{"id":39793,"date":"2022-02-03T14:07:02","date_gmt":"2022-02-03T08:37:02","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=39793"},"modified":"2024-04-23T12:19:32","modified_gmt":"2024-04-23T06:49:32","slug":"can-an-individual-file-itr-post-due-date","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/can-an-individual-file-itr-post-due-date\/","title":{"rendered":"Can an individual file ITR post due date?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The government directs\nthat individual who earn a certain annual income must file an Income tax return\nwithin a pre-determined due date. The tax is calculated as per the Income-tax slab\nrate that the individual must pay. Failure to file ITR will invite penalties\nfrom the Income Tax Department.<\/p>\n\n\n\n<p>Also, the individual who\nearns less than the specified level of income can file returns voluntarily.\nHowever, if an individual fails to file the return before the deadline, you can\nfile the return after the due date. In this article, we pen down the options\navailable with an individual who wants to file his\/her ITR post due date.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/can-an-individual-file-itr-post-due-date\/#Extension_as_per_the_Financial_Year_20-21\" >Extension as per the Financial Year 20-21<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/can-an-individual-file-itr-post-due-date\/#Can_an_ITR_after_the_due_date_be_revised\" >Can an ITR after the due date be revised?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/can-an-individual-file-itr-post-due-date\/#Limitations_of_filing_ITR_post_due_date\" >Limitations of filing ITR post due date<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/can-an-individual-file-itr-post-due-date\/#How_to_file_a_return_after_the_due_date_filing\" >How to file a return after the due date filing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/can-an-individual-file-itr-post-due-date\/#Conclusion\" >Conclusion-<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Extension_as_per_the_Financial_Year_20-21\"><\/span>Extension as per the Financial Year 20-21<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In general, the due date\nfor filing the Income-tax return for the F.Y 20-21 was July 2021. But the\ndeadline to file ITR for the financial year 2020-21 has been extended twice-<\/p>\n\n\n\n<p>From 31st July to 30th\nSeptember 2021, and then to 31st December 2021.&nbsp;<\/p>\n\n\n\n<p><strong>Earlier, it was advisable\nto file the tax return before the due date, i.e., 31st December 2021.<\/strong><\/p>\n\n\n\n<p>&nbsp;<strong><em>Note-However,\nOn 10th January 2022, CBDT has issued a circular extending the timelines for\ncertain direct tax compliances for Financial Year 2020-21.<\/em><\/strong><\/p>\n\n\n\n<p><strong><em>The extension is granted\ndue to the increasing case of Corona pandemic and flaws on the newly launched\nincome tax portal; CBDT has now extended the due date of filing ITR post due\ndate to 31st March 2022<\/em><\/strong><\/p>\n\n\n\n<p><strong>Circular\nIssued by CBDT-Extension Date<\/strong><\/p>\n\n\n\n<p><strong>ITR filing due date\nextension:<\/strong><\/p>\n\n\n\n<ul>\n<li>For<strong>&nbsp;taxpayers cited &nbsp;under Tax audit&nbsp;<\/strong>is extended to&nbsp;<strong>15th Mar 2022<\/strong>&nbsp;<\/li>\n\n\n\n<li>For&nbsp;<strong>transfer pricing cases&nbsp;<\/strong>is extended to<strong>&nbsp;15th March 2022<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Furnishing Audit report:<\/strong><\/p>\n\n\n\n<ul>\n<li>The due date to&nbsp;<strong>furnish the audit report<\/strong>&nbsp;is extended to&nbsp;<strong>15th February 2022<\/strong>.<\/li>\n\n\n\n<li>&nbsp;<strong>For transfer pricing<\/strong>&nbsp;cases, the due date to furnish the&nbsp;<strong>audit report&nbsp;<\/strong>is extended to&nbsp;<strong>15th February 2022.<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_an_ITR_after_the_due_date_be_revised\"><\/span>Can an ITR after the due date be revised?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Earlier ITR post due date\ncannot be revised. However, from Financial Year 2016-17, an ITR post due date\ncan also be revised. However, if you file your ITR after the deadline, you will\nmiss out on certain gains, and also, a penalty will be levied.<\/p>\n\n\n\n<p><strong>Note- For the Financial\nYear 2020-21, the last date to file Belated return and revised return is the\nsame, i.e., 31st March 2022. Therefore, if an individual electronically files\nthe belated ITR on 31st March 2021, then he\/she can still revise the ITR online\non the last day. Also, a revision can be made for a mistake after it is e-filed<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Limitations_of_filing_ITR_post_due_date\"><\/span>Limitations of filing ITR post due date<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An individual will have\nto pay the penalty and Interest on due taxes, and there are certain limitations\nin the case of filing ITR post due date. An individual will not be allowed to\nbe carried forward or set off the \u201closs under the head&nbsp;<strong>Capital gain,\nPGBP<\/strong>&nbsp;and&nbsp;<strong>\u201closs from owning and maintaining Racehorses\u201d<\/strong>&nbsp;from\nsucceeding years.&nbsp;<\/p>\n\n\n\n<p><strong><em>However, loss from the\nhead \u201cHouse property\u201d and \u201cunabsorbed depreciation\u201d can be carried forward even\nin case of a belated return.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_file_a_return_after_the_due_date_filing\"><\/span>How to file a return after the due date filing?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An individual can file\nITR after the due date and before the end of the relevant assessment year;\nhowever, the return cannot be filed beyond that. At times, the individual\nmisses the deadline, and it happens mainly in NRIs cases where they have income\ntaxable in India &amp; TDS has also been deducted but have failed to file the\nreturn. It conclusively results in loss of TDS refund, which could have been\nclaimed by filing the ITR. <\/p>\n\n\n\n<p>However, there is an\nalternative to file ITR even if the due date is missed.&nbsp;<\/p>\n\n\n\n<p>As per Section 119 (2)(b), CBDT can authorize <strong>income-tax authority<\/strong> to accept an application or TDS refund after the expiry of the period specified by the Income-tax Act. Below mentioned is the procedure to be followed for deciding such matters.<\/p>\n\n\n\n<ol>\n<li>Request the Income Tax Commissioner authority to permit you to <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>file income tax returns<\/strong><\/a>.<\/li>\n\n\n\n<li>Clarify the reason for not filing the ITR with the deadline.&nbsp;<\/li>\n\n\n\n<li>The administration can accept the application based on the genuineness and correctness of the request.<\/li>\n<\/ol>\n\n\n\n<p><strong>Note- For request applications, the return must be filed within six years from the end of the AY for filing the return. For example, if an individual has missed <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\" target=\"_blank\" rel=\"noreferrer noopener\">filing the ITR<\/a> on the due date of 31st March 2020, you can file such an application until 31st March 2025.<\/strong><\/p>\n\n\n\n<p>IV- After proper\nverification of all the details provided by assessee, the commissioner or\nprincipal commissioner, as case may be, shall decide upon the benefit of doubt\nfollowing law shall pass an order under <strong>section 119(2)(b)<\/strong>. The order\ngiven will be reflected under the &#8216;e-proceeding&#8217; tab only and shall also be\nprovided on registered email id of the assessee.<\/p>\n\n\n\n<p>V- After receiving the\norder, an assessee may proceed to file the return&nbsp;<\/p>\n\n\n\n<p>&nbsp;<strong>What happens when you have paid your\ntaxes but missed filing the ITR?<\/strong><\/p>\n\n\n\n<p>Suppose you have paid the\ntaxes on time but missed filing ITR. In that case, an assessee cannot file ITR\nor apply for condonation of delay. Also, in that case, the department may issue\na notice under&nbsp;<strong>Section 271F<\/strong>&nbsp;for not filing ITR.&nbsp;<\/p>\n\n\n\n<p>Penalty-An assessee will\nhave to pay a penalty of up to Rs.5,000 for not filing the return within the\ndeadline. But in case genuine reasons are given for not filing the ITR, and if\nthe officer is satisfied with reason, you may not have to pay the penalty.<\/p>\n\n\n\n<p>Also, the department can\ntake legal action against you by issuing a notice and imposing penalties. In\ncase notice is sent by the department, an assessee must respond to it on the\nincome tax e-filing portal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Under-reporting\nof the Income-<\/strong><\/h3>\n\n\n\n<p>If an assessee has\nunder-reported the income, a penalty of up to 200% of the tax payable will be\nlevied. In case of under-reported income, if the taxpayer has paid taxes with\nInterest after the deadline, the assessing officer may excuse his penalty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Consequences\nof Filing of ITR post due date<\/strong><\/h3>\n\n\n\n<p>The IT department allows\ntaxpayers to file returns post due date in particular cases. However, Interest\non delay may be applicable under sections&nbsp;<strong>234 A,234B,234C.<\/strong><\/p>\n\n\n\n<p>Also,&nbsp;<strong>Under\nSection 234F<\/strong>, A fee would be levied upto Rs 5000 if the return is filed on\nor before 31st Mar of the relevant Assessment Year. If the filing is done after\n31st March, the penalty can go upto Rs 10,000.<\/p>\n\n\n\n<p>Also, it must be noted\nthat individuals filing ITR after the due date with taxable income-<\/p>\n\n\n\n<ul>\n<li><strong>Above Rs 5,00,000<\/strong>&nbsp;will have to pay a penalty of Rs 5,000 and,<\/li>\n\n\n\n<li>For below&nbsp;<strong>Rs 5,00,000<\/strong>&nbsp;the penalty amount is Rs 1,000&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong><em>Note: However, in case of\nextension provided by the government, no late fee is charged till that\ndate.&nbsp;<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion-<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is prudent for a taxpayer to file an IT return within the due date because, after the due date, the individual can file a return but will have to lose some benefits like carrying forward of losses, resulting in penalties and, in worst scenarios, imprisonment.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our Article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/income-tax-returns-which-is-the-correct-itr-form-for-you\/\">Income Tax Returns: Which is the Correct ITR Form for you?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government directs that individual who earn a certain annual income must file an Income tax return within a pre-determined due date. The tax is calculated as per the Income-tax slab rate that the individual must pay. Failure to file ITR will invite penalties from the Income Tax Department. Also, the individual who earns less [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":39798,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[2102],"acf":{"service_id":"78"},"authorName":"Priyanka Bajpayee","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/03\/IMG-20220303-WA0005.jpg","authorDescription":"A Company Secretary together with PG in international Business, she has gained significant experience as legal content writer. She has keen interest in doing research and writing on legal and financial subject matters. She also holds work experience in legal compliances.","postViews":4593,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/39793"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=39793"}],"version-history":[{"count":14,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/39793\/revisions"}],"predecessor-version":[{"id":63769,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/39793\/revisions\/63769"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/39798"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=39793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=39793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=39793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}