If you miss the due date for filing an ITR, you can still file a belated return on or before 31st December of the assessment year.

The following can be the consequences:

  • Losses are not allowed to be carried forward (other than house property loss).
  • A late filing cost of up to Rs.5000 would be charged, based on the taxable income and the date of return filing.
  • In case of an Income Tax Return is filed after 31st December, a penalty of Rs.10,000 will be applicable. A reduced penalty of Rs.1000 is applicable for assess with a taxable income upto Rs.500,000.