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Belated Returns for the following

03 May 2021

Sir My cousin wrongly filed Income Tax returns of AY 2018-19, 2019-20 and 2020-21. Can she file belated Returns now... If yes how much is the penalty & interest rates ??? kindly reply

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3 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 03 May 2021

Return cannot be filed for AY 2018-19 to 2019-20 and also for other as last date was already over. But return may be filed after approval from CIT under condonation of delay u/s 119(2)(b). Penalty will be imposed and If you do not file income tax returns on or before the due date, you would be required to pay interest at the rate of 1 percent for every month, or part of a month, on the amount of tax remaining unpaid as per section 234A