December 31 is the deadline to file the belated and revised income tax returns (ITRs) for FY 2021-22 (AY 2022-23). Taxpayers who have missed filing the ITRs in August can now submit the returns or revise the initially filed return, which might have errors. A belated return is the income tax return filed after the expiry of the original ITR filing deadline. The revised return is specifically meant for disclosing any additional income that was not mentioned earlier.
Belated returns vs revised returns
Belated returns can be filed under Section 139(4) of the Income-tax Act, 1961. The process of filing it is the same as filing an income tax return before the due date.
Whereas, a revised return can be filed under Section 139(5) of the Income Tax Act. The process of filing is the same as filing an original ITR.
Who should file the updated ITR?
It is to be noted that the December 31 deadline is applicable to all taxpayers, including individuals, corporations, those undergoing audits, and those not undergoing audits. This means taxpayers only have 9 days left to initiate the process.
While submitting a belated return, taxpayers must remember that there is no separate ITR form for such an ITR.
In the form, it must be filed under Section 139(4) of the Income Tax Act, 1961; and, for a financial year, the IT department notifies the form every April, with this being done to incorporate changes made to the Income Tax Act.
Penalty on updated ITR
As per the Section 234F of the Income Tax Act, individuals who fail to file their returns before the due date will be subject to a late filing fee. For those who missed the deadline, the penalty is Rs 5,000. Taxpayers whose total income is below Rs 5 lakh will only have to pay a penalty of Rs 1,000.
For a pending tax payment, a penal interest of 1% is applicable on the tax due.
In the case of a revised return, no penalty will be imposed, but if the assessing officer discovers that the error was intentional/fraudulent, revision of the return is not allowed, and a penalty will be levied.
How to file a revised ITR?
The steps are the same as for the regular form. In the form, it must be submitted under Section 139(5) of the Income Tax Act, and there is no penalty for such a return, as the original ITR was filed on time.
Documents for filing revised ITR
Aadhaar card, Permanent Account Number (PAN) card, Form 26AS and Form 16 are some of the major documents required for filing ITR.
Verification of ITR
After filing the ITR, it is very crucial to verify it. If the verification is not done, ITR can be termed as illegal and may not be processed by the department.
I-T Department offers five ways to verify an ITR: net banking, bank ATM, Aadhaar OTP bank account and demat account.
What happens if you miss December 31 deadline?
If taxpayers miss the December 31 deadline to file belated ITR, they can file updated ITRs. The Finance Act of 2022 has introduced the concept of updated returns to allow a longer duration for an assessee to file the return of income. An updated return can be filed within 24 months from the end of the relevant assessment year (subject to certain conditions). It can be filed only after the end of the relevant assessment year. Hence, if taxpayers do not file a belated ITR now, then they will be allowed to file an updated ITR from April 1, 2024, only.
The Unique Identification Authority of India (UIDAI) has extended the deadline for ‘free’ document updates to the Aadhaar Card by three months, till March 14, 2024. Earlier, the deadline was December 14.
UIDAI in a notification said: “Based on the positive response from the residents, it is decided to extend the facility for 3 more months i.e. from 15.12.2023 to 14.03.2024. Accordingly, the facility for document update shall continue to be free of cost through myAadhaar portal at myaadhaar.uidai.gov.in up to 14.03.2024.”
Both online and offline modes are available for making updates. To complete the update while in offline mode, you must go to designated Aadhaar centre and pay Rs 50 as service fee to update the details.
How to update the address in Aadhaar card online.
1: Open https://myaadhaar.uidai.gov.in/portal
2: Click on the “Document update” option and “Click To Submit”
3: Enter your Aadhaar number and OTP (One-time password) received on your registered mobile number.
4: If you have a valid address proof, click on ‘Proceed to Update Address.’
5: Enter your 12-digit Aadhaar number and click ‘Send OTP.’
6: Enter the OTP to log in to your Aadhaar account.
7: Enter the new address by selecting the ‘update address via address proof’ option or by using the ‘Update Address via Secret Code’ option
8: Enter your residential address as mentioned in the ‘Proof of Address’ document.
9: Choose the document type for address proof.
10: Upload a scanned copy of the address proof document and click on ‘Submit.’
11: The Aadhaar update request will be accepted, and a 14-digit Update Request Number (URN) will be generated.