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Life may not give you a second chance but Income Tax does!!

Updated on: 07 Aug, 2023 05:37 PM

Still not filed your IT Return? Keep Calm, you still have a chance to file by way of Belated Return!!

IT Department reckons that everyone deserves a second chance, so if you forgot to file your IT return by the prescribed due date 31 July 2015 then don't panic, you still have the chance to file your Income Tax return. Whenever you file an income tax return after expiry of due date, such filing is called Belated Return Filing.

According to the provisions of Income Tax Act, 1961 you can file Belated Return before the expiry of one year from the end of the relevant assessment year or before the completion of assessment.

For example, the last date for IT Return of the assessment year 2014-15 is 31st March 2016 and for IT Return of the assessment year 2015-16 is 31stMarch 2017.

Why we should always file in time and avoid Filing a belated return, as it has some downsides to it, for example:-

  • If you have some Capital loss or loss from Business and Profession, then these losses will not be carried forward under the relevant heads.
  • Interest under section 234A will be attracted if you have any tax liability which has not been paid to the IT Dept. at the rate 1% per month on the amount of net tax liability.
  • You will also not be able to file revised return in case of any error.
  • If belated return is filed after the end of relevant assessment year then a penalty of Rs. 5000 may be imposed.

But don't worry, Tax2win experts will help you to avoid any penalties and interests amount, and will help you in filing an accurate belated filing return.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.