to prepare your returns. You can then print this return and submit it to the Income Tax Office in your ward.
Usually, old returns are filed as a response to an income tax notice. It is interesting to note that from the AY 2018-19, the time limit for filing a revised return (rectifying any omission, error etc.) made in the original return has also been reduced. Currently, such a revision has to be done on or before the end of the relevant AY. Until AY 2017-18, there was a time limit of 1 year for filing a revised return from the end of the relevant AY.
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3. Drawbacks of Filing Belated Returns
a. Interest may be applicable under section 234A, 234B and 234C.
b.A fee under Section 234F would be levied upto Rs 5,000, if the return is filed on or before 31 March of the relevant AY. After that, the fine can go upto Rs 10,000.
For the FY 2018-19 (AY 2019-20), if the return is filed after 31 July 2019 but before 31 December 2019, a fee of Rs 5,000 would be leviable. And if filed after 31 December 2019, a fee of Rs 10,000 would be leviable.
c. Delayed returns cannot be revised. However, from FY 2016-17, a belated return can also be revised.
d. You will not be allowed to carry forward some losses that belong to the years for which you did not file returns. However, an exception is available for losses from house property that can be carried forward even in a case where returns are filed belatedly.
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