A belated Return is the return the taxpayer file after the due date u/s 139(4). Belated returns can be filed in the following ways:
- From your login on the income tax website,
- Using ITR preparation utility
File Belated Return 139(4): Online on Income Tax Website
- Login to your account on the income tax e-filing website.
Enter your user ID (PAN) and password, and click on ‘Login’ on the income tax filing website.
- Navigate to File Income Tax Return
Click on e-File > Choose ‘Income Tax Returns and Select File Income Tax Return
- Enter the Assessment Year and Filing Mode.
Select the relevant AY for filing and online mode.
- Select the Status Applicable
Select the status of filing.
- Choose the ITR form Applicable
- Click on the ‘Personal Information’ section and ensure all your personal details are correct.
- Scroll down to the filing section and select 139(4).
- Fill in all your income details under various source heads and proceed to make the tax payment and Submit the ITR.
File Belated Return 139(4): Using ITR Preparation Utility
Download Offline ITR Preparation Utility and prepare the ITR. Once done, upload the .json file and proceed to verification.
- Login to the filing Income Tax Website.
- Navigate to E-file> Income Tax Return > File Income Tax Return.
- Select the Relevant Assessment Year, Offline Mode of Filing, Filing Type as Section 139(4): Belated Return and Continue.
- Attach the JSON file generated using Offline Utility and proceed to verification.
- Ensure to e-verify the return.
FAQs
Yes. Penalty up to Rs. 5,000 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.