Belated filing return

The following are the disadvantages of filing a belated return:

• Interest may be applicable under sections 234A, 234B and 234C.
• A late fee will be levied under Section 234F while filing a belated return: 
  • Gross total income is up to Rs 2.5 lakh: No Penalty
  • Gross total income is Rs 2.5 lakh – Rs 5 lakh: Rs 1,000 fee
  • Gross Total income more than Rs 5 lakh: Rs 5,000 fee
• If you file a loss return after the due date, many losses, like business and capital losses, cannot be carried forward for set off in the subsequent years. However, an exception is available for losses from house property that can be carried forward even if you file your returns late.
• Deductions/ Exemptions Disallowed: Deductions/ exemptions u/s 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID and 80-IE shall not be available if you delay ITR filing. These tax-saving benefits are allowed only if the ITR is filed before the original deadline.