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If Income Tax Return is not filed in Time

Fee for belated filed Income Tax Return

As per the amendments made in the Finance Act 2017, taxpayers are liable to pay a fee of Rs. 5,000/- if the tax return for the financial year 2017-18 is filed after the return filing deadline (i.e. August, 31, 2018) or (15th  September, 2018 – in case of resident of Kerala), but before December 31, 2018.  The fee payable will increase to Rs. 10,000/- if the tax return is filed on after 1st January, 2019.  However, if the total income of the taxpayer is less then Rs. Five Lakhs, the fee amount shall not exceed Rs. 1,000/-.

The Official Notification is as under:

it due date 31-8-18

However, it is important to note that if you have any unpaid tax liability, then a penal interest on the same would be levied, as applicable  to our case if you have filed a belated return.

But if no tax is payable, the taxpayer won’t be liable to pay this interest solely due to belated filing ITR for FY 17-18

If the income tax department on assessing your return raises demand for additional tax payment, then you would have to pay penal interest on that tax as well as the additional tax.  Therefore, its is advisable to file your return on time.

How to file Belated Return

The process of fiing a belated return is the same as filing the return on or before the due date.  The main difference would be that while filing the applicable ITR form you would have to select “Return filed under section 139(4)” in the dropdown menu in the relvevant box in the form.  Also, temeber that if your are filing a belated return for Fy 16-17, then you eed to fill the aplicable ITR as notified for fy 16-17 only an dnot for any previous year or later FY.


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