Missed the ITR deadline? Here's how to file it now

The due date for filing Income Tax Returns (ITR) for the assessment year is usually 31st July every year. However, many taxpayers miss this deadline for various reasons and need to file their tax returns after the due date. Here is a detailed guide on how to file delayed returns in India.

Income tax return due date
 

The income tax return last date or due date is 31^st July for individual taxpayers and those who need to get their accounts audited. For other taxpayers like companies and firms who are required to audit their accounts, the income tax return filing due date is 31^st October, and 30^th November for businesses requiring pricing transfer reports. However, the government can extend the ITR due date for individual taxpayers.

What happens if you miss the ITR due date?
 

If you miss filing your ITR by the due date, you will be liable to pay late filing fees. The charges are:

• ₹5,000 if ITR is filed after the due date but before 31^st December of the assessment year. If the individual’s income is less than ₹5 lakh, then this fee is reduced to ₹1,000.
• ₹10,000 if ITR is filed after 31st December but before 31^st March of the assessment year.

In addition, you may lose the opportunity to carry forward losses while filing future returns.

How to file ITR after the due date 
 

The steps for filing ITR after the due date are as follows:

1. Determine the eligible ITR form
 

Find out which ITR form you need to use based on your source of income. Common forms are:

• ITR-1 Sahaj - Individuals residing in India with an income of up to Rs 50 lakh from salary/pension, one house property, or other sources.
• ITR-2 - Salaried individuals with an income of above Rs 50 lakh from more than one house property, capital gains, foreign income, equity shares, or holding directorship in a company.
• ITR-3 - Individuals earning every income mentioned in ITR-2 along with income from a business or profession or being a partner in a firm.
• ITR-4 Sugam - Individuals residing in India and HUFs earning an income of up to Rs 50 lakh from every income mentioned in ITR-1 along with income from salary or pension, one house property, presumptive income, or any other sources.
• ITR-5 – This form is to be filled by firms, AOPs (Association of Persons), BOIs (Body of Individuals), and LLPs (Limited Liability Partnership).
• ITR-6 – For companies who do not claim exemption under Section 11 (income from property held for charitable or religious purposes).
• ITR-7 – For persons/companies that are required to state their returns under Section 139(4A), Section 139 (4B), Section 139 (4C), Section 139 (4E), or Section 139 (4F).

2. Collect the required information
 

Gather financial documents, form 16, tax payment challans, bank statements, etc., required to report your income and taxes.

3. Calculate tax liability
 

Compute your total taxable income for the year and calculate the tax payable after claiming deductions, rebates, etc

4. Pay due tax before filing ITR
 

If there is any tax due after claiming TDS, advance tax, etc., pay it online or offline through challan 280. You can seamlessly make the payment online through net banking, debit card, and similar payment instruments. IDFC FIRST Bank’s netbanking and mobile banking platforms ensure that paying taxes and other bills is simple and quick.

5. Fill in ITR form details
 

Carefully provide all the personal, income, tax, and other details in the ITR form. Cross-check entries with Form 26AS.

6. E-verify the ITR
 

Generate electronic verification code through Aadhaar OTP, net banking, DSC, etc., and e-verify the ITR after filing. Print acknowledgement.

7. Pay a late fee if applicable
 

If filing after the due date, pay the additional late filing fee through challan 280 based on the delay period.

How to revise the return after filing a belated ITR
 

If you notice any errors or omissions after filing a belated return, you can revise the ITR by:

• Filing ITR again and selecting the “revised return” option.
• Making necessary corrections in income, deductions, taxes, etc.
• Paying additional due tax if required.
• E-verify again.

Revision can be done before expiry of the assessment year deadline i.e., 31^st March.

Consequences of delayed ITR filing
 

Here are the implications of missing the ITR due date:

• Pay late filing fees up to ₹10,000 depending on the duration of delay and income.
• Loss of interest on refund, if applicable.
• Scrutiny chances increase if substantial taxes are due.
• May impact loan or visa applications.
• Cannot carry forward losses while filing future ITRs.

Therefore, taxpayers must ensure they file their returns within the due date to avoid penalties and other hassles. Consult a professional if needed.

Conclusion
 

While one should aim to file ITR within the original due date, returns can still be filed up to one year after the close of the assessment year with late fees. Taxpayers should gather all income information, compute tax liability, pay due taxes, fill out the suitable ITR form accurately, and e-verify it. The returns can be revised later if needed. However, delayed filing does have monetary and compliance consequences, so taxpayers must plan diligently to meet the ITR due date.




 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.