The Income Tax Return (ITR) filing deadline for the financial year 2022-23 (assessment 2023-24) was July 31. The new assessment year 2023-24 started on April 1. An ITR filed after the due date is called a belated return. You can file your belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY). Check here all you know about the day.
PENALTY FOR LATE FILING OF INCOME TAX RETURN:
Filing your ITR after the deadline will result in the imposition of a late filing fee, with the maximum penalty being up to Rs. 10,000. Conversely, if the evaded tax amount exceeds Rs. 25 lakhs, the potential punishment could range from 6 months to 7 years, as indicated on the Income Tax Department’s website.
Read More: Inheritance Tax: What is it? Is it necessary for an NRI to file it?
HERE IS HOW TO FILE AN INCOME TAX RETURN AFTER THE DUE DATE:
Filing a belated return follows the same process as filing a return on or before the due date. However, if a belated return is submitted after the income tax due date, the taxpayer becomes liable to pay the tax along with simple interest at a rate of 1% per month, as specified in Section 234A.
When filing a belated return for the fiscal year 2022-23, it is essential to complete the appropriate Income Tax Returns (ITRs) designated for this fiscal year. It’s important to note that the relevant assessment year for a given financial year is the one immediately following that particular financial year.
