The due date for the Income-tax return for Financial Year 2020-21 ay 2021-22 for non-audit cases is coming in the few days i.e 31.12.2021. Three is a Rush on e-filing the return on the Income Tax portal. Almost 7-10 lakh returns are daily filed on the Income-tax portal. Almost 4 crore returns have already been filed but yet 2-2.5 crore have yet to be filed as per the previous year's Data. So many taxpayers, if not wake up in the coming days then they will become the late filer and have to face the consequences of the late filing of return including Penalty.
What is Late Filing of Income Tax Return?
If you do not file your Income-tax return within the due date (for Fy 2020-21 extended due date is 31.12.21) then a late-filed return will be called a Belated return. The is covered under section 139(4).
Fee for default in furnishing return of income.
234F.(1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of a fee, a sum of five thousand rupees :
Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.
(2) The provisions of this section shall apply in respect of the return of income required to be furnished for the assessment year commencing on or after the 1st day of April 2018.
- you are not able to carry forward the following type of losses if file return after the due date (read more about setting off and carry forward of Losses)
- Speculation loss
- business loss excluding loss due to unabsorbed depreciation and capital exp on scientific research
- short term capital loss
- long term capital loss
- loss due to owning and maint. of horse races
- However, there is no impact on the following type of losses even if the return is furnished after the due date
- loss from house property
- business loss on account of unabsorbed depreciation and capital expenditure on scientific research.
- Though delay can be condoned as per circular CIRCULAR 9/2015 [F.NO.312/22/2015-OT], DATED 9-6-2015 on fulfilling of certain condition)
3. Certain exemption deductions are linked with due date: Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE are linked with the due date.
- Deposit your Balance Tax due within the due date so that Interest under 234A can be saved
- Deposit unused amount of capital gain in Capital Gain Account scheme