Penalty for Late Filing of Income Tax Return

Updated: 03-09-2019 06:27:46 AM

Filing of income tax is an important task and should be done carefully. The tax payer has to first ascertain the category under which he/she falls, then clearly follow the prescribed formats, get the respective forms and diligently fill up the form in order to avoid any kind of problems later. Also, the tax payer has to make sure that the tax filed is done on time. However, many times he/she fails to file their income tax on time which may have serious consequences later.

Keeping the above situation in mind, the Income Tax Act, 1961 has provided certain provisions and have introduced a section that allows an individual to file his/her tax on the date post the initial tax filing date. The tax payer may file his return under Section 139(4) i.e. under the belated return of income tax

Understanding Belated Returns

The tax payer can file a belated income tax return under two circumstances:

1. If he/she has failed to file the tax return on or before the tax return date as mentioned under Section 139(1), or
2. If he/she failed to file the income tax return again even after the tax assessing officer has prescribed another specified date, after the actual due date.

Read More about Income Tax Return – How to File, Income Tax Return Forms & Due Dates