In case you are one amongst the minority tax payers those have missed the extended deadline for filing the income tax returns (ITR) by 31 August, then be ready to ante up a fine to the Income Tax department. Delayed ITR filing appeals to punishment in the form of a punishment along with the reduction in the various benefits you get as a taxpayer.
The Income Tax department allows anyone who has failed to file ITR within the due date, which was extended by a month from July 31 to August 31, to file income tax returns for any previous year at any time before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. In this case, you will have to file it by March 31.
You will again be at a loss if you wait till March to file your tax returns. The penalty for belated IT returns will not be more than Rs 5,000 if you file it by the end of December 31. If your total income is not more than Rs 5 lakh then you face a reduced fine of only Rs 1,000. However if you miss the December 31 deadline also, then the penalty too shoots up to Rs 10,000. The financial punishment for not filing ITR within due date is not limited only to a penalty. You will also have to pay interest on tax due at the rate of 1% per month till the time your ITR is filed.
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An IT return filed within the due date can be revised later on if you find some reporting error. This option is not available to those who file a belated ITR. Therefore, you will have t be very careful while filing a belated ITR so that you don’t miss out on something and regret later. Have you filed ITR on time and was income tax refund due, you would have been eligible for an interest on refund claim under certain circumstances but not now. According to income tax rules, you cannot carry forward any loss other than house property if you are filing a belated ITR.
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