Belated Income Tax Return Filing for Assessment Year 2022-23 Latest News: Taxpayers who missed filing their returns by 31 July 2022 can still do so. However, there is a catch! Such taxpayers will have to pay a penalty. There are also some other associated costs of late ITR filing.
31 July 2022 was the last date of ITR filing for AY 2022-23 for taxpayers whose accounts don’t need to be audited. More than 5.8 crore returns were filed by the due date. However, some taxpayers may still have missed filing their returns. They can now file belated ITRs till 31 December 2022. (Filed ITR, not verified? Do it now)
“Taxpayers who have not filed their income tax returns within the due date, i.e. up to 31st July 2022 for the FY 2021-22, can file a belated return. However, there is a timeline for filing the belated return. A belated return for FY 2021-22 can be filed on or before 31st December 2022,” says Archit Gupta, Founder and CEO of Clear (formerly ClearTax).
Belated ITR filing Process
The process of filing a belated return is almost the same as filing the original return (returns filed before the due date).
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Belated returns need to be filed using ITR forms (ITR-1 to ITR -7) notified by the government for FY 2021-22.
“The only difference is, under the ‘Part A – General Information’ they have to select the section for belated return, which is ‘139(4)’,” says Gupta.
Belated ITR filing consequences
Taxpayers filing belated returns will have to bear the below consequences:
- Loss under head capital gain and business and profession may not be allowed to be carried forward
- The taxpayer will be liable to pay interest under section 234A depending upon the amount of tax due to @1% per month;
- The income tax officer may levy a penalty of Rs 5,000 under section 234F for late filing of return. However, if taxable income is below Rs 5,00,000, the penalty amount is Rs 1,000. The penalty amount. Needs to be paid before filing the belated return
- In case the taxpayer is eligible for a refund, the tax department pays interest under Section 244A, a portion of which will be lost due to the late filing of return.
While it is always advised to file returns before the due date, those who missed the 31 July deadline can still file their income tax returns by paying the above-mentioned penalty and interest.