31 Jul 2017, 15:22 — 3 min read
The deadline for filing your tax returns has been extended to 5th August, 2017 from the initial deadline of 31st July, 2017. In a tweet announcing the deadline extension, the Income Tax department stated: "In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended to 5th August, 2017".
Can the ITR be filed after the due date?
It is possible to file an ITR after the due date. Such a filing is known as a belated return. It can be filed until March 31, 2018. From this year onward you can even revise a belated return.
How to file a belated return?
Filing a belated return is the same as filing a regular return. The main difference is that it becomes necessary to choose “Return filed under section 139(4)" in the drop down menu of a relevant box in the form. Also, you can only file a belated return for one year at a time.
Will there be a penalty?
For FY 2016-2017, there is no penalty. From FY 2017-2018 there will be a late fee of up to INR 10,000 for delayed filing of ITRs. Having unpaid tax liability is different however. Filing a return after the date it was due can result in a penal interest charged on unpaid tax. If no tax is required to be paid, there will not be any interest as well. There is every chance that the income tax department demands additional tax - then penal interest on that tax and the additional tax would be required to be paid. It is best to file your return on time.
What if there is an error in the processing of my returns?
It is possible to file a revised return in the event of an error. This could be if the assessee finds they have more income to declare or a deduction was not availed of.
How much time to verify my return?
You have 120 days after filing within which to verify the return. Without verification the procedure will remain unfinished.
Posted byGlobalLinker Staff
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