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Summary: Learn the necessary steps for filing your Income Tax Return (ITR) after the original due date, including how to calculate tax liability, pay due taxes & applicable fine, fill the appropriate ITR form accurately, and understand the implications of delayed filing.
The due date for filing Income Tax Returns (ITR) for the assessment year is usually 31st July every year. However, many taxpayers miss this deadline for various reasons and need to file their tax returns after the due date. Here is a detailed guide on how to file delayed returns in India.
The income tax return last date or due date is 31st July for individual taxpayers and those who need to get their accounts audited. For other taxpayers like companies and firms who are required to audit their accounts, the income tax return filing due date is 31st October, and 30th November for businesses requiring pricing transfer reports. However, the government can extend the ITR due date for individual taxpayers.
If you miss filing your ITR by the due date, you will be liable to pay late filing fees. The charges are:
In addition, you may lose the opportunity to carry forward losses while filing future returns.
If you have missed the original due date, you can still file a belated return.
The steps for filing ITR after the due date are as follows:
Find out which ITR form you need to use based on your source of income. Common forms are:
Gather financial documents, form 16, tax payment challans, bank statements, etc., required to report your income and taxes.
Compute your total taxable income for the year and calculate the tax payable after claiming deductions, rebates, etc
If there is any tax due after claiming TDS, advance tax, etc., pay it online or offline through challan 280. You can seamlessly make the payment online through net banking, debit card, and similar payment instruments. IDFC FIRST Bank’s netbanking and mobile banking platforms ensure that paying taxes and other bills is simple and quick.
Carefully provide all the personal, income, tax, and other details in the ITR form. Cross-check entries with Form 26AS.
Generate electronic verification code through Aadhaar OTP, net banking, DSC, etc., and e-verify the ITR after filing. Print acknowledgement.
If filing after the due date, pay the additional late filing fee through challan 280 based on the delay period.
If you notice any errors or omissions after filing a belated return, you can revise the ITR by:
Revision can be done before expiry of the assessment year deadline i.e., 31st March.
Here are the implications of missing the ITR due date:
Therefore, taxpayers must ensure they file their returns within the due date to avoid penalties and other hassles. Consult a professional if needed.
While one should aim to file ITR within the original due date, returns can still be filed up to one year after the close of the assessment year with late fees. Taxpayers should gather all income information, compute tax liability, pay due taxes, fill out the suitable ITR form accurately, and e-verify it. The returns can be revised later if needed. However, delayed filing does have monetary and compliance consequences, so taxpayers must plan diligently to meet the ITR due date.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
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