return of income which has not been furnished on or before the due date specified under section 139(1) of Income Tax Act is called belated return. Belated return of income is furnished under section 139(4) of Income Tax Act.
Any person who has not furnished a Income Tax return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1) of Income Tax Act, may furnish return for any previous year
– at any time before the end of the relevant (AY) assessment year or before completion of the assessment, whichever is earlier.
However, a belated return attracts late filing fees under section 234F of this act.
As per section 234F of Income Tax Act, late filing fees of Rs.5,000 shall be payable if return furnished after due date specified under section 139(1) of this act but before 31st December of the assessment year. In other cases, late filing fees of Rs. 10,000 is payable.
However amount of late filing fees to be paid cannot exceed 1,000.00 Rupees if the total income of the person does not exceed 5 lakhs Rupees.
If I fail to furnish my Income Tax return within the due date, will I be fined or penalized?
If a person who is required to furnish a return of income under section 139of Income Tax Act and fails to do so within time prescribed in sub-section (1) , you will have to pay interest on tax due W.e.f. A.Y 2018-19, fee as per section 234F of this Act is required to be paid if return is furnished after due date. Fee for default in furnishing Income Tax return of income will be as follows:
- Rs. 5000.00 if return is furnished on or before the 31st day of December of the assessment year;
- Rs. 10,000.00 in any other case
However, late filing fee shall not exceed Rs. 1000.00 if the total income of an assessee does not exceed Rs. 5 lakh.