Can I file backdated ITR?
Yes, you can file ITR-U, under section 139(8A). If you have missed to file your previous four years ITRs. For current year you can file your regular.
What happens if I file an ITR after the due date?
Penalties If You Miss the ITR Deadline
This comes at a cost. Under Section 234F of the Income Tax Act, late filers must pay a penalty fee. If the total income is up to Rs 5 lakh, the penalty is capped at Rs 1,000. For individuals earning more than Rs 5 lakh, the penalty rises to Rs 5,000. You cannot process this file without paying penalty and cannot avail previous TDS, TCS, SAT.
This comes at a cost. Under Section 234F of the Income Tax Act, late filers must pay a penalty fee. If the total income is up to Rs 5 lakh, the penalty is capped at Rs 1,000. For individuals earning more than Rs 5 lakh, the penalty rises to Rs 5,000. You cannot process this file without paying penalty and cannot avail previous TDS, TCS, SAT.
Additional Update on Updated Return
- 25% of tax and interest (If filed within 12 months).
- 50% of tax and Interest (If filed within 12-24 months).
- 60% of Tax and Interest (If filed between 24-36 months)
- 70% of tax and Interest (If filed between 36-48 months)
