Consequences of Filing Income Tax Return After Due Date

The due date for filing income tax return for  corporate assessees and other assessees who are  required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30^th September and for others it is 31^st July every year as have been prescribed u/s 139(1).

These due dates are also sometimes extended by the CBDT as this year has been done, extending the due date from 31^st July to 4^h August. For a layman sometimes it may create doubt if he fails to file his return of Income within due date, whether he can file his return of Income after the due date, especially when  he is under no obligation  to get his accounts audited under Income Tax Act or under any other law.

The answer to this question is yes. Under section 139(4) a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.

But, where the assessee has some capital loss or loss from business or profession to be carried forward he should file his return of income within the due date as prescribed u/s 139(1). As per section 139(3), no loss shall be allowed to be carried forward under the head Business or Profession or under the head Capital Gain unless the return is filed within the due date as mentioned in section 139(1).

Where return of income is filed after the due date, interest u/s 234A will be payable. But if there is already tax has been deducted from the income of the assessee or advance tax has been paid by the assessee and there remains no tax to be paid after such T.D.S or advance tax then no interest is levied u/s 234A for filing the return after the due date.

It is to be noted that a penalty of Rs 5000 may be imposed u/s 271F if the return of income is not filed within the end of the relevant assessment year. For example, such penalty is imposable if return for asst. year 2010-11 is not filed by 31^st March 2011.

It should also be noted that where a belated return is filed u/s 139(4), no revised return u/s 139(5) can be filed as it was held in Jagdish Chandra Sinha v. CIT 220 ITR 67 (SC).

Thus if your due date for filing return was 31^st July further enhanced to 4^th August this year and you miss to file it within due date you can still file it after the due date as stated above.