The last date to file the income tax return (ITR) for FY 2022-23 (AY 2023-24) was July 31, 2023. If you have missed this deadline, you can still file it but it will be called a belated ITR and you have to do it by December 31, 2023. This is the last date to file a belated ITR under Section 139(4) of the Income-tax Act, 1961. It also attracts a penalty up to Rs 5,000.
A belated ITR is filed by individuals who have missed the original filing deadline, which is usually July 31.
Apart from the belated return, December 31, 2023, is also the last date to file the revised ITR for FY 2022-23 (AY 2023-24). A revised ITR is filed to correct mistakes in the original ITR. A revised ITR is filed under Section 139(5) of the Income-tax Act.
Steps to file belated ITR
The steps to file a belated ITR are the same as those to file the original ITR. Individuals have to log in to their accounts on the income tax e-filing portal to start the process.
While filing a belated ITR, remember to select the correct section — i.e., 139(4) — in the ITR form. There is no separate ITR form for a belated ITR. Usually, every April, the income tax department notifies the ITR form for the financial year. This is done to incorporate the changes made in the Income Tax Act.
For instance, the new tax regime was announced in the Union Budget 2020. It was made effective from April 1, 2020, for FY 2020-21 onwards. However, the income tax return form reflected the change when the ITR for FY 2020-21 became due — in AY 2021-22.
While filing a belated ITR form for FY 2022-23 (AY 2023-24), make sure you use the forms notified for AY 2023-24.
Penalty and penal interest
If you are starting the process to file a belated ITR, first ensure that you have deposited the penalty, the tax and the penal interest.
A penalty of Rs 5,000 is levied under Section 234F of the Income-tax Act. However, the penalty becomes just Rs 1,000 for small taxpayers whose total income does not exceed Rs 5 lakh.
Read more at: The Economic Times
Share this content: