Late Filing of Income Tax Returns: Check Late Fees, Consequences

Filing Income Tax returns? Check consequences of filing your ITRs late.

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One of the most important tasks for an income earner is to file their income tax returns (ITR) on time. Filing your ITRs late can take away several benefits from you as a taxpayer. Apart from missed benefits, taxpayers may also me required to pay fines for not filing returns on time.

Here are the consequences of filing your income tax returns late:

Lesser Benefits

The exemptions and deductions which will not be available if ITR is filed late are as below:

  • Exemptions under section 10A , section 10B to the new establishments are not available.
  • Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, are not available.
  • Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB are not available.


Losses other than loss from house property cannot be carried forward.


Levy of Interest Under Section 234A

A taxpayer is liable to pay simple interest at 1 percent per month or part of a month for delay in filing the return of income.

Late Filing Fees

If an ITR is filed after due date but before 31 December of the assessment year, a late filing fee of Rs 5,000 is charged. If the return is filed later than 31 December, a late filing fees of Rs 10,000 is payable. However amount of late filing fees to be paid cannot exceed Rs 1,000 if total income does not exceed Rs 5 lakh.

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