What to do if missed filing Income Tax Return (ITR)?

The due-date to file income tax return (ITR) for the Assessment Year 2022-23 (FY 2021-22) got over on 31st July, 2022.

Now, if for some reason you were not able to file your ITR before the due-date, here are answers to some questions in case you want to file your ITR post the deadline:

• Can I file my Return post 31st July, 2022?

Yes, you can file your ITR even post 31st July, 2022 which is due date but before the last date i.e: 31st December, 2022 and the same would be considered as "Belated Income Tax Return". However, there are a few consequences which will follow if you submit your ITR after the due date.

• What is a Belated Income Tax Return?

If an individual fails to file his/her ITR before the due date, then as per section 139(4) of the Income-tax Act, he/she can file a belated return. You need to select "Return filed under section 139(4)" in the drop-down menu in the relevant box in the ITR.

• Can I revise Belated Income Tax Return?

Yes, a Belated ITR can be revised at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

• What are the consequences which will follow if I submit ITR after the due date?

1) Penalty: Effective from the financial year 2017-18, a late filing fee will be applicable for filing your returns after the due date under section 234F. The maximum penalty is Rs. 5,000 (revised from 01/04/21). The penalty is as follows:

*Note : The basic exemption limit is dependent upon the income tax regime chosen by you. Under Old tax regime, basic exemption limit is Rs. 2,50,000 for taxpayers under the age of 60, Rs. 3,00,000 for taxpayers between the age of 60 and 80 & Rs. 5,00,000 for the taxpayers above the age of 80.

However, under New tax regime, basic exemption limit remains Rs. 2,50,000 irrespective of your age.

2) Levy of Interest under Section 234A: Apart from the penalty for late filing under Section 234F, interest under section 234A at 1% per month or part thereof will be charged till the date of payment of taxes.

It may be pertinent to note that no late filing fees will be levied under Section 234F on the ITR filed after the due date if the gross total income does not exceed the basic exemption limit. 

3) Carry Forward of losses: 

The following Losses cannot be carried forward if the Return Of Loss is not submitted in time :

• Business Loss (including Speculative);
• Capital Loss; and
• Loss from the activity of owning and maintaining race horses.

However, section 80 does not restrict to setoff of loss from Profit and Gains of Business or profession or Capital Gains in the same year even the return filed after due date.

Also, loss under the head “Income from house property” can be carried forward even if ITR is furnished after due date.

4) Refund: Interest on Refund under section 244A shall be calculated from the date of furnishing of return of income to the date on which the refund is granted in case return is filed after date instead of from the 1st day of April of the assessment year to the date on which the refund is granted, if the return of income has been furnished on or before the due date specified.

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