Delay in Income Tax Return Filing, Late Filing fees of ITR

Delay in Income Tax Return Filing, Late Filing fees of ITR

Incase you miss filing your ITR on due date, you can file it on or before 1 year from the end of relevant Assessment Year. In case of delay in Income Tax Return Filing, Late filing fees will be levied.

The due date for filing ITR for FY 2019-20 is as follows:

• 31st December 2020 in case of the taxpayer having no Audit under any statute.
• 31st January 2020 in case of the taxpayer having Audit.

The belated return for FY 2019-20 can be filed up to 31st March 2021.

Penalty for Income Tax Return Filing Delay or Late Filing fees of ITR

The Late Fees for Filing a Belated return is levied under section 234F of the Income Tax Act. The Fees is as follows:

1. If Total Income of Taxpayer does not exceed Rs Five Lakh.

Rs. 1000

2. In any other case i.e. when Income of Taxpayer does not exceed Rs Five Lakh.

Rs. 10,000

Do I need to pay late filing of ITR even if I am not liable to file it?

No, late filing fee under section 234F not leviable in case you are not required to file ITR as per section 139 but filing it voluntarily though after the due date.

Some Other Benefits that you lose when you don’t file your ITR on Time are:

Carry Forward of Bussiness Loss:

• Taxpayers filing belated returns cannot carry forward its loss for Current Year.
• However, Loss can be Offset with the income even if you file Belated Return.
• Also, Loss under the head House Property can be carry for even in case of Belated Return.
• Please also note that Loss for earlier year can also be carried forward even if you file belated return, if ITR of Loss of that year was duely submitted on or before the due date.

Applicability of interest u/s 234A

Interest Under Section 234A is applicable in case of belated Filing of ITR.

Interest on Refund

You will lose interest on a refund in case you file the belated return, even if you were eligible for the same.

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