The deadline for filing Income Tax Returns (ITR) for the financial year 2022-23 (AY 2023-24) lapsed on July 31, 2023. However, if you missed the deadline, all is not lost.
You can still file a Belated ITR, but the clock is ticking—December 31, 2023, is the absolute last date to file under Section 139(4) of the Income Tax Act 1961.
Don’t wait any longer; act now to avoid penalties and repercussions.
Understanding Belated ITR
Belated ITR, also known as late-filed ITR, is for individuals who couldn’t meet the July 31st deadline.
If you fall into this category, you have until December 31, 2023, to file your ITR with a penalty of Rs 5,000.
Additionally, this deadline also applies to those looking to file a Revised ITR for FY 2022-23 (AY 2023-24) to rectify errors in the initial filing. Revised ITR falls under Section 139(5) of the Income Tax Act.
How to File Belated ITR: A Quick Guide
Filing a Belated ITR follows the same procedure as filing a regular ITR. To get started, log in to your account on the Income Tax e-filing portal.
Be prompt and ensure all necessary details are provided accurately to avoid any further delays.
Kind Attention Taxpayers,
31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024.
Hurry! File your ITR before the due date.
Pl visit https://t.co/uv6KQUbXGv#FileNow pic.twitter.com/S6HRuxYGBg
— Income Tax India (@IncomeTaxIndia) December 28, 2023
Penalty and Interest Considerations
Before initiating the filing process, check if you’ve covered all your bases regarding penalties, taxes, and interest.
Under Section 234F of the Income Tax Act, a penalty of Rs 5,000 is levied. However, for small taxpayers with a total income not exceeding Rs 5 lakh, the penalty is reduced to Rs 1,000.
If you owe income tax, make sure to pay it along with the penalty amount. Penal interest, as per Section 234A, is applicable for late filing, charged at a rate of 1% per month on the tax payable.
Additionally, if there’s a shortfall in advance tax payment, calculate the interest penalty under Section 234B and Section 234C, with a monthly interest charge of 1%.
Don’t let time slip away; take action now to meet the December 31st deadline for Belated ITR filing and avoid unnecessary financial consequences.
