Income Tax Return Filing Last Date: The deadline to file Income Tax Returns for FY 2022-23 ends today. The tax department cautioned taxpayers who missed the July 31 date to file their ITR for financial year 2022-23 by December 31, especially those who need to update, or rectify their return errors.
In a post on social media platform X, the tax department made it clear that this is the “last chance” to file the belated/revised ITR for the financial year.
“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,” the post on X said.
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What is the difference between belated and revised IT returns?
Taxpayers are allowed to file belated or revised returns after ITR filing deadline. For belated returns, there’s a penalty of Rs 5,000. There is no separate form for belated ITR, forms notified for a particular assessment year can be used for returns.
It is mandatory for every person to file return of income with effect from assessment year 2020-21. Deposits of ₹1 crore or more in one or more current accounts, spends of over ₹2 lakh in travel expenses to a foreign country, and over ₹1 lakh on electricity bills attract tax under new conditions listed by the tax department.
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What if I miss the December 31 deadline?
As per the Income Tax Department, loss (other than income from house property) can’t carried forward. There will be levy of interest under Section 234A and fee under Section 234F, and you will not be able to avail exemptions under Sections 10A and 10B, and deductions under Part-C of Chapter VI-A.
Under Section 234F, a penalty of ₹ 5,000, or ₹ 1,000 is levied for small taxpayers, and a 1 per cent per month penal interest under Section 234A is applicable on pending tax payment. It is important to verify filed ITR within 30 days as any unverified ITR will be considered ‘not filed’ by the Income Tax Department.
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How to file belated ITR?
Here are the steps to file:
1. Login: Go to the official e-filing website for income tax and use your credentials to enter.
2. Select ITR Form: Click on the e-File
3. Fill in Details: Fill in the form with accurate information such as income, deductions and tax payments. Fill out all the necessary schedules and annexures.
4. Verify Details: Check and re-check all the information entered to prevent mistakes. Make sure your PAN, bank details and contact information are accurate.
5. Calculate Tax and Pay if Due: Calculate your tax liability. If you have any tax due, pay it by the specified online payment methods.
6. Submit ITR: In case the taxpayer opts for “Online”, the taxpayer would be required to file return on the website itself. Once all the details have been checked and any outstanding taxes paid, submit your completed ITR form.
7. Generate ITR-V: After the ITR is successfully submitted, download the ITR-V (Verification) form. It is an acknowledgement of filing.
8. Verify ITR: Mail the signed ITR-V to the Centralized Processing Center (CPC) within 120 days from e-filing. Alternatively, you can e-verify your return using either Aadhaar OTP or net banking to bypass sending the physical copy.
Taxpayers should specify the filing type as revised as well as they would need to enter the “Acknowledgement Number” and “Date of filing” of the Original Return filed.
