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The assessee who files his/her income tax return after the due date mentioned under section 139(1), cannot carry forward the loss. However, if they still file a Belated Return with carry forward loss, they will a receive a notice under disallowed loss claimed in ITR. The assessee should rectify the error of the disallowed loss and file a Revised Return under section 139(5).
Firstly, download the latest java or excel utility of the applicable ITR form income tax e-filing website.
Open the .xml file of the original return in the utility.
Under the tab ‘Part A – General’, move to section ‘Filing Status’. Enter the following details:
a. Filed u/s – Select 139(5)-Revised Return
b. If revised/defective/modified enter Receipt No – Enter the Acknowledgement Number of ITR-V of the Original Return
c. Date of filing original return (DD/MM/YYYY) – Enter the date on which the original return was filed
Under the tab ‘Schedule CFL – Details of Losses to be carried forward to future years’, remove the entry of previous year loss if the ITR for that year is filed after the due date.
Based on the above notice, remove the entry of loss of AY 2017-18 since ITR was filed on 15/11/17 i.e. after the due date of 07/11/17
Click on ‘Recalculate’ in the top row and then click on ‘Save’ to generate the XML.
Upload the XML on income tax website to file revised return. Login to your account on income tax portal.
Go to e-File > Income Tax Return, enter the required details, upload the XML and submit.
There is no way to reply after the time limit is over. The link for e-proceedings gets closed. If you do not respond to the notice within the allowed time limit, the income tax department will process the return after making an adjustment of the demand raised with the TDS credit available. They may also issue another notice to pay the outstanding demand.
The assessee can submit a Condonation Request on the income tax portal to borrow time for filing Revised Return. They need to provide a valid reason for delay in filing ITR.