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Belated IT Return which is Filed beyond Time [Section 139(4)]

 

Any person who has not furnished a return within the time allowed to him under section 139(1), or within the time allowed under notice issued under section 142(1), may furnish the return for any previous year at anytime —

  1. before the end of the relevant assessment year; or

  2. before the completion of the assessment,

    whichever is earlier.

Consequences of Late Submission or Filing of IT Return -

If return is submitted after the due date of submission of return of income, the following consequences will be applicable. These rules are applicable even if a belated return is submitted within the time-limit given above— Belated IT Return [Section 139(4)]

  1. The assessee will be liable for penal interest under section 234A.

  2. The assessee shall be liable for late filing fee under section 234F.

    • Late filing fee under section 234F is Rs. 5,000 (if the return is furnished after the due date but on or before December 31 of the assessment year) or

    • Rs. 10,000 (if return is furnished after December 31 of the assessment year).

    • However, in a case where the total income does not exceed Rs. 5 lakh, the late filing fee amount shall not exceed Rs. 1,000.

  3. If return of loss is submitted after the due date, a few losses cannot be carried forward . However, CBDT has power under section 119(2) to condone delay in case of a return which is filed late and where a claim for carry forward of losses is made.

  4. If return is submitted after the due date, deduction under sections 10A, 10B, 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, 80-IC, 80-ID, 80-IE, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB will not be available.

CONTENT : Return of Income and Procedure of Assessment (Section 139 to 154)

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