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Filing Returns for Previous Years

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If you have missed the due date to file your return, you can still file it before 31 Dec 2019 by paying a fee of Rs 5,000. However, filing after 31 December 2019 will attract a fee of Rs 10,000.
Individuals must file Income Tax Returns (ITR) on or before the 31 of July of this financial year. For instance, ITR of FY 2018-19 that ended on 31 March 2019 is due on 31st July 2019. This article covers the following: This article covers the following:

  1. Filing ITR for Previous Years
  2. What to do if you receive a late payment notice
  3. Drawbacks of Filing Belated Returns
 

1. Filing ITR for Previous Years

According to the amendment in the Finance Act 2016, you can file your belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY). Example, for the AY 2016-17, a belated return can be filed on or before 31 March 2018. However, with the amendment vide Finance Act 2016, from AY 2017-18 belated IT belated returns should be filed before the end of the relevant AY. For instance, for the AY 2018-19, a belated return can only be filed on or before 31 March 2019. Income Tax File

2. What to do if you receive a late payment notice

In case you have received a notice from Income Tax Department asking you to file your returns that go beyond 2 financial years, you can log on to  www.cleartax.in 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.

 

Example:

 

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.

 

Finish your E-filing before 31st July 2018

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