Belated Return: Section 139(4), Penalty, How to File Income Tax Return After Due Date?

• You can file a belated return under Section 139(4) if you miss the initial deadline.
• Penalties and interest apply, but filing is still essential to avoid further issues.
• The deadline for belated returns is three months before the end of the relevant assessment year.
• The filing process for a belated return is similar to a regular return.

Filing your income tax return (ITR) on time is crucial to avoid penalties and interest. However, if you miss the deadline, you can still file a belated return. This guide covers everything you need to know about belated returns, including Section 139(4) of the Income Tax Act, penalties, and how to file a belated ITR.

A belated return allows you to file your income tax return after the due date. According to Section 139(4) of the Income Tax Act , you can submit a belated return three months prior to the end of the relevant assessment year or before the assessment is completed, whichever is earlier.

Example:

If the due date for filing your ITR for the financial year 2022-23 is 31st July 2023, you can file a belated return until 31st December 2023. However, if the tax authorities complete the assessment earlier, the deadline for filing the belated return is the date of the assessment's completion.This provision helps taxpayers who missed the initial deadline, but remember, filing late attracts penalties and interest.

1. Due Date for Filing Income Tax Return : Generally, individuals must file by 31st July and businesses requiring audit by 30th September.
2. Belated Return : If you miss the due date, you can file a belated return. For example, if the due date is 31st July 2023, you can still file until 31st December 2023.
3. Penalties for Belated Filing : Filing late incurs a penalty. For example, if you file after 31st July but before 31st December, the penalty is ₹5,000. After 31st December, it increases to ₹10,000. If your income is below ₹5 lakhs, the maximum penalty is ₹1,000.
4. Interest on Unpaid Tax : Interest at 1% per month or part of a month is charged on any unpaid tax from the original due date until the date of filing.

Example:

Suppose you were to file your ITR by 31st July 2023 but missed it. You can file a belated return by 31st December 2023. If you file on 1st November 2023, a penalty of ₹5,000 will apply. If you file on 1st January 2024, the penalty will be ₹10,000. Additionally, if you had unpaid taxes, you would pay 1% interest per month on the outstanding amount from 1st August 2023 until the filing date. Also Read: Penalty for Filing Income Tax Return Late

Filing a belated income tax return is similar to filing a regular return, with a few additional steps to account for the delay. Here’s a detailed guide to help you through the process:

Step-by-Step Guide:

• Go to the Income Tax e-Filing Portal .

• Use your PAN as the user ID.
• Enter your password and the captcha code to log in.

• Under the 'e-File' menu, click on 'Income Tax Return.'

• Choose the assessment year for which you are filing the belated return. For example, if you are filing for the financial year 2022-23, select the assessment year 2023-24.

• Select the appropriate ITR form based on your income sources. For example, ITR-1 for salaried individuals, ITR-2 for individuals with capital gains, etc.

• Select '139(4) – Belated' from the options available. This indicates that you are filing the return after the due date.

• Enter your personal information, income details, deductions, and tax payments accurately. Refer to your Form 16 , bank statements, and other financial documents.

• The system will automatically calculate your tax liability based on the information provided. Ensure that you pay any outstanding tax amount, including applicable interest and penalties, before proceeding.

• E-Verification using Aadhaar OTP.
• EVC (Electronic Verification Code) is generated through your bank account, demat account, or bank ATM.
• ITR-V (Income Tax Return Verification) form, which you can sign and send to the Centralised Processing Centre (CPC) in Bengaluru by post.

• Choose one of the available verification methods:

• Review all the details thoroughly.
• Click on 'Submit' to file your belated return.

• After submission, you will receive an acknowledgement in your registered email. You can also download it from the e-Filing portal under 'My Account' > 'View e-Filed Returns/Forms.'

1. Visit the Income Tax e-Filing Portal:
2. Login:
3. Select 'Income Tax Return':
4. Assessment Year:
5. ITR Form:
6. Filing Type:
7. Fill in Details:
8. Calculate Tax:
9. Verification:
10. Submit:
11. Acknowledgement :

Also Read : Income Tax Return - ITR Filing, Types, Process and Forms

Important Considerations

• Rectification : You cannot revise a belated return. Ensure all details are correct before submitting.
• Carry Forward Losses : Losses (except house property loss) cannot be carried forward if you file a belated return.
• Refunds : Filing a belated return may delay any refunds due to you.

Any taxpayer who misses the initial due date for filing their income tax return can file a belated return under Section 139(4) of the Income Tax Act. This provision is applicable to a variety of taxpayers, including:

1. Individuals : Salaried employees, self-employed professionals, and other individuals who earn taxable income can file a belated return if they miss the due date, typically 31st July.
2. Hindu Undivided Families (HUFs) : HUFs that fail to file their return by the due date can also use Section 139(4) to submit a belated return.
3. Businesses : Both small businesses and large corporations required to undergo audit, which generally have a due date of 30th September, can file a belated return if they miss the deadline.
4. Partnership Firms : Similar to businesses, partnership firms can file a belated return if they miss the original due date for filing their ITR.
5. Trusts : Charitable and religious trusts that have missed the due date can also file their return under this section.
6. LLPs (Limited Liability Partnerships) : LLPs required to file an income tax return by 30th September can use Section 139(4) to file a belated return if they miss the deadline.

Filing a belated return under Section 139(4) of the Income Tax Act ensures that you remain compliant even if you miss the initial deadline. While there are penalties and interest involved, it's crucial to file sooner rather than later to minimise these costs. By following the outlined steps, you can efficiently complete your belated return and avoid further complications.Staying informed about the due dates and provisions like Section 139(4) helps in managing your tax obligations effectively. Remember, it's always better to file late than never at all.Ready to make the most of your money? Start your tax planning journey now!