How to file pending income tax return? What is time limit and consequences of belated return?

The due date for filing income
tax return is 31st July (for individual & HUF to whom tax audit is not
applicable).  However, some taxpayers failed
to file Income tax return before the due date, now they can file belated return. But tax-payers can
file belated returns for two financial years at a time.

As per section 139 (4) belated
return can be filed at any time before the end of one year from the end of
relevant assessment year.

The following table explains the time
limit of filing belated income tax return:

Financial
Year

Assessment
Year

Due date

Belated
return time limit

2011-2012

2012-2013

31St July 2012

31st March 2014

2012-2013

2013-2014

31St July 2013

31st March 2015

2013-2014

2014-2015

31St July 2014

31st March 2016

 So those taxpayers who missed the
filing income tax return for the financial year 2012-2013 and 2013-14 have still
chance to file their return on or before 31st March 2015. However,
such return is treated as belated return.

Consequences for belated income tax return

If Income tax return filed after
due date but before the time limit of belated return, following consequences will
happen with taxpayers.

1.      
Interest:

Tax- payer need
to pay penal interest under section 234A of the income tax act, at the rate of
1% per month form the due date of filing the return up to the date of tax
payment.

2.      
Penalty:

Penalty for late
filing of income tax return, under section 271F is Rs. 5,000. However, this penalty
is based on the discretion of the income tax officer and applicable if belated
return filed after the end of assessment year.

3.      
Carry
Forward of losses:

If there is loss
in return and tax-payer is filing the belated return, such loss cannot be
carried forward to next financial year.

4.      
No
Revision:

Tax-payer need to
file the belated return carefully as belated return cannot revise.    

Is there different procedure for filing the regular return and belated
return?

There is no difference in return
filing procedure of the regular return and belated return. 
The applicable form remain the same only taxpayer is required to tick the
option of “Return file after due date – 139 (4).”

 If your return for the financial year
2012-2013 is pending, you can file the same before 31st March 2015. If
your return for the financial year 2013-2014 is  pending, you can file the
same on or before 31st March 2015 to avoid the penalty of Rs.5000 under
section 271F. 

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