Finance Accounts Taxation & Auditing
90 Points
Joined September 2016
You can within 2 years from the end of the financial year of which return is required to be filed by you.
Filing your income tax return after the due date invites some consequences which are as follows:
- In case there are some taxes yet to be paid, interest @ 1% per month and part thereof up to the date of filing of the return, on such unpaid tax amount will be charged.
- You will not be allowed to carry forward certain losses.
- You may lose interest on refund u/s 244A.
- You may be charged a penalty of Rs 5,000 if you file your income tax return after the expiry of one year of the financial year for which you are filing your income tax return.- Not Compulsory (at the discretion of assessing officer)
- Late returns are not allowed to be revised.
So, you can still file your taxes if you have missed the deadline. Just keep in mind the above consequences of filing your taxes late.