Income Tax Return filing: Have you missed filing your Income Tax Return (ITR) for FY 2021-22? If yes.. then you have only 4 days left. Explain that the deadline for filing belated and revised ITR will end on 31 December 2022. If a taxpayer has missed the last date for filing income tax return, he can file belated ITR.
What happens if I miss filing belated ITR?
The last chance to file a late return comes with a penalty. However, no penalty will be levied on the revised return. Amit Gupta, MD, SAG Infotech, said that late ITR payment is punishable under section 234F of the Income Tax (I-T) Act of 1961. For this, a fine of up to Rs 5000 may have to be paid. Sections 234A, 234B, and 234C impose penal interest depending on the type of tax due. Those who file late returns are similarly barred from carrying forward their losses. An ITR which was submitted late can be updated. However, if you file it at the same time, you will lose the opportunity to file the correct ITR if the mistake is discovered later. As a result, file earlier or be extra cautious if you deposit closer to December 31.”
If a taxpayer misses the deadline for late ITR filing, he can file an updated ITR. The Finance Act of 2022 introduced a new concept of updated return, which allowed taxpayers to update their ITR within two years of filing, subject to payment of taxes. The new form ITR-U was made available in May this year for taxpayers to update their Income Tax Return (ITR) with any income or earnings. Budget 2022-23 has allowed taxpayers to update their ITR within two years of filing.
An ITR that is filed after the due date of the return is known as belated return. Under section 139(4) of the IT Act, belated returns can be filed up to 31st December of the relevant assessment year.
If the taxpayer has filed the original or belated ITR but later finds an incorrect detail, he has the option to revise his tax return under section 139(5) of the IT Act. Revised returns can be filed by 31st December of the relevant assessment year.