New deadline for submitting belated ITR: Check all details here

Those who missed the July 31 deadline for filing income tax returns (ITRs) for Fiscal Year 2022-23 (Academic Years 2023-24) must file a belated ITR by December 31, which is also the deadline for submitting a revised ITR for the same period.

What is a revised return?

A revised return refers to the one that is filed after any errors in the earlier one have been corrected.

The steps are the same as with the original ITR: taxpayers must first log in to their account on the income tax e-filing portal.

What are the important points to remember?

People should keep the following points in mind when submitting a belated return: there is no separate ITR form for such an ITR; it must be filed in the form under Section 139(4) of the Income Tax Act, 1961; and, for a fiscal year, the IT department notifies the form every April to incorporate changes made to the Income Tax Act.

What is the penalty amount for missing a deadline?

A fine of 5000 is imposed for this. The penalty, however, is only 1000 for small taxpayers with a total annual income of 5 lakh or less. A penalized interest of 1% on the tax due is also applied for a waiting tax payment.

The steps are the same as the previous two. It must be submitted in the form required by Section 139(5) of the Income Tax Act, and there is no penalty for doing so as long as the original ITR was filed on time.

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Individuals can still file their overdue ITR through a process known as filing of updated returns (ITR-U). However, this can only be done after the relevant assessment year has ended. For example, if a person misses the December 31, 2023 (AY 2023-24) deadline, the ITR-U can be submitted beginning April 1, 2024.

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