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How Can I File My Income Tax Return After The Due

Filing your income tax return on time is beneficial in many ways. Citizens of a country need to file their income tax returns without any delays.

Income tax return’ is a form in which income details, deductions, exemptions, and the tax payable on their incomes are declared by the taxpayer. In order to claim tax returns and other exemptions under Section 80C, 80D, it is critical to file income tax returns. It only takes a few minutes to file an income tax return, and it is very important to do it before the due date, or else you can face the consequences. There are still ways to file an income tax return after the due dates if you have missed your ITR date.  

How to File Missed Returns

In case you miss your income tax return filing due date, you can make a belated return. A belated income tax return can be filed by an individual at the assessment year’s end or before the completion of the assessment year. For the current assessment year of 2021, a belated income tax return can be filed by an individual any time before 31st March 2022 in case they miss the initial due date of filing the income tax return. 

A lot of taxpayers think that if they are paying their taxes, they have no further obligations with tax payments. However, if you fail to file your ITR, you can also face legal trouble. To file a belated income tax return, you need to follow the same steps as you do while filing a normal ITR. The only difference is that while you are filing your income tax return form, you will be selecting ‘Return Filed under section 139(4) in the required box of the ITR form.  

Taxpayers filing ITR after due dates will be fined. A maximum penalty of Rs 10,000 can be charged for missing due dates on ITR filing. An important thing to note is that belated income tax returns cannot be filed by an individual if they have not paid any taxes. The longer you wait to file an income tax return, the larger amount you will be paying. 

Filing ITR for Previous Years

Finance Amendments made in 1987 allow individuals to file belated returns on or one year before the assessment year.  The financial bill of 2021 has shortened the deadline for filing a late return even more. You can file the belated Return three months before the assessment year’s end.

Consequences of Missing ITR due date 

Alongside the penalties charged for missing due date on income tax return, other things which a taxpayer might face because of late payments are –

  • Setting Off Losses – All types of losses other than house property loss cannot be carried to the subsequent years. If the income tax return isn’t submitted by the mentioned due date, you can’t use the losses to offset future profits. If there are losses under residential property, however, carry forward losses are allowed.


  • Interest Charged on Late Payment – Not only would you have to pay penalties for missing due date on income tax return, but you would also be charged an interest of 1% per month under section 234A till the time you file your income tax return. 


  • Delay in Refunds – If you file income tax returns late, the benefit of refunds you get from this would be delayed. To get your refunds at the earliest possible date, it is important not to miss the filed income tax return well before the due date. 


Advantages of filing ITR before the due date 

There are a great number of benefits for filing your ITR before the due date, such as –

  • Loan Approvals – If you are looking to apply for a four-wheeler, two-wheeler, house, or other types of loans, filing your income tax returns on time can be beneficial for these. Your loan provider will look at these documents.  


  • Visa Approvals – If you are looking to travel outside of India, your ITR files might be required by the embassies for visa approval. Embassies and consulates ask individuals to bring their tax returns of previous years when they are applying for a visa to travel to the country. 


  • Not Paying Penalties – Heavy penalties are charged if you miss the due income tax return date. Income tax officers can also initiate proceedings for a term that can last anywhere between 3 months to 2 years with fines if ITR is not filed by an individual. If the amount of tax you owe is high, you might have to face a jail time of up to 10 years. Underreporting your income is also a punishable offense. A penalty of 50% can be charged on the amount of tax that is due. 


  • Address Proof – Income tax return documents can be used as address and income proof which are required when you are looking for loans or applying for visas. Standard ID cards are not applicable as address proof, unlike ITR documents. 


  • Tax Refunds – To receive your due income tax return from the Income Tax Department on time, you should file your income tax returns before due dates to receive the refund as soon as possible. 


  • National Building – Taxes are one of the main sources of income for the government of India. The money received is used by the government to spend on the defense of the nation, healthcare, education, and providing various schemes for citizens of the country. 


 Filing income tax returns is crucial and every earning citizen’s responsibility. Not filing income tax returns can lead to serious consequences. If you earn any kind of income and live in the country, you are required to pay income tax on time, and once you have paid the taxes, it is important to file returns on it as well. There are a lot of benefits to paying your income tax return on time. Take the help of your accountant if you find it troublesome to pay taxes.  

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