Filing an income tax return (ITR) after the filing deadline, or missing the deadline for filing a revised ITR, can be very stressful for taxpayers expecting a refund. The filing deadline for revised ITRs and belated ITRs was December 31.

As the deadline for filing a revised ITR has now passed, you will be subject to more restrictive rules regarding the eligibility to receive a refund for your ITR.

How does missing the deadline for a revised ITR affect the refund?

Not necessarily. If you filed your original ITR or belated ITR on or before the ITR due date and you qualify to receive a refund then the fact that you missed the filing deadline for your revised return will not deny your right to receive your refund.

The Income Tax Department can process the return and issue a refund after verification. However, taxpayers who have not filed any return before the deadline for filing revised ITRs will be in a tougher situation. At this stage, the only option for them is to file an updated return (ITR-U).

As per the current tax rules, there is no refund claim through ITR-U. It can only be used to declare excess income or correct under-declared income and pay excess tax.

As a result, taxpayers who have missed all the deadlines for filing returns will generally lose the right to claim a refund, even if the excess tax has been deducted.

How long will it take to get a refund if the deadline for filing revised ITRs is closed?

Even though the deadline for filing revised ITRs is closed, the refund deadline for returns that have already been filed and verified does not change. Refunds are processed by the Centralized Processing Center based on verification and data matching.

In most cases, refunds are issued within a few weeks to a few months. Delays can occur due to discrepancies in TDS details, problems in bank account verification or cases selected for audit.

From the end of the financial year, the Revenue Agency has nine months to review the taxpayer’s return and issue the refund (if any). After this time, the Revenue Agency charges interest on the late refund.

Is there a penalty for not filing a revised ITR by the due date?

The penalty for not filing a Revised ITR is part of the overall penalty structure for all returns filed after their due date. Thus, a taxpayer misses the ability to file an original/late return and incurs penalties and late fees.

The failure to file a revised return means the taxpayer cannot correct any errors they’ve made, add any income they’ve forgotten about, or take any additional deductions.

As such, the taxpayer will leave errors on their original return, which may impact their refund or taxes owed.

Is it possible to alter an already submitted income tax return after the extended or original due date for filing?

It is generally not possible to amend an income tax return after the extended-period or original-time due date unless that amended return was filed within the deadline established by the taxation authority for the assessment year or prior to the time at which the assessment becomes due (whichever occurs first).

The tax authority does not permit the filing of amendments to income tax returns after December 31, or subsequently to that date unless the tax authority offers taxpayers corrections of previously submitted information based on the amendment process.

The fact that taxpayers are allowed to file updates or amendments to the taxation authority by the deadline for compliance does not mean the taxpayer will be allowed to claim a tax refund.

For taxpayers who filed timely and valid returns, their refunds will not be compromised due to submission of late amendments. However, for taxpayers who have not taken advantage of any filing alternatives available, their options for amending now are extremely limited.

The amended return period is essentially the last opportunity for taxpayers to make corrections and obtain refunds. After the end of the amendment period, the possibility of obtaining refunds diminishes substantially.