If you haven’t filed returns for the financial year 2013-14, 2014-15 or 2015-16, then you can file your returns along with this year’s returns. You will have to use your extension log in details and you can get your returns filed for the previous years.
Here are the consequences of late filing your Income Tax Returns: -
- The return will be considered as belated return under section 139(4).
- You will have to pay interest under section 234A.
- Under section 271F, the taxpayer is supposed to pay a penalty of Rs. 5000.
- Your belated return cannot be revised.
- There may be some considerable losses which you won’t be able to carry forward.
- You won’t be able to enjoy certain deductions.
It is suggested to always file your returns on time.
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