How to file a belated income tax return?

Updated: Monday, February 17, 2014, 16:09 [IST]

If you are among the taxpayers who'll be filing a belated return for the assessment year 2013-2014 (Financial Year 2012-2013), you can do so and file the return until March 31, 2014. Considered to be very strict, Taxmann exercises leniency in some special cases wherein the taxpayer has failed to file the return by the due date on account of some grave issue such as when the concerned is seriously ill or injured.

In the other case also you can file the return, when you have missed the deadline due to your callousness. But this can be done at a cost either in the form of penalty or interest charges or as delay in receipt of refunds or in the other case as lower interest rate on the delayed refund amount as such an interest begins to accrue from the date when the return was filed by the concerned taxpayer.

The procedure of filing belated income tax return is the same. However as the case may be penalty is imposed or waived. For knowing about the different cases, when the taxpayer needs to pay an additional penalty for the delay in filing of return. Click on this link.

Other than the concern about the penalty provision, while filing a belated income tax return who ought to clearly specify that the return being filed is the belated return. In a case when the return is being filed by the concerned taxpayer after receiving a notice from the income tax department, it also has to be specified in a precise way. And it is in the interest of the non filer of the income tax return to act promptly to the notice of the department else prosecution steps can happen against him or her, more so when the tax liability is over Rs. 3000.

And even when you do not take advantage of the available provision of belated income tax return filing, the department of Income tax u/s 234A, 234B and 234C can impose a penalty and interest amount for non-filing of income tax return. And when the tax liability is over some specified limit, it can also start judicial proceedings against the concerned. Also, in case of non-filing, the provision that allows carry forwards of all losses including speculation losses, short term or long term capital loss incurred on owning as well as maintaining horse races is no longer available to the person who does not files the income tax return.

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