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:
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.