How To File Belated ITR: The last date for filing Income Tax Return for the financial year 2023-24 i.e. assessment year 2024-25, July 31, is fast approaching.
How To File Belated ITR: The last date for filing Income Tax Return for the financial year 2023-24 i.e. Assessment Year 2024-25 is 31st July, which is fast approaching. If you miss this opportunity, then you will only have the option of filing Belated ITR. In such a situation, many people are trying to understand what will happen if they are not able to file ITR even by 31st July. Here it is important for you to know that you also have to pay a fine for filing Belated ITR. Let us know what is Belated ITR and who can fill it and when.
First know what is Belated ITR
Whenever it comes to Belated ITR, many people think what is it (What is Belated ITR)? When a taxpayer is not able to pay his tax for a year even by the last date, the only option left for him is to file Belated ITR. That is, when someone files ITR after the last date, it is called Belated ITR.
Disadvantages of 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. Keep in mind that even if you have zero tax liability, you will still have to pay a penalty. On the other hand, if your taxable income is more than Rs 5 lakh, then you will have to pay a fine of Rs 5000.
When and who can fill it?
As it is clear from its name, it can be filed by those people (Who can file Belated ITR) who are not able to file ITR even till the last date. On the other hand, if we talk about when it is filled (When a person can file Belated ITR), then it is also clear that it can be filled only after the last date is over.
How is Belated ITR filled?
Belated ITR is also filled in the same way (How to file Belated ITR), like normal ITR is filled. However, normal ITR is filled under section 139 (1) of the Income Tax Act, while Belated ITR is filled under section 139 (4). The rest of the process remains the same as filling normal ITR. Let us know how to fill ITR.
Step 1– First of all go to the e-filing portal of Income Tax, https://www.incometax.gov.in/iec/foportal/ You have to go to this link. 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 at the top, 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. Below, in Mode of Filing, select the option of Online. 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 filing income tax.
Step 10: Now you have to validate the details of your pre-filled return. Check your details in the personal details section. If there are any changes in the filing section, 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, you can proceed. If any tax amount is 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 your ITR. Three options will appear, choose the option which is easy and convenient for you. After e-verification your ITR will be submitted. You can download your ITR receipt from here.
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