Filing income tax returns is the primary responsibility of every eligible taxpayer. The due date for filing income tax returns is typically 31st July of each year. However, life can get busy, and you may find yourself missing this deadline. But don’t worry! Even if you have missed the deadline, you can still file your income tax return (ITR). Here’s how you can do it:

Now, if you are someone who is supposed to be paying taxes, but were not able to by the due date i.e. 31st July, it is still possible for you to pay taxes by 31st December. You can just file a late return. This late return is also called Belated Return. The belated return can be filed anytime after 31st July but before 31st December, but it also entails a late fee.

The Late Fee is as following:

  • If your net income exceeds Rs 5 lakh, you would be able to file the taxes upon a payment of Rs 5000 as the late fee.
  • But in case your net income is less than that, then you would be incurring a late fee of Rs 1000.

Also Read: 10 reasons why buying a house is better than renting

Filing the Income Tax Return for Previous Years

You have the opportunity to file your belated IT return within a specific time-frame. The deadline for filing the belated return is on or before three months before the end of the relevant Assessment Year (AY). Considering AY 2023-24, the last date for filing the belated return is on or before 31 December 2023, if the income tax authorities do not complete the assessment on their own.

The amendment introduced by the Finance Act 2021 has reduced the filing timeline for belated returns. Starting from AY 2021-22, you can submit the belated return either three months before the end of the relevant assessment year or before the completion of the assessment, whichever comes earlier.

Here is how you can file a belated return-

The option to file a belated return u/s 139(4) is available in two ways:

1. Online: You can file it on the Income Tax e-Filing Portal.

2. Offline: You can use the Offline ITR Preparation Utility, which needs to be uploaded on the e-filing portal.

A few things to remember:

If your taxes for FY 2022-23 remain unpaid, you are required to settle the tax liability along with applicable interest under Section 234A, 234B, or 234C. The payment of tax is mandatory even if you have been unable to file your income tax returns.

In case you have timely paid your taxes but missed the filing of returns, you won’t be able to submit the returns or seek condonation of the delay. The Income Tax Department may issue a notice under Section 271F for non-filing of ITR, potentially resulting in a penalty of up to Rs 5,000 for exceeding the deadline. However, if you have a valid explanation for the delay and the assessing officer finds it satisfactory, you may be exempt from paying the penalty.

It is still recommended that you adhere to the deadlines set by the authorities to pay taxes so as to stay away from incurring any late fee, but in case due to unavoidable circumstances, filing a belated return is the best practice you can do.

(By Swetha Kochar, Partner, PKC Management Consulting. Views are personal)