02 August 2016
W.E.F from AY2017-18 the assessee may furnish the belated return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Prior to AY2017-18 the assessee may furnish the belated return for any previous year at any time before expiry of one year from the end of relevant assessment year or before the completion of the assessment, whichever is earlier.
A few of the consequences are: - interest u/s 234A, 234B and 234C (if requisite already paid no interest); - may impose penalty; - no carry forward benefit of losses; - The assessees claiming exemptions u/s 10 (certain provisions) are required to file within due date; etc.
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