To all those who have missed to file ITRs, the Income Tax Department of India has notified the final date to file belated and revised income tax returns (ITRs) for Fiscal Year (FY) 2022-23, Assessment Year (AY) 2023-24 under section Section 139(4) for belated returns and revised return can be filed under Section 139(5) of the Income Tax Act. Don’t forget to mark December 31, 2023, on your calendar and avoid the last-minute rush by following these simple steps.
As per reports, the taxpayers will have to pay a late filing penalty of Rs 5,000 or Rs 1,000 if their income is less than Rs 5 lakhs. Before filing the return there are a few terminologies to understand for a secure and better process.
Example: If you earn money from your job or business between April 1, 2022, and March 31, 2023, that’s all part of the Financial Year 2022-23.
Wherese after the Financial Year ends, there’s something called the Assessment Year. This is the next 12 months, from April 1 to March 31, where the money you made in the Financial Year gets looked at for tax purposes.
Example: If you earned money between April 1, 2022, and March 31, 2023, the Assessment Year for that income would be 2023-24.
In simple terms, the Financial Year is like your earnings calendar, and the Assessment Year is when the government checks in on what you earned to figure out taxes.
Belated and Revised IT returns
Belated Return: If you miss the deadline to file your income tax return, don’t worry—you can still do it! It’s called a belated return, and you can file it under Section 139(4) of the Income-tax Act, 1961. However, keep in mind that there’s a penalty of Rs 5,000 under Section 234F for filing your return late.
Maximum Penalty for Annual Income up to Rs 5 lakh: Rs 1,000
Interest for Late Payment: 1% per month after the due date until you file.
Revised Return: If you forgot to mention some income in your original return, you can file a revised return under Section 139(5). The good news is there’s no extra penalty for revising your return. But be careful—intentional errors may lead to penalties if the assessing officer finds them.
In summary, both belated and revised returns follow the same filing process as the original return. While belated returns have a fixed penalty, revised returns don’t incur an additional penalty unless errors are intentional. So, it’s essential to file accurately and on time to avoid extra charges.
Income Tax filing can be confusing and tiring. Here’s a guide for easy e-filing income tax returns:
Go to the e-filing website: https://www.incometax.gov.in/iec/foportal
Log in using your user ID (PAN or Aadhaar) and password.
After logging in, click on ‘e-file,’ then ‘income tax returns,’ and go to ‘file income tax return.’
A new page will open, choose the assessment year (AY 2023-24).
Select the filing mode (online or offline).
Enter the required details and upload them on the e-filing site.
Choose the ITR type – 139(4) Belated ITR, and click ‘Continue.’
On the next page, select ‘Start New filing’ or check a draft ITR.
Choose your status as ‘Individual’ or ‘HUF’ and continue.
Select the applicable ITR form for your income.
State the reason for filing the ITR.
The next page will display pre-filled data like personal information, gross total income, taxes paid, and total tax liability.
Check your personal details – name, address, contact details, etc.
Fill in details about your gross taxable income.
Claim eligible deductions, especially under the old tax regime (sections 80C, 80D, 80TTA, etc.).
After paying taxes, you’ll be redirected to the ITR filing page.
Under the tax paid section, click on ‘Advance and Self-Assessment’ tax payment.
Add the tax challan details and click ‘proceed.’
This return is used to fix mistakes in the original ITR. The steps are the same as for a belated ITR.
Importantly, after filing any ITR (belated, revised, or updated), it needs to be verified within the next 30 days. If not, the income tax department won’t process it.
If you miss the December 31 deadline for belated ITRs, you can file updated ITRs. The Finance Act of 2022 introduced updated returns to give more time to file the return of income. You can file an updated return within 24 months from the end of the relevant assessment year (with certain conditions). But remember, you can only file it after the relevant assessment year ends. So, if you don’t file a belated ITR now, you can file an updated ITR only from April 1, 2024.