If you’re one of the individuals who overlooked the July 31 deadline for the financial year 2022-23 and assessment year 2023-24, you still have a lifeline to file your Income Tax Return (ITR).
However, be prepared to pay a fine of up to ₹5,000 if you choose to file a Belated ITR before December 31.
What is Belated ITR?
Under income tax rules, taxpayers are required to file their tax returns by July 31 each year.
If, for any reason, an individual fails to meet this deadline, they have the option to file a return with late fees. This is known as a Belated ITR.
Penalty for Belated ITR Filing
The biggest drawback of filing a Belated ITR is the imposition of late fees.
Individuals with a taxable income of less than ₹5 lakh will face a penalty of ₹1,000, while those with a taxable income exceeding ₹5 lakh will be liable to pay a fine of ₹5,000.
How to File Belated ITR: Step-by-Step Guide
- Visit the e-filing portal: Go to the Income Tax e-filing portal at https://www.incometax.gov.in/iec/foportal/.
- Login: Enter your PAN, password, and captcha code to log in.
- Navigate to Income Tax Return: Click on the e-file menu, go to Income Tax Return, and select File Income Tax Return.
- Select Assessment Year: Choose the relevant assessment year and select the online filing option.
- Start New Filing: Click on Start New Filing, and select Individual in Status Applicable.
- Choose ITR Form: Select ITR 1 as the applicable form.
- Validate Details: Validate personal details, and check and edit filing section details if necessary.
- Verify Total Income Details: Validate total income, tax deduction, tax paid, and tax liability details.
- Preview ITR: Preview your ITR and proceed to validation.
- Verify ITR: Choose an option for verification, and once verified, download your ITR receipt.
Ensure you follow these steps carefully to successfully file your Belated ITR and avoid any further complications.
