Disadvantages of not Filing a Revised Return by 31 March 2018
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Revising Income Tax Return After Due Date

disadvantages of not filing revised return by march 31st

March 31, 2018, is a very special date for all the income taxpayers. The reason why it is special is that it is the due date to file I-T returns for 2 financial years, i.e. FY 2015-16 and FY 2016-17. Whether you missed the first due date (July 31) or you want to revise your I-T return, you should do it by March 31, 2018. Earlier taxpayers were allowed to file belated tax returns even one year after the end of relevant AY. Therefore, taxpayers who have not filed returns for FY 2015-16 can file a belated return by March 31, 2018. However, starting from AY 2017-18, belated returns can be filed before the end of relevant AY i.e., March 31, 2018. If you don’t file belated returns by this due date, you will not be allowed to file returns for these two FYs unless you receive a section 142(1) notice.

Reasons why you may want to revise your Return

There are a number of reasons why you may consider revising your return. You may have made some errors or omissions in your return due to which you may be paying incorrect amount of taxes. If you are paying more tax, then it is a financial loss for you. If you are paying less tax due to incorrect filing, you may end up getting notices, paying penalties and interest. You may have made any of the following errors or omissions on your tax return due to which you need to file a revised return:

  • You may own some foreign assets. As per the tax laws, such assets need to be reported in the ‘Schedule FA’ of your income tax return.
  • You may be a taxpayer who had income more than Rs 50 lakh. As per the tax laws, you are required to report your assets on your tax return but forgot to do so.
  • You earned dividends exceeding Rs 10 lakh, but missed to report this income in your ITR. If you forgot to do it, then don’t wait for a reminder from the tax department.
  • You failed to include income earned as interest from your savings bank account. If your interest income exceeds Rs 10,000 in a year from all your savings bank accounts, it must be reported in your income tax return under the headIncome from Other Sources’.
  • You may have deposited a large sum of cash post demonetisation. If you filed your tax return without properly reporting the source of such cash appropriately, then you should consider revising your return. There are severe penal provisions under the law for those who fail to declare undisclosed income within the demonetisation window.

If you forgot to provide any other important information in your ITR or failed to claim any tax deduction, then do not wait for a reminder from the tax department to revise your return. File a revised return as soon as possible because you have only a few days left to do so.

Filing Revised Return before 31st March

Disadvantages of filing belated tax return

There are various penalties and interest applicable to those who didn’t file on time and are filing a belated return.

  • The person who files a belated return for AY 2017-18 may be subject to a penalty of Rs 5,000 under Section 271F
  • If any tax is due, interest may have to be paid under sections 234A, 234B and 234C
  • From the AY, 2018-19, a fixed amount of penalty will be charged on belated tax returns. Section 271F will get replaced by section 234F, which prescribes a late fee of Rs 5,000 if the return is filed after the due date (31st July) and up to 31 December, and Rs 10,000 (from 1 January) up to 31 March of AY.
  • However, if the total taxable income of a person doesn’t exceed Rs 5 lakh, the late fee shall not exceed Rs 1,000
  • Another disadvantage is that you cannot carry forward capital loss
  • Refunds get delayed and taxpayers do not get any interest on the refund

Disadvantages of not even filing a belated and revised return

  • You can get notice of inquiry under section 142(1) or a notice of income escaping assessment under section 148.
  • If you don’t reply to any notice form tax department or don’t file your return within the stipulated time mentioned there, your problem can escalate, depending on the tax due.
  • In case where you have not received any notice from the tax department and you also failed to file your return by last date for filing the belated return but you discover that you have tax due to the department it is advisable to calculate and pay the due taxes with the applicable interest and write a letter to your jurisdictional AO. This may help you to avoid related penalties for under-reporting of income.
  • If you have a taxable income and still don’t file a tax return, then in addition to the penalty for non-filing of return, you may also be subject to a penalty for under-reporting of income at 50% of the tax payable on under-reported income.
  • In some cases, criminal proceedings can be initiated.

If you need any assistance in filing your belated income tax return or revising your return then our team of in-house tax experts at H&R Block India can help you.


  • Smart and Hassle-free tax filing experience withdedicated tax expert
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Sony Pandey
Sony Pandey
Sony works as a Tax Researcher at H&R Block India. She makes taxes easy to understand for people. She creates content for the website, marketing activities and social media. She carries experience in creating a wide variety of content like blogs, guides, press releases, research papers, etc.


  1. Swati says:

    For FY 2016-17 I believe the returns can be revised upto one year from the end of the relevant assessment year i.e. 31st March 2019. I wonder why that is not mentioned above. ?

  2. sachin pimple says:

    Hi…I stay in UAE from last 3 years & I have not filed IT return since then. If Iam not wrong NRI are exempted to file IT return. But hough I want to file IT return but as now already date is due to do so. Can you advice me how can I do at this situation now & file IT return for 2016-17 & 2017-18.

    Kindly note I have 3 saving account, 1 NRI & 1 NRO account. Rent of house get deposit in my saving account. I have home loan with yearly principal & interest certificate & LIC policy of 1 lakh as savings.

    Pls advice as I need to file IT return.

    Sachin Pimple

  3. Susmitha says:

    I am not tax payer if I compulsory submit efiling please reply

  4. Richhpal Singh says:

    My bank had deducted TDS @ 20% on interest of FDRs for the FY 2015-16 and 2016-17 but not provided Form 16 upto 31 mar 2018. The case came to light when the FDRS were matured and less maturity amount received. On asking from bank they have intimated that TDS has been deducted on Interest of FDRS. I have asked form 16 from the bank which has been provided me on 31 mar 2018 evening and i could not revise my returns on 31 mar 2018. Please confirm whether i can revise my returns after 31 mar 2018 or suggest how to take refund of excess deduction of interest from IT department.

  5. Sameer sheriff sk says:

    I have submitter my IT return for 2016-2017 and 2017-2018(revised) on march 31st 2018..

    I got my ITR processed and amount credited for 2016-2017.. but 2017-2018 returns are still in same status saying everified..

    Can someone say whats happening and whwn will that revised submission will be processed…

  6. S R Balaji says:

    Can I submit revised return now for AY 2016-17 because I missed to claim Interest on Housing loan.

  7. Love says:

    Can i revise my ay 2017_18 ..plz help me some posts say it’s possible but some say not…plz help me plzzzz

  8. sivakumar says:

    Can i revise my ay 2016_17 ..plz help me some posts say it’s possible but some say not…
    plz help me plzzzz

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