If a tax return is filed after the due date, an additional tax for non-filing may be imposed.
If a tax return is filed after receiving a notice from the tax office, as a general rule, a penalty of 15% of the tax amount up to 500,000 yen and 20% of the amount exceeding 500,000 yen will be imposed.
If a taxpayer voluntarily files a tax return before receiving a notice from the tax office after the due date, a 5% penalty will be imposed on the tax amount.
No penalty is imposed if all the following conditions are met.
The tax return is voluntarily filed within one month of the due date.
The full amount of tax due date has been paid by the statutory due date (March 15).
The taxpayer has not been subject to additional tax for non-filing or heavy extra tax for five years.
The special deduction for the blue return is 100,000 yen instead of 650,000 yen.
The due date for payment in the case of an on-time return is March 15 for income tax, while the due date for payment in the case of a post-due return is the date the return is filed.
Net loss carryforward credit will be available, but a net loss reversal refund will not be available.