What Happens If I Miss the ITR Filing Deadline?

I nearly missed the deadline this year because I was waiting for one final TDS entry to appear in Form 26AS.

My tax consultant advised me not to delay unnecessarily because filing late can have other consequences besides the filing fee. Depending on the circumstances, there could also be interest on outstanding tax, and certain losses may not be eligible to be carried forward if the return isn't filed within the prescribed time.

If you're expecting a refund, I'd still file as soon as possible instead of waiting, provided you're still eligible to submit a belated return.

I was in a similar situation in the UK. My return only contained rental income and TDS deducted by the tenant.

Even though I filed after the original due date, I was still able to claim my TDS refund. The biggest inconvenience was the late filing fee and the extra time it took to complete the process.

One thing I'd suggest is checking whether you still fall within the time allowed for filing a belated return. Those timelines are prescribed under the Income-tax Act and can change, so it's worth confirming the current rules before you begin.

I missed the deadline last year while living in Canada because I assumed my accountant had already submitted the return.

I eventually filed a belated return through the Income Tax e-Filing portal. The system allowed me to file, but I had to pay the applicable late filing fee before submitting the return. Since I had a small amount of tax still payable, interest was also calculated automatically.

My refund wasn't denied, but it took longer to receive compared to previous years. That's just my experience, though, and it can vary depending on the return and whether the department needs any additional verification.