The last date to file the income tax return (ITR) for FY 2022-23 (AY 2023-24) was July 31, 2023. If you have missed this deadline, you can still file it but it will be called a belated ITR and you have to do it by December 31, 2023. This is the last date to file a belated ITR under Section 139(4) of the Income-tax Act, 1961. It also attracts a penalty up to Rs 5,000.
A belated ITR is filed by individuals who have missed the original filing deadline, which is usually July 31.
Apart from the belated return, December 31, 2023, is also the last date to file the revised ITR for FY 2022-23 (AY 2023-24). A revised ITR is filed to correct mistakes in the original ITR. A revised ITR is filed under Section 139(5) of the Income-tax Act.Steps to file belated ITR
The steps to file a belated ITR are the same as those to file the original ITR. Individuals have to log in to their accounts on the income tax e-filing portal to start the process.
Also Read: Step by Step guide to file belated ITR
While filing a belated ITR, remember to select the correct section — i.e., 139(4) — in the ITR form. There is no separate ITR form for a belated ITR. Usually, every April, the income tax department notifies the ITR form for the financial year. This is done to incorporate the changes made in the Income Tax Act.For instance, the new tax regime was announced in the Union Budget 2020. It was made effective from April 1, 2020, for FY 2020-21 onwards. However, the income tax return form reflected the change when the ITR for FY 2020-21 became due — in AY 2021-22.While filing a belated ITR form for FY 2022-23 (AY 2023-24), make sure you use the forms notified for AY 2023-24.
Penalty and penal interest
If you are starting the process to file a belated ITR, first ensure that you have deposited the penalty, the tax and the penal interest.
A penalty of Rs 5,000 is levied under Section 234F of the Income-tax Act. However, the penalty becomes just Rs 1,000 for small taxpayers whose total income does not exceed Rs 5 lakh.
Read here how to pay a penalty before filing a belated ITR.
If you have to pay income tax, pay that along with the penalty amount. The penal interest will be applicable under Section 234A if income tax payment is pending. Penal interest of 1% per month is applicable on the tax due.
If there is any shortfall on advance tax payment, the penal interest calculation is done under Section 234B and Section 234C. An interest of 1% per month is levied.
Steps to file revised ITR
An individual can file a revised ITR if the original ITR has a mistake and the tax return has not yet been processed. The steps to file a revised ITR are the same as those to file belated or original ITRs.
While filing a revised ITR, remember to select Section 139(5) in the ITR form. You will also have to provide the acknowledgement number and the date of filing the original ITR.
What if you miss December 31 deadline?
According to the income tax laws, individuals who do not file belated ITRs by December 31 still have an opportunity to file their income tax returns. This is called filing of updated returns, also known as ITR-U.
However, an updated return can be filed only after the assessment year ends. This means that if an individual misses the December 31, 2023, deadline to file a belated ITR for FY 2022-23 (AY 2023-24), the updated return can be filed from April 1, 2024.
Individuals can file ITR-U irrespective of whether they have filed original, belated or revised ITRs. They can do it even if they have missed filing the ITR in a particular financial year, provided they fulfil certain conditions.
An updated ITR can be filed within 24 months from the end of the relevant assessment year. So, individuals can file ITR-U for FY 2022-23 (AY 2023-24) between April 1, 2024, and March 31, 2026. Such individuals will have to pay 25% additional tax on the tax dues if ITR-U for FY 2022-23 is filed within the first relevant assessment year — i.e., between April 1, 2024, and March 31, 2025. However, if the ITR-U is filed between April 1, 2025, and March 31, 2026, then 50% additional tax of the tax dues must be paid.
Individuals can also file an updated return if they have not filed any ITR earlier and have no pending tax dues. However, they will have to pay a penalty for the late filing.
Once an ITR is filed (belated, revised or updated), they must verify it as well within 30 days. If the filed ITR is not verified, the income tax department will not take it up for processing. Also, it will be assumed that the ITR has not been filed.