Belated return: Claim refunds, credits, carry forward house property loss

If you file an updated return later, you will have to pay interest and additional tax, and will not be able to claim refunds

With the December 31 deadline fast approaching, individual taxpayers who missed the original income tax return (ITR) filing date are running out of time to set things right. The belated return window offers a final opportunity in the current assessment year to disclose income, pay pending taxes and regularise compliance, albeit at a cost.

   

Failing to act before the deadline can have long-term consequences. While a belated return attracts interest and late fees, tax experts say it is far preferable to not filing at all.

   

What is a belated return?

 

A taxpayer—whether an individual, Hindu Undivided