Belated ITR filing Process

The process of filing a belated return is almost the same as filing the original return (returns filed before the due date).

Belated returns need to be filed using ITR forms (ITR-1 to ITR -7) notified by the government for FY 2021-22.

“The only difference is, under the ‘Part A – General Information’ they have to select the section for belated return, which is ‘139(4)’,” says Gupta.

Belated ITR filing consequences

Taxpayers filing belated returns will have to bear the below consequences:

• Loss under head capital gain and business and profession may not be allowed to be carried forward
• The taxpayer will be liable to pay interest under section 234A depending upon the amount of tax due to @1% per month;
• The income tax officer may levy a penalty of Rs 5,000 under section 234F for late filing of return. However, if taxable income is below Rs 5,00,000, the penalty amount is Rs 1,000. The penalty amount. Needs to be paid before filing the belated return
• In case the taxpayer is eligible for a refund, the tax department pays interest under Section 244A, a portion of which will be lost due to the late filing of return.

  While it is always advised to file returns before the due date, those who missed the 31 July deadline can still file their income tax returns by paying the above-mentioned penalty and interest.