What is a Belated Return?

A belated return is filed in case a taxpayer misses the statutory deadline for the Income Tax Return (ITR). According to the provisions of the Income Tax Act, a taxpayer is allowed to file a belated return up to three months before the close of the assessment year or before the completion of the assessment, whichever is earlier. Hence, the deadline for filing a belated return for the present financial year 2024-25 is December 31, 2025.

Step-by-Step Procedure to File a Belated Return

By following the steps below, one who has missed the IYTR deadline can file a belated return:

• Step 1: Visit the Income Tax e-filing portal.
• Step 2: Log in to your account using the required credentials, like your PAN and password.
• Step 3: Select your type of return by following – Click on ‘e-File’ > ‘Income Tax Returns’ > ‘File Income Tax Return.’
• Step 4: Select the appropriate assessment year for which you are filing the belated return.
• Step 5: Click on the ‘Start new filing’ button.
• Step 6: Select your applicable taxpayer status.
• Step 7: Based on your category, select the relevant ITR form.
• Step 8: In the ‘Personal Information’ section, ensure all personal details are genuine and correct.
• Step 9: Navigate to the filing section and choose option 139(4) for belated return filing.
• Step 10: Fill in your income details under various source heads and proceed to make the tax payment.

Consequences for Late Filing

Missing the statutory date for return filing can lead to several implications under Section 234F. Late filing of the Income Tax Returns (ITRs) can attract a penalty of up to Rs. 5000. Taxpayers having taxable income up to Rs. 5 lakh can face a penalty of up to Rs. 1000; those earning income above Rs. 5 lakh can face a penalty of up to Rs. 5000. Additionally, late return filing can also lead to delayed refunds, income tax notice issuance, and interest incurred, depending on the nature of the tax due or advance tax shortfall.