Last date for filing belated and amended income tax returns (age 2022-2023)
As the new year is coming we all are planning for the celebration. Before that, one thing that needs to be done is to do your tax work. The last date to file your revised income tax return is 31 December 2022.
As per the income tax laws, if a person has forgotten to file the original income tax return on or before 31st July 2022, then the financial year 2021-22 (AY 2022-23) has been given a chance to file the dues on or before 31st December. If anyone has made any mistake while filling original ITR then you have a chance to make corrections by filing revised income tax return till 31st December 2022.
Late ITR filing process
The procedure for late ITR filing is the same as for filing ITR before the due date. This process of late income tax filing comes under section 139(4) of the Income Tax Act, 1961. Being a late taxpayer a person should take care of these two things. First one has to select section 139(4) in the tax return form and second pay the applicable penalty amount, penalty interest and tax due. A penalty of INR 5000 is applicable on a person not filing due ITR and is under section 234F of the Income Tax Act. However, those paying small taxes with an income of less than Rs 5 lakh have to pay Rs 1000 as penalty. This applicable late fee needs to be paid before starting the process of late ITR filing
Procedure to File Revised ITR
The process is the same as that of filing original ITR, the only difference is that revised ITR is under section 139(5) of the Income Tax Act. Things to remember while filing Revised ITR Section 139(5) of the Income Tax Act, to ensure that the applicable Income Tax Return Form and the original ITR number are to be preserved as applicable while filing Revised ITR form It will be needed.
File belated ITR for FY 2021-22 (AY 2022-23) by 31st December 2022!
If a taxpayer misses the last date for late ITR filing, then a person has the option of filing an updated ITR. This new option has been announced by the government in the budget 2022. A person can file an updated ITR (ITR-U) even if he has filed the original, belated or revised ITR or has missed the ITR form for a particular income.
But there are some restrictions while filing updated ITR under certain circumstances. A person can file ITR-U in these cases - if they have missed the deadline or revise their ITR if they have neglected to disclose income earlier. ITR-U cannot be used to declare any loss, get income tax refund or do any other such work.
If a person has filed ITR-U for FY 2021-22 (age 2022-23) within the first assessment year i.e. 1st April 2023 to 31st March 2024 then the person will have to pay an additional tax of 25% on the outstanding tax . But if ITR-U is filed between 1 April 2024 to 31 March 2025, then 50% of the outstanding tax will have to be paid as additional tax.
After filing the income tax return, it has to be verified within 30 days. If it is not up for verification then the Income Tax Department will not process further.
Be a responsible citizen of India by paying your taxes on time. IGS Digital Center Limited Contact us and keep yourself stress free from the hassle of filing your ITR on time. Our services will help your clients to file ITR on time.
