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All you need to know about Belated ITR filing

All you need to know about Belated ITR filing

Most of us have filed Income Tax Returns (ITR) for all of our earnings as the last date of filing ITR was 31 July. But what to do if some of us missed it? Don’t worry, here is a guide to filing a belated ITR.

The income tax return (ITR) filing last date was 31 July and more than 58.3 million returns were filed for the Assessment Year 2022-23. Initially, the filing of returns speed was slow but as the last date approached, the filings speeded up. An estimated 7.2 million returns were filed on the last date.

However, if you are among those who missed filing an income tax return before the deadline, you can still file it three months before the end of the assessment year 2022-23 that is till 31 December. Filing a belated ITR is the same as filing a normal ITR, just the taxpayers need to select an option Filed under Section 139(4) — After the due date under Part A – General Information.

Although to file a belated, ITR taxpayers need to pay a penalty. The maximum penalty for filing a belated ITR is Rs 5000. If the total income is less than 5 lakhs, the maximum penalty imposed is Rs 1000. If there are tax dues, then the taxpayer has to pay 1 percent interest per month till the payment of taxes.

Moreover, if the taxpayer files ITR beyond 31 December, the fine imposed may go up to Rs 10,000.
Also, taxpayers cannot claim any deductions on the belated ITR. Losses due to capital gains, businesses, or progression can not be carried forward. But the loss from the housing property can be carried forward.

Generally, the refund of a taxpayer is calculated from the start of the assessment year is 1 April, but in the case of a belated return, the refund will be calculated from the actual date of filing the ITR. Hence, the eligible taxpayers have to sacrifice part of the refund amount.

Furthermore, the tax department has limited the time limit for e-verification to 30 days, so it’s good news if you are going to file a belated return. Usually, it takes 120 days for a normal ITR to be verified. The taxpayer needs to e-verify the ITR to consider it valid.

For people who are serial non-filers or those who don’t file income tax returns at all, they may have to pay heavy fines or even imprisonment in some cases.

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