Hi,
For every financial year, there is an assessment year. So for example, if you are filing return for the Financial Year 2012-13, then the Assessment Year shall be 2013-14.
The Income Tax return is filed with respect to the Assessment Year. So, if one is filing the for the FY 2012-13, then one shpuld select the AY as 2013-14 from the drop down while filing the ITR.
Also, a belated return u/s 139(4) can be filed before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. It means that if you are filing return for FY 2012-13, then belated return can be filed before 31st March 2014.
Also, u/s 234F, an individual would have to pay a penalty of upto Rs 10,000 for late filing income tax return after the due dates as follows:
- A penalty of Rs.5000 will be applicable for returns filed after the due date of 31st July but before 31st December of the relevant assessment year.
In case an income tax return is filed after 31st December, a penalty of Rs.10,000 will be applicable.
For assesses with a taxable income of upto Rs.500,000, a reduced penalty of Rs.1000 will be applicable.