Missed Filing ITR? Here’s How You Can File Your Returns Before 31st December
By Lokmat English Desk | Published: December 28, 2023 01:27 PM2023-12-28T13:27:30+5:302023-12-28T13:30:30+5:30
Taxpayers should be aware that the deadline for submitting the final belated and revised income tax returns (ITRs) for ...
Missed Filing ITR? Here’s How You Can File Your Returns Before 31st December
Taxpayers should be aware that the deadline for submitting the final belated and revised income tax returns (ITRs) for the fiscal year 2022-23 (Assessment Year 2023-24) is December 31, 2023. While the original deadline for filing returns for the financial year 2022-23 (AY 2023-24) was July 31, the Income Tax department has extended the timeline until December 31, 2023, for individuals who missed the initial filing deadline.
It's important to highlight that individuals choosing to file their returns now will be subject to late-filing fees, amounting to Rs 5,000 or Rs 1,000, depending on their annual income, especially if it is less than Rs 5 lakhs.
Belated and Revised ITRs: Understanding the Basics
A belated return can be filed after the expiration of the original ITR filing deadline. On the other hand, a revised return is specifically intended to disclose any additional income that was not initially reported.
Belated returns fall under Section 139(4) of the Income-tax Act, 1961, while revised returns can be filed under Section 139(5) of the Income Tax Act. The process for filing both is the same as filing an original ITR.
However, it's crucial to note that a penalty of Rs 5,000 is levied under Section 234F of the Income Tax Act, 1961, for filing a belated return. For taxpayers with a total income not exceeding Rs 5 lakhs per annum, the maximum penalty for the delay is Rs 1,000. Additionally, if there is tax to be paid, taxpayers will incur interest charges at 1 per cent per month after the due date until they file their ITR.
Unlike belated returns, there is no extra penalty on revised ITRs. Nevertheless, it's essential to be cautious, as if the assessing officer in the Income Tax department discovers intentional or fraudulent errors, the revised return may not be accepted, and penalties may be imposed.
Steps to File Belated and Revised ITRs:
To facilitate the filing process, the Income Tax department has established an independent portal for e-filing income tax returns: incometaxindia.gov.in. Here is a step-by-step guide:
Visit the e-filing portal: https://www.incometax.gov.in/iec/foportal.
Log in using your user ID (PAN or Aadhaar) and password.
After logging in, click on ‘e-file,’ then ‘income tax returns,’ and go to ‘file income tax return.’
A new webpage will open, and select the assessment year (AY 2023-24).
Once done, select the mode of filing, i.e., online and offline.
Enter the required details and upload them on the e-filing portal.
Here, select the type of ITR – 139(4) Belated ITR, and then click on ‘Continue.’
A new webpage will open. Here, select ‘Start New filing.’ If you have a draft ITR, you can view it under this tab.
Select the status as ‘Individual’ or 'HUF' and continue.
Choose the applicable ITR form based on your income.
Select the reason for ITR filing.
A new webpage will open, showing pre-filled data like personal information, gross total income, taxes already paid, and total tax liability.
After this step, check the personal information column to verify details like name, address, and contact information.
In the next step, fill in details related to gross taxable income.
After filing income details, claim eligible deductions, especially under the old tax regime.
Once tax payment is done, you will be redirected to the ITR filing page.
Under the tax paid column, click on ‘Advance and Self-Assessment’ tax payment column.
Once the tax challan details are added, click on the proceed button.
Revised ITR Deadline and the Concept of Updated Returns
Revised ITRs serve to correct mistakes in the original ITR and follow the same filing steps as belated ITRs. After filing any ITR (belated, revised, or updated), they must be verified within the next 30 days to be taken up for processing. Failure to verify within this period will result in the income tax department not processing the return.
If taxpayers miss the December 31 deadline to file belated ITRs, they still have the option to file updated ITRs. Introduced by the Finance Act of 2022, the concept of updated returns allows a longer duration for an assessee to file the return of income. An updated return can be filed within 24 months from the end of the relevant assessment year, subject to certain conditions. This can only be done after the end of the relevant assessment year, and if not filed now, updated ITRs can be filed from April 1, 2024.
Note: The information provided is based on current regulations, and taxpayers are advised to check for any updates or changes on the official Income Tax department website.
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