‘Tar Economics tarewio4ae coo | GadiGsdey | ily so cere ladeed. yocivame create oe, MARKET STATS ~ 32,325 4.6755 10,066 45275 28,400.00 v-17500 63.58 y-on — PoRTFOLO —aNDGAL SS What is a belated income tax return and what are its consequences BY DEVANSH SHAAWA, ECONOMETINES.COM AUG 05 2017, 04.02 PMT (Comer) Ityou think you will miss the extended income tax return fling deadline also, there's still a chance for you to file your retum, However, there are certain points you need to Understand before you make up your mind to avail this last chance. Returns fled after the due date are referred to as ‘Belated Retums’ Below is your primer on fling belated tax retums: ‘What is belated income tax return? Ian individual fils to file the income tax retum by the due date, then as per section 199(4) ofthe income tax he can flea belated retum, ‘What is the deadline to file bolated ITR? A belated retum can be fled at any ime before the end of the relevant assessment year or bofore completion of assessment, whichever is earlier. Ifyou are fling a belated return for FY16-17 then you need to fil he applicable ITRs as notified for this FY only and not for any previous or later FY, The relevant assessment year fora financial year's the Big Change: Immediately succeeding financial year. ‘Year Pans: Allyou ‘This means that you can fle belated retun for FY2016-17 by March 31, 2018 Le. before the end of ofthe current assessment year (av2017-18) Can you revise belated tax returns? ‘Yes, I return for the FY 2016-17 and onwards fled under section 139(4), which is belated tax retum can be revised. However, belated retums filed for previous financial years cannot be revised because the income tax law for this was changed from FY 2016-17 onwards, ABHK Ready to move Enrolfor a unique in Homes Singanallu, Sei 202 1 Digital Finance Coimbatore Star. from IM Kas. Puranas g 1 xscipar Is there a penalty? No, the penalty for fling income tax return after due date is only applicable from FY 2017-18. The government has introduced a ‘maximum late fee of Rs 10,000 for delayed filing of income tax return by individuals inthe last budget presented in February this year. However, this fee is applicable with effect from Apil 1, 2018 and will nt apply for returns fled for FY2016-17 for which the deadline as of now is August 5, 2017. I there's no penalty then what do I stand to lose if Ifile belated returns? ‘You stand to lose certain benefits for not adhering ta the income tax fling deadline + Cannot carry forward loss It you file @ belated return you cannot carry forward losses (except loss from house propery). Losses under the folowing heads of income: Income from business and profession including speculation business, capital gains, and income from other sources cannot be carried forward in case a belated return is fled by the tax payer, The return fler will not be allowed to carry forward these losses even if all taxes have been paid in time ifthe retum is belated. + Levy of interest under section Ityou have any unpaid tax liabilly fling your return after the due date would result in levy of penal interest on the unpaid tax‘calculated from the due date of fling the retum til the actual date offing. But fno taxis payable, the taxpayer won't be lable to pay this, interest on unpaid tax due to the belated fling for FY16-17 only. However, ifthe income tax department on assessing your return raises ‘demand for additional tax payment then you would have to pay penal interest on that tax as well asthe additional tax. ‘Stay ontop of bus Pomarasy FOLLOW US peat eer | Utell chat | Pune Mir | Sangloe Mra Amedabed Mae Iisvyascur fEduoston Tes |8rend Catal | Yuba Mra Times Now Ielsnes [renege AEC gr] Sars [Go reen | AtAge | ranay [IGN nin | Nava Say [Ties of a Lichcke | Gado | Serayam Tal | Samayam Tlgu| Mss Kr | Somoey Tine | Fmoop “Tmesoy |] [Entartsent | Zoom | Heats | Luxresso | Gadel Reviews| ‘Tiarum & Pieur Cre Cars| Ona Senge] MenaXP | Holl Fave Destnatns| Cac | Reape | Gaana |Hsopyies |Gatsnaraop 1 news with The Economic Times App. Download it Now! 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