What happens when you missed the deadline of filing of return upto the specified due dates of the relevant financial year? Is it possible to filed the previous years return?
Here are some solutions to file returns of previous years.
Filing ITR for Previous Years
As per Income Tax Act, The due date of filing Income Tax Return for individuals is 31st July.
The Income Tax Act provides that where an individual has not filed his tax returns within the specified due date of the relevant financial year, he shall file belated return anytime on or before one year from the end of the relevant Assessment Year but before the completion of assessment.
However, with the amended Finance Act 2016, from Assessment year 2017-18 belated Income tax returns should be filed before the end of the relevant AY.
Taxpayers filing belated tax returns for FY 2017-18 onwards do have the opportunity to revise the same within the specified timeline but would attract a late return filing fee as below:
Income Slab Fee
Upto Rs. 5 lakh Rs. 1,000
More than Rs. 5 lakh Rs. 5,000 (from 1st August to 31st December)
Rs. 10,000 (from 1st January to 31st March)
Timelines for revising tax returns
For FY 2016-17, the due date for revision is within two years from the end of the financial year, whereas for FY 2017-18 onwards, this period has been reduced to one year from the end of the financial year.
However, the tax returns in either case need to be revised before the completion of assessment.
A quick review of Due dates
|Financial Year||Due date of filing tax return||Belated return could be filed upto below dates or before completion of assessment, earlier||Revised return timeline||Whether belated return can be revised|
|2016-17||5 August (extended) 2017||31 March 2018||31 March 2019||No|
|2017-18||31 August (extended) 2018||31 March 2019||31 March 2019||Yes|
|2018-19||31 July 2019||31 March 2020||31 March 2020||Yes|
What to do if you get a late payment notice?
In case income tax department sends you a late payment notice directing you to file the returns that go beyond 2 financial years, you can prepare your tax returns accordingly and submit it to the department. Taxpayers are expected to file old returns when they get an IT notice.
How to file the missed returns?
The Finance Act 2016 amendment has made provisions to file the Income tax returns in case the taxpayer has missed out the due date.
However, filing the missed returns in allowed only in some specific cases. The following ways helps you file a condonation of delay request:
- The claim is correct and genuine.
- The case is based on genuine hardship of merits.
- A refund has resulted due to excess tax deduction, TDS, advance tax, or self-assessment tax.
If you have paid taxes on time but have not filed the returns on time, you will get a notice from the IT department asking you to file the ITR and you will have to pay a penalty of Rs. 5,000. The legal actions that will be taken for not filing the ITR in time include penalizing, fines, or even imprisonment.