Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139 (4 ) ,Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year .
However, a belated return attracts late filing fees under section 234F. (w.e.f A.Y 2018-19)
As per section 234F, late filing fees of Rs.5,000 shall be payable if return furnished after due date specified under section 139(1) but before 31st December of the assessment year. In other cases, late filing fees of Rs. 10,000 is payable. However amount of late filing fees to be paid cannot exceed Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.
No penalty will be applicable in case the total income of person does not exceed basic exemption limit.
A must provision to encourage timely filing of Income tax returns
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