What is Belated Return?

Hello there, pal!

I work as a tax consultant and a real estate lawyer. Clients frequently ask me what is belated return section of Income tax, and what are its repercussions. However, as a lawful citizen of India, it is my responsibility to educate others about the importance of timely filing of income tax returns. As a result, I'd like to educate you on the many forms of returns.

A return of income is a form that is used to detail the income and taxes paid on it, as well as to report it to the government. There are primarily three sorts of returns that can be filed for income tax purposes:

• Original

An original return is a valid return filed within the due dates

• Revised

A revised return occurs when an assessee successfully submits his return but later realises he has overlooked some information or has not revealed the information completely, or for any other reason that requires him to file his return again.

• Belated

A belated income tax return occurs when an assessee fails to file his return within the timeframes set forth in the income tax statute and instead files it after the due date. A belated return must be filed on or before the end of the applicable assessment year.

For example; in the fiscal year 2020-21, Mohan has a taxable income of Rs. 9,00,000 from his wage. On September 6, 2020, he files his tax return. The deadline for him to file his return is August 29, 2020. It is a Belated return because he filed it on September 6, 2020. Mohan can now file his tax until March 31, 2021.

Delaying your tax return has its own set of drawbacks:

• Losses from head capital gains, as well as losses from business and profession, shall not be carried forward

• The assessee shall be obliged to pay interest at the rate of 1% per month under section 234A, based on the amount of tax payable

• The income tax officer may levy a penalty of up to Rs.10,000 for late filing of a return under section 271F. If your taxable income is less than Rs. 500000, the penalty will not exceed Rs. 1,000

• If the assessee is entitled to a refund, the tax department would pay interest under Section 244A, some of which will be lost due to the late filing of the return

I hope this makes it clear and removes your doubt about what is Belated return. Be a responsible citizen and file your income tax on time:)

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