Not Filing A Belated Or Revised Return On Time; Know The Consequences

Outlook Money

Belated Return

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.

Belated ITR Filing

Revised Return

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.

Last date to file return

The last date to file a revised or belated income return for assessment year 2024-25 is 31 December.

No refund

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.

Prosecution

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.

Penalty

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

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