Belated ITR Filing: You can file belated income tax return (Belated ITR) till 31st December, however, you will have to pay late penalty.
If you are also among those who missed the deadline of July 31 for the financial year 2022-23 and assessment year 2023-24, then you still have the last chance to file ITR. You can file belated income tax return (Belated ITR) till 31st December, however, you will have to pay late penalty.
What is Belated ITR?
Under income tax rules, taxpayers have to file their tax returns by July 31 every year, but if for some reason someone does not file his return, then he is still given the option to file his return with late fees. When a taxpayer is not able to pay his tax for a year even till the last date, his only option is to file Belated ITR. That is, when someone files ITR after the last date, it is called Belated ITR.
How much penalty will have to be paid for filing belated ITR?
If you file Belated ITR, then its biggest disadvantage (Disadvantages of Belated ITR) will be that you will have to pay late fees. If your taxable income is less than Rs 5 lakh then you will have to pay a penalty of Rs 1000 while filing ITR. Whereas if your taxable income is more than Rs 5 lakh then you will have to pay a fine of Rs 5000.
How is Belated ITR filled?
Belated ITR is also filled in the same way (How to file Belated ITR), like you fill your normal ITR, but here the section changes. Normal ITR is filed under section 139(1) of the Income Tax Act, while Belated ITR is filed under section 139(4). Let us know its process, step-by-step.
Step 1- First of all go to the e-filing portal of Income Tax, https://www.incometax.gov.in/iec/foportal/.
Step 2- Here enter PAN, password and captcha code in the user ID and log in.
Step 3– You will see the e-file menu above, and then go to Income Tax Return and select File Income Tax Return.
Step 4- On the next page you have to select the relevant assessment year. In the mode of filing below, online option has to be selected. Then click on Continue.
Step 5- Here you will click on Start New Filing. If you had tried filing earlier and had saved the draft, then you can choose the above option.
Step 6- Here you have to click on Individual in Status Applicable because you have to file ITR-1.
Step 7- On the next page you have to choose ITR form, where you will select ITR 1. Here you can see which type of taxpayer has to fill which ITR form. Proceed with ITR Form 1.
Step 8- You can see here which documents you will need. Click on Let’s Get Started to proceed.
Step 9- In the next page you will tell why you are paying income tax.
Step 10: Now you have to validate the details of your pre-filled return. In this, check your details in personal details. If there are some changes in the filing section then you can edit it.
Step 11- Similarly, you will also have to validate the details of your total income, tax deduction, tax paid, and tax liability. When you have validated all the details then you can proceed. If any tax amount has to be paid now, you can do it now or later with e-pay tax service.
Step 12- Now you can see the preview of your ITR. From here click on Proceed to Validation.
Step 13- Now you have to verify ITR. Three options will come, choose whichever option is easy and convenient for you. After e-verification your ITR will be submitted. You can download your ITR receipt from here.
