Can you file ITR after the due date? [Belated Return – Sec 139(4)]

Introduction

Generally, the due date for filing Income Tax Returns (ITR) for individuals (who are not covered under audit) will be 31st July of the relevant assessment year. If you have missed the due date, you can still file your ITR for that particular financial year, known as “Belated Return”.

In this article, let’s understand Belated Return [sec 139(4)], the Last date for filing and also the consequences of filing a Belated Return.

What is the Belated Return?

A belated Return is an Income Tax Return (ITR) filed after the due date prescribed u/s 139(1). As per sec 139(1) of the Income Tax Act, the due date specified for individual taxpayers (who are not covered under tax audit) is 31st July of the relevant assessment year.

Accordingly, for FY 22-23 (AY 23-24) due date for filing ITR is 31st July 2023. Any return filed after this due date will be considered as a Belated Return.

Last date to file

Belated Return can be filed either

(i) before 31st December of the relevant assessment year or

(ii) before completion of the assessment whichever is earlier

For FY 22-23 (AY 23-24), the last date for filing a belated return is 31st Dec 2023. So if you could not file your ITR before 31st July 2023, then you can still file it before 31st December.

But it comes with a certain price you need to pay. They are discussed below:

Consequences of filing belated return

It is always better to file ITR within the due date to avoid certain consequences associated with belated return which include:

1. Interest u/s 234A shall be levied
2. Late fee u/s 234F shall be levied
3. Certain losses (other than house property loss) cannot be carry forwarded to the next year
4. Certain exemptions and deductions cannot be claimed
5. In case of a refund, interest on the refund will be lower

Conclusion

Belated return is yet another chance for taxpayers to file their ITRs if they missed the filing of ITRs within the due date i.e. 31st July. So utilize this last chance to file your ITR.

If you are still unable to file a belated return also, then you cannot file your ITR for that particular financial year unless you file an Updated Return u/s 139(8A).

Hope you enjoyed this article, thank you for your time.