What are the due dates for filing returns of income/loss?
Due date of filing of return of income
If I fail to furnish my return within the due date, will I be fined or penalized?
Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 shall be levied under section 271F. [No penalty section 271F would be levied w.e.f. Assessment Year 2018-19]
i. Rs. 5000 if return is furnished on or before the 31st day of December of the assessment year;
ii. Rs. 10,000 in any other case
However, late filing fee shall not exceed Rs. 1000 if the total income of an assessee does not exceed Rs. 5 lakh.
Can a return be filed after the due date?
Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).
Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before completion of the assessment, whichever is earlier.