Consequences of late filing of Income Tax Return (ITR) - Income Tax - Ready Reckoner - Income Tax

CONSEQUENCES OF LATE SUBMISSION If return is submitted after the due date of submission of return of income, the following consequences will be applicable. These rules are applicable even if a belated return is submitted within the time-limit given above- No carry forward of specified loss as per section 80 . (with Exceptions) No deduction of certain Income under chapter VI-A as per section 80AC . The assessee will be liable for penal interest u/s 234A i.e. @1% p.m. or part of the month. A penalty of ₹ 5,000 may be imposed u/s 271F if belated return is submitted after the end of assessment year. [ Section 271F not apply 1st April 2018 ] Interest on refund u/s 244A calculated from the date of filing of ROI and not from 1st April of AY. Fee for default in furnishing ROI u/s 139 , fails to do so within the time prescribed u/s 139(1) [w.e.f 01st April 2018, Section 234F ] Prosecution Wilful failure to furnish return of income may also attract prosecution u/s 276CC .