Hiral Vakil
Belated Return is the return the taxpayer shall file after the due date u/s 139(4). Belated return can be filed in the following ways:
Enter user ID (PAN), Password, Captcha Code and click on ‘Login’ on the income tax efiling website.
Click on Filing of Income Tax Return. 
Click on Continue.
Select 139(4) Belated from Filed u/s dropdown while preparing ITR.
Click on Preview & Submit. Verify all the data entered in the ITR and Click on Submit. Don’t forget to e-Verify your ITR.
Yes. Penalty up to Rs. 10,000 is levied on taxpayer u/s 234F. However, no penalty is levied if the gross total income of a taxpayer is below Rs. 2,50,000.
Yes, ITRs from FY 16-17 falling under Section 139(4) can be revised if they are applicable for Belated Tax Returns. However, earlier filed belated returns cannot be revised.
If an Assessee fails to file his/her return in the prescribed timeline mandated in the Income Tax Act but files it after the due date has passed is referred to as a “Belated Return”. The due date for filing a Belated Return is during or before the end of the relevant Assessment Year.
Hey @TeamQuicko
Can I file a revised return even after I have received a refund?
Hey @HarshitShah
Yes, you can revise your return and carry forward the trading losses even if ITR is processed and refund is received.
Hope this helps!
Hey @HarishMehta
Yes, ITR is mandatory to file when you had done transactions in the respective financial year. If there are losses, you don’t have to pay Income Tax, but transactions have to be reported in ITR.
Hey Team, do I need to e-verify Belated Return??
Hey @TanyaChopra
Yes, you need to e-verify the Belated Return filed after the due date. It will not be processed by the IT Department unless it is e-verified.
You can refer to the below article to understand how to file and e-verify Belated ITR.
Do let us know in case you have any further queries!
Hey @Shweta_Saini
Yes. As per the amendment in Budget 2016, you can now file Revised Return u/s 139(5) for a Belated Return u/s139(4) from AY 2018-19.
Hope this helps!
Hey @Rakesh_Sharma
Speculative Business Losses can be carried forward for 4 years and Non-Speculative Business Losses and Capital Gains Loss can be carried forward for 8 years.
Hope this helps!
Hey Team, good day!
What are the consequences if I do not show Trading Transactions in ITR?
Thanks in advance!
Hi @riya_gupta,
There is an exchange of data between the broker and the ITD. Even if you do not show in ITR, the ITD has a watch on the transactions. You might receive a notice from the ITD for the discrepancy between data with ITD and reported data in ITR. This may result in penalties.
Hello, So if I file a revised return, I’ll be eligible to carry forwarding losses. When can i set them off. and also if are any other benefits I am not aware off?
I am new to filing returns hence such basic questions.