Income Tax Returns for Last Year

Every Assesse Can file their belated return with in one year from the end of the assessment year relevant to previous year, you must be aware that due dates for filing your Income tax returns 31^st July , however if Assesse  fail to file the returns on due date for last two years , you can file belated returns for last 2 years(FY 2012-2013 and  by 31.03.2015 .

Consequences of Belated (late) return Filing :

1.       No revision :Late (belated ) return Can not be revised for any error .

2.      Loose right to carry forward any Loss :If any person file late return ,who has sustained a loss in any previous year under the head following head , can not carried forward losses to next year.

o    “Profits and gains of business or profession” or

o    under the head “Capital gains”

3.      Penalty : As per Section 271F of Income Tax Act If return is filed after end of assessment year (after 31.03.2015 in case of return of FY 2012-13) then assessing officer may impose penalty up to Rs 5000/- , However , this penalty is rarely exercised by Assessing officer , if taxes have been paid .

4.      Interest on Outstanding Tax :Interest Under section 234A @ 1 % per month applicable on Net outstanding Tax due amount .

5.   Delayed Refund : Sometimes the refunds are delayed if you file returns after due date , as department will process the returns first which are received by due date .

How to file belated return after Due date ?

There is no major difference in the process of filing Income Tax return before or after the due date , assesse needs to select the section 130(4) for belated return in ITR form , you can download the ITR form for previous year from https://incometaxindiaefiling.gov.in/

Important Dates for filing Income Tax Returns

Financial Year	Assessment Year	Due Date	Belated Return Date
2012-2013	2013-2014	31-07-2013	31-03-2015
2013-2014	2014-2015	31-07-2014	31-03-2016
2014-2015	2015-2016	31-07-2015	31-03-2017

If you have any queries , drop your query using comments box below .