Belated ITRs
It seems like you're referring to filing an Income Tax Return (ITR) after the due date. When you file your ITR after the specified deadline, it is considered a belated return. In India the income tax return filing deadline is usually July 31st and September 30th.
Filing ITR of previous Years-
If you failed to submit your Income Tax Return (ITR) for preceding years, you have the option to file a belated return until the 31st of December in the corresponding assessment year. Lets understand with example- For the Assessment Year 2023-24, the deadline for submitting a belated return is on or before December 31, 2023, provided that the income tax authorities do not conclude the assessment independently.
If you surpass the belated return deadline, you have the option to file ITR-U in specific designated situations. The Finance Act of 2021 introduced changes, reducing the timeframe for filing belated returns. Starting from the Assessment Year 2021-22, you can submit the belated return up to three months before the conclusion of the relevant assessment year or before the assessment is completed, whichever comes first.
If you miss the deadline, you can still file a belated return within a stipulated period. However, there might be consequences, such as:
Late Filing Fees: Some jurisdictions impose a penalty or late filing fees for filing returns after the due date. This fee may increase the longer you delay.
Interest on Tax Due: If you have any outstanding tax liability, you might be liable to pay interest on the amount due for the period of delay.
Loss of Certain Deductions and Carry-Forwards: Filing a belated return might lead to restrictions on claiming certain deductions or carry-forwards.
It's crucial to check the specific rules and regulations in your jurisdiction, as they can vary. If you have missed the deadline, it's generally advisable to file the belated return as soon as possible to minimize any potential penalties or interest. Consulting with a tax professional or using online tax filing platforms can also help ensure accurate and timely submission.