If return is not furnished within the time allowed under section 139(1) or within time allowed under notice issued under section 142(1) . Then section 139(4) of income tax act enables a taxpayer to file a belated return.
What is section 139(4) of income tax act?
Section 139(4) states that any taxpayer can file belated return within period of one year from end of relevant assessment year or prior to the conclusion of assessment year whichever is earlier.
In brief, this section provides guidelines on filing ITR after due date.
Further, every person who is earning income above the basic exemption limit is require to file income tax return on or before due date. Section 139(1) of income tax act deals with due date of return (i.e. https://taxandfinanceguide.com/section-1391-of-income-tax-act/) .
If return is not furnished within the time allowed under section 139(1) or within time allowed under notice issued under section 142(1). The person may furnish the return of any previous year at any time before – December 31 of relevant assessment year or the completion of assessment , whichever is earlier.
Who can file return under section 139(4) of income tax act -Belated Return?
A person other than a company or a firm, (i.e. an Individual , HUF ,AOP and BOI ) whose total income exceeds Rs. 2,50,000 (for A.Y. 2024-25 Rs. 3,00,000) must furnish return of income.
What are the consequences of late submission of return under section 139(4) ?
If return is submitted after the due date of submission of return of income , following consequences will be applicable . Further, these rules is applicable even if a belated return is submitted within the time limit specified above.
- The assessee will be liable for penal interest under section 234A.
- Assessee shall be liable for late filing fee under section 234F from assessment year 2018-19 onwards.
- If return of loss is submitted after due date a few loss can not be carried forward.
- If return is submitted belatedelty deduction under following sections will not be available- section 10A, 10B, 80-IA, 80IAB, 80-IB ,80-IBA, 80-IC, 80-ID, 80-IE, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB, and 80RRB etc.
Frequently asked question
1. What is section 139(4) of income tax act?
If return is not furnished within the time allowed u/s 139(1) or within time allowed under notice issued u/s 142(1). The person may furnish the return of any previous year at any time before – December 31 of relevant a. y. or the completion of assessment , whichever is earlier.
2. Can belated return be revised?
Yes belated return can be revised. However, last date to file revised return or belated return is 31st december of relevant assessment year.
3. Can i claim tax refund through belated return?
Yes, you can claim tax refund return filed u/s 139(4) .
