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Returns filed after the due date are treated as a belated return. It can be filled three months before the end of the applicable assessment year.
A return that is filled in order to remove the errors in the original return is a revised return. This is also filled three months before the relevant assessment year ends.
The last date to file a revised or belated income return for assessment year 2024-25 is 31 December.
If one fails to file a late return, the refund claim will be rejected, as submitting a return is the only method to claim a refund for excess tax deducted at source (TDS) paid.
Under section 276CC, a prosecution is initiated if an individual fails to file their income tax return as required under Section 139(1) or following a notice from the Income-tax authorities. This offence is punishable.
Not filing a return of income can lead to under-reporting of income. Thus, a penalty may be levied under section 270A at the rate of 50 per cent of the tax payable on under-reported income.
Compiled by Syed Muskan