Tax alert! ITR filing deadline looming - Find out what happens when you miss the due date

The deadline for filing Income Tax Returns (ITR) for financial year 2018-19 assessment year 2019-20 is less than two months away. The department has already opened the window for filing forms like ITR1, IT2, ITR3, ITR4, ITR5 and ITR7. It has stated that, ITR6 form for filing will be allowed shortly. Interestingly, the department has extended the deadline for filing TDS by employers, and furnishing of forms like Form 16 and Form 24Q. Hence, many are also expecting the due date for ITR filing to be extended - it is set at July 31, 2019. Every year, the deadline for filing ITR is set on July 31, however, on multiple occasions the department has given a breather for filing returns. Well, will there be an extension in the deadline will be keenly watched as July 31 nears? However, one needs to understand what happens when you miss the due date!

According to a ClearTax report, for those who have failed to file their income tax returns for the past years, it is important to adhere to the deadline as prescribed by the Income Tax Department. Filing an income tax return after the original due date is called filing a belated return.

Hence, when you miss a deadline you are then filing a belated ITR. 

Here’s why you must file ITR on time? 

Archit Gupta, Founder & CEO ClearTax earlier said, “Being tax-compliant has many benefits. Filing your ITRs can be of great use when you apply for any loans. Banks can easily reject a loan application if the applicant cannot produce the ITR receipts for the last three years from the date of application.”

Gupta added, “Filing timely returns is an important criteria for VISA processing. Taxpayers whose tax returns are immaculate can also easily register immovable properties in their name. Credit cards may not be issued if your tax returns are not complete. And most importantly, if you wish to have the folks at the Income Tax Department on your side, filing your tax return on time is a good way of going about it.”

But in case if you missed the original deadline for filing ITR, then here’s how you can file for belated tax return?

The step for filing belated tax return, is same as normal pattern of filing ITR. 

How to file ITR?

To Upload ITR , follow the below steps:

Step 1 - Download the ITR preparation software for the relevant assessment year to your PC / Laptop from the "Downloads" page.

Step 2 - Prepare the Return using the downloaded Software.

Step 3 - Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and enter the Captcha code.

Step 4 - Go to e-File and click on "Upload Return".

Step 5 - Select the appropriate ITR, Assessment Year and XML file previously saved in Step 2 (using browse button).

Step 6 - Upload Digital Signature Certificate (DSC), if applicable.

Step 7 - Click on "Submit" button.

Step 8 - On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete. 

OR 

The return is not uploaded with DSC, the ITR-V Form should be printed, signed and submitted to CPC within 120 days from the date of e-Filing. The return will be processed only upon receipt of signed ITR-V. Please check your emails/SMS for reminders on .non-receipt of ITR-V.

To Prepare and Submit ITR Online, follow the below steps :

Step 1 - Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and Captcha.

Step 2 - Go to e-File and click on "Prepare and Submit ITR Online".

Step 3 - Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.

Step 4 - Fill in the details and click the "Submit" button.

Step 5 - Upload Digital Signature Certificate (DSC), if applicable.