ITR Due Date: Have a refund, but failed to file Income Tax Return on time? Know the consequences

If a taxpayer has refunds, but fails to file the Income Tax Return (ITR) within the due date of filing the tax return, the first question that comes to his/her mind is, if he/she will be able to get the refund of excess taxes paid by filing the ITR late.

When asked if a taxpayer would be able to get the refund amount in case he/she fails to file the ITR before the due date, CA Neeraj Singh of RGS and Associates said, “Yes, excess tax will be refunded.”

Giving his affirmation, CA Karan Batra, Founder and CEO, CharteredClub.com said, “Yes, he will get a refund,” adding, “Only the ITR late filing fees will apply.”

“Yes, taxpayers are eligible to claim their Tax Refunds (if any) even if they file their tax returns beyond the due date specified u/s 139(1),” said Dr. Suresh Surana, Founder, RSM India.

Explaining the provisions, Dr. Surana, further said, “Any taxpayer who has not furnished their return within the time allowed to them under section 139(1) may furnish a belated return u/s 139(4) on or before 31st December of relevant Assessment Year (AY) or before completion of the assessment, whichever is earlier after paying late Fees u/s 234F of Rs 5,000 (such fees would be restricted to Rs 1,000 if the total income of the taxpayer does not exceed Rs 5 Lakh),” he added.

Talking on the consequences such a taxpayer may face for missing the ITR due date, Dr. Surana said, “With respect to such belated return filed by the taxpayer, he would be eligible to claim refund (if any) subject to payment of late fees. However, it is notable that in accordance with Section 244A of the IT Act interest on such refund, if any, would be applicable from the date of furnishing the return (as opposed to 1st April of the AY). Further, if the return is filed after the due date, then the taxpayer would be restricted to carry forward certain losses or claim certain deductions and any refund pertaining to the same would lapse.”