If you think you will miss the extended income tax return filing deadline also, there's still a chance for you to file your return. Below is your primer on filing belated tax returns:If an individual fails to file the income tax return by the due date, then as per section 139(4) of the income tax he can file a belated return.A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier. However, belated returns filed for previous financial years cannot be revised because the income tax law for this was changed from FY 2016-17 onwards.No, the penalty for filing income tax return after due date is only applicable from FY 2017-18. Losses under the following heads of income: Income from business and profession including speculation business, capital gains, and income from other sources cannot be carried forward in case a belated return is filed by the tax payer. However, if the income tax department on assessing your return raises demand for additional tax payment then you would have to pay penal interest on that tax as well as the additional tax.

Source: Economic Times August 05, 2017 05:14 UTC