Regarding belated Return

Not u/s. 139(4) of IT act.....

If approved by ITO can file it u/s. 119(2)(b) of the act....

In normal course you can not file.

However you can apply to your jurisdictional commissioner / AO - Request under 119(2)(b) for condonation of delay for each assessment year with genuine reasons and after it's approval you can file return for those Assessment years and claim TDS amount / refund etc.

Only for certain reasons such condonation is approved.

Sir,

Can such Application be submitted on-line through " incometaxindiaefiling" portal.

If you have any unclaimed tds and losses to be carried forward, then you can file condonation petition u/s. 119(2)(b) before your jurisdictional cit. if condoned, with the help of condonation order, you can file return of income for earlier years

@ Rajib
Online filing application under section 119(2)(b) is not available yet.

you have to go through physical process

FIRST PRPARE YOUR SELF ATATMENT AND BALANCE AND PROFIT AND LOSS ACCOOUNT AND PAY TXES 

THEN APPROACH JURISITICION ASSESSING OFFICER FOR TO SUBMIT RETURNS OTHE WISE IT IS NO TPOSSIBLE