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Things You Should Know About Late Tax Return Online

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One should always try to file their income tax return before the due date but due to any problem if you fail to do that on a stipulated date then you might face some legal issues. Therefore, you should know the details well and procedure of late tax return online and how to go about it. Certain guidelines are furnished below which will help you to file your late tax return online:

1. What should you do first if you have crossed the date of filing your income tax return


If you have failed to submit your taxes within the stipulated date, you need not worry much as there are options for filing your late income tax return by choosing the belated return option.

2. Things you should know about the belated return

A belated income tax return can be filed anytime before the completion of the relevant Assessment Year (AY). The due date for income tax return is generally given till 31st July of a particular year. If you have missed the date for your income tax filing, you can go for late tax return online any time before the end of the next financial year which is till 31st March.

3. Fine

There is an easy single-step income tax return procedure for those whose income is below the margin of 5 Lacs. You can avail the option under the come tax law to file the return which you have missed to file before the due date but failing to file a return before the due date can lead to a fine of Rs 10,000 under section 234F (if you go for a belated return). Then again if you miss a deadline for the belated return date, that may result in a notice coming from the income tax department. If you are about to get a refund from the tax department you need to file a return for your claim.

4. Procedure for filing a belated income tax return

The procedure for filing a late tax return online is the same as that of filing the return within the due date. You need to choose the particular ITR form which is applicable to you and the form should be filled up in the same manner as one need to fill up for filing income tax return within the scheduled date. The only difference is you have to choose the assessment year in which you are filing your belated return.

5. Possible results of late filing return

If income-tax returns aren’t filed before the due date, it can lead to the following results:

  • A penalty amount of Rs 5000 may be charged if there is any tax which is unpaid which will account for an interest of 1% per month. The penalty may or may not be applied in every case and depends on certain circumstances.
  • If the income tax filing is done after 31st December, an additional Rs 10,000 may be charged but for those who do not have an income of more than Rs 5000, the penalty amount will be limited to Rs 1000 only. If you incur any loss, you are not supposed to carry that to the subsequent years in case you have not filed for the income tax return before the due date.

Thus, late tax return online can lead to a lot of problems and difficulties so, if there are not any valid issues then one should try their best to file the income tax return within scheduled date provided of a financial year to avoid giving any penalty amount as fine.

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