TIPPING POINT

Can an income tax (I-T) return be filed after the due date?

Yes. It can be filed within two years from the end of that particular financial year.

What are the conditions for filing a late I-T return?

It cannot be revised, which may be required if tax credit or relief is to be claimed. Besides, losses incurred during that particular financial year cannot be carried forward to subsequent financial years to offset against other incomes.