TAX RETURN Filing Countdown...

Belated return: In case your Return of Income (ROI) for FY 2019-2020 is not filed with the Indian Income-tax department within the due date, the same would need be filed as belated ROI on or before Thursday, 31 December 2020.

However, following are the consequences for belated filing:

a) There is an interest implication for late filing of ROI, which is computed on the outstanding tax liability in your ROI.

b) Fees under section 234F of the Act amounting to INR 1,000/5,000/10,000 as the case may be will be levied and has to be paid upfront before filing the belated ROI.

c) Loss incurred (if any) during the FY cannot be carried forward, except loss from house property.

Revised return: If there are any errors or omission in your ROI filed for FY 2019-2020 , the same can be amended upto Thursday, 31 December 2020.