A belated return can be filed by a taxpayer under

Solution

A belated return is a return filed after the original deadline of filing Income Tax return (ITR) i.e. 31st July of the assessment year. It can be filed before 31st December of the assessment year. For Example, for the AY 2024-25, the timeline to file a belated return is on or before 31 December 2024.  While late filing has consequences, it's still better than facing potential penalties for non-compliance.The following are the disadvantages of filing a belated return:

• Interest may be applicable under sections 234A, 234B and 234C.
• A late fee will be levied under Section 234F while filing a belated return
• If you have incurred losses, like business and capital losses, they cannot be carried forward and set off in the subsequent years. However, an exception is available for losses from house property that can be carried forward even if you file your returns late.
• Deductions/ Exemptions Disallowed: Deductions/ exemptions u/s 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID and 80-IE shall not be available if you delay ITR filing. These tax-saving benefits are allowed only if the ITR is filed before the original deadline.