ITR Return 2022-23: Taxpayers should note that the deadline to file the final belated and revised income tax returns (ITRs) for FY 2022-23 (AY 2023-24) will end on December 31, 2023. Although July 31 is the due date for filing returns for the financial year 2022-23 (AY 2023-24), the Income Tax department has given time till December 31, 2023, to those who have missed filing the returns. It is to be noted that those who are opting to file the returns now will have to pay late-filing fees of Rs 5,000 or Rs 1,000 if their income is less than Rs 5 lakhs.
What are belated and revised IT returns?
A belated return can be filed after the expiry of the original ITR filing deadline. The revised return is specifically meant to disclose any additional income that was not mentioned earlier.
Belated returns can be filed under Section 139(4) of the Income-tax Act, 1961. Whereas, a revised return can be filed under Section 139(5) of the Income Tax Act. The process of filing for both is the same as filing an original ITR.
But it is to be noted that a penalty of Rs 5,000 is levied under Section 234F of the Income Tax Act, 1961, for filing a belated return.
For taxpayers whose total income is not more than Rs 5 lakh per annum, the maximum penalty for the delay is Rs 1,000.
Besides, if there is tax to be paid, taxpayers will be charged interest at 1 per cent per month after the end of the due date till they file ITR.
There is no extra penalty on the revised IT return. But one should note that if the assessing officer (in the Income Tax department) finds that there are errors and they were intentional/fraudulent, then the revised return will not be accepted and a penalty may be levied.
How to file belated and revised IT returns?
The I-T department has established an independent portal for e-filing income tax returns: incometaxindia.gov.in.
1. Visit the e-filing portal: https://www.incometax.gov.in/iec/foportal
2. Login using your user ID (PAN or Aadhaar) and password
3. After logging in, click on ‘e-file’, then click on ‘income tax returns’ and then go to ‘file income tax return’
4. A new webpage will open and one has to select the assessment year (AY 2023-24)
5. Once done, the taxpayer will select the mode of filing, i.e., online and offline.
6. Enter the details required and then upload the same on the e-filing portal.
7. Here the taxpayer has to select the type of ITR – 139(4) Belated ITR, and then click on ‘Continue’.
8. A new webpage will open. Here, select ‘Start New filing’. If one has a draft ITR, one can see it under this tab.
9. Select the status as ‘Individual’ or ‘HUF’ and continue.
10. Select the ITR form applicable to your income.
11. Select the reason for ITR filing.
12. A new webpage will open showing pre-filled data like your personal information, gross total income, taxes already paid, and total tax liability.
13. After this step, taxpayers can check their personal information column to check their details — name, address, contact details, etc.
14: In the next step, fill in details related to gross taxable income.
15. After filing income details, the next step is to claim eligible deductions, especially under the old tax regime. If taxpayers have opted old tax regime, they will be eligible for deductions under sections 80C, 80D, 80TTA, etc.
16. Once tax payment is done, an individual will be redirected to the ITR filing page.
17. Under the tax paid column, taxpayers should click on ‘Advance and Self-Assessment’ tax payment column.
18. Once the tax challan details are added, click on the proceed button.
Revised ITR Deadline
This return is filed to correct mistakes in the original ITR. The steps are same as the belated ITR.
Once any ITR (belated, revised, or updated) is filed, they have to be verified within the next 30 days. If it is not verified, the income tax department will not take it up for processing.
If taxpayers miss the December 31 deadline to file belated ITRs, 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.
Also read: Changes in new Income Tax Return forms you should know about
Also read: Income tax department launches TIN 2.0: Simplified tax payments for same-day credit or refund