Belated Return: Know Meaning, Due Date, and Limitations

Taxpayers are always advised to file their Income Tax Return (ITR) before the due date. Filing ITR early can be very beneficial for you. The due date to file ITR FY 2024-25 was extended to September 15, 2025. Taxpayers still have plenty of time to file their ITR. However, what if you miss the due date? Can you file an ITR after the due date?

The Answer is yes, ITR can be filed after the original due date. If a taxpayer has not submitted his/her return before the prescribed time allowed under section 139(1) or before the time allowed under notice issued under Section 142(1), then such taxpayer can file a belated return. However, there is a specified time period before you must file a belated return. Belated return can be filed before:

• the expiry of one year from the end of the relevant assessment year or the completion of the assessment, whichever is first (applicable upto AY 2016-17), or
• the end of the assessment year or the completion of the assessment, whichever is first (applicable for AY 2018-18 to 2020-21), or
• December 31 of the relevant assessment year of the completion of assessment, whichever is earlier (applicable from AY 2021-22).

Many taxpayers might think that a belated return is a great way to file ITR if they miss the ITR due date. But here is the truth, a belated return can be very costly for you. Even though you can file ITR after the due date, this might attract a penalty, a late fee and also an income tax notice in some cases. Here are the drawbacks of filing a belated return:

• Late Filing Fee: A late fee under section 234F will be levied on the taxpayer.

• Interest: The taxpayer will be penalised with interest under section 234A.

• Restriction on Carrying Forward losses: when a taxpayer files a belated return, he/she cannot carry forward losses from the head business or profession and capital gains.

• Cannot Claim Certain Deductions: If you file a belated return, you will not be allowed to claim deductions under sections 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID and 80-IE (upto AY 2017-18) and sections 10A, 10B, 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, 80-IC, 80-ID, 80-IE, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB (from AY 2018-19).

• Cannot Opt for Old Tax Regime: Taxpayers are not allowed to opt for the old tax regime while filing a belated return. This means that you will lose all the tax benefits under the old tax regime.