When a person fails to file Income Tax Return before the due date, a belated return under Section 139(4) of Income tax act can be filed 3 months before the end of the relevant assessment year or before the completion of the assessment year, whichever is earlier.
That means for the Financial Year 2023-24 assessment year is 2024-25, so a belated return can be filed up to 31st December 2024, i.e. 3 months before the end of Assessment Year 2024-25.
Late fee under section 234F for filing belated return is as under:
| S No | Taxable Income | Amount of Penalty |
| 1. | Taxable income is below basic exemption limit | Nil |
| 2. | Taxable income is up to Rs. 5,00,000/- | Rs. 1000/- |
| 3. | Taxable income is more than Rs. 5,00,000/- | Rs. 5000/- |
Consequence of late filing of Income Tax Return
The following are the consequence of late filing of income tax Return:
1. Liability to pay interest under section 234A
2. Liability to pay penalty under section 234F
3. Loss cannot be carried forward except loss under the head Income from house property.
4. Cannot claim exemptions under sections 10A, and 10B.
5. Deduction under Part C of Chapter VI-A will not not be available.
6. Refund if any will be delayed
Who can file belated income tax return under section 139(4)
There is no criteria prescribed for filing a belated income tax return. If a person missed the deadline, the return can be filed by paying late fee.
Mandatory filing of Income Tax return
Under the following circumstances, it is mandatory to file income tax return:
1. Individual’s total income is above Rs.2,50,000 as per old regime and Rs. 3,00,000 as per new regime.
2. Those who deposited amounts exceeding Rs. 1 crore during a financial year in a current account held with a cooperative bank or other bank.
3. Those who spent more than 2 lakhs on foreign travel in the relevant year.
4. Those who paid the total electricity bill exceeding Rs.1 lakh.