Can an income tax return be filed after the due date?

Taxes

oi-Sunil

By Sunil Fernandes

Published: Saturday, May 31, 2014, 9:36 [IST]

All individuals are required to file their income tax returns before July 31 each year. For example, for assessment year 2014-2015, the due date is July 31, 2014.

However, it's possible that you may have been abroad or busy and the date for filing returns may have lapsed. However, you can file your tax returns even after July 31.

In fact, your income tax return may be filed anytime before the expiry of two years from the end of the financial year in which the income was earned. For example, in case of income earned during FY 2013-14, the belated return can be filed before 31st March 2016.

The question now is whether you would be penalised for filing your tax return late and the answer is yes. The penalty may be in the form of interest if the return is not filed before the end of the assessment year. If the return is not filed even after the end of the assessment year, penalty may also be levied.

If you have paid excess income tax how and when will it be refunded?

The excess tax can be claimed as refund by filing your income tax return. It will be refunded by issue of cheque or by crediting to your bank account. The IT department says that it has been making efforts to settle refund claims within four months from the month of filing return. In practice, this happens very rarely and the income tax refund is almost always delayed. Sometimes, the department sends a notice that they have not received the Income Tax Return Form that is sent by post.

At other times it is pure delay on the part of the department. However, the IT department does pay an interest on the amount of refund.

To read more on How to view your tax refund status click here

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