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WebApr 13, 2024 · If you missed the deadline you might receive a failure-to-file penalty. This penalty will be 5 percent of the unpaid taxes for each month the tax return is late, … WebFeb 29, 2024 · It may not be exercisable for belated returns filed under Section 139(4) of the Act. This is because the law itself requires exercising the option in tax returns filed on time under Section 139(1). In case of belated return filing, one may need to approach CBDT under Section 119(2)(b) of the ITA for condonation of delay. Webwas filed late, but before 1 July 2024, was not a return that is deemed to be filed late under section 1084(1)(b) TCA, and the late filing was the result of COVID-19 circumstances, the late CT1 return may be completed without the restriction of reliefs, such as loss relief and group relief, required by section 1085(2) TCA 1997. murphy furniture company