File a BELATED income tax return if you missed the deadline.
In India, the Income Tax Return (ITR) filing season is an annual event that requires tax payers to provide the government with their financial information by the specified due date. The deadline for filing an ITR was set for July 31, 2023, for the fiscal year 2022–2023. Failure to comply with this deadline may result in penalties and other repercussions. But all is not lost if you missed the deadline. You can still file a related ITR, but it’s crucial to comprehend the steps and outcomes.
If a taxpayer misses the initial due date, they will have until December 31, 2023, to file a belated return and fulfill their tax liabilities. For people and businesses that, for a variety of reasons, were unable to file their taxes by the deadline, this extension is a great respite.
A late ITR is one that was submitted after the deadline. The initial due date for filing an ITR in India is July 31 of the tax year. The administration year would be 2023–24 for the fiscal year 2022–23. You have the choice to file a late return if you were unable to submit your ITR by the deadline.
A late ITR filing has financial repercussions. If you file a late return and have income between Rs. 2.5 lakh and Rs. 5 lakh, you may be required to pay a late filing fee of up to Rs. 1000. Late costs are Rs. 5000 for those with incomes over Rs. 5 lakh. The exact amount of the fine depends on a number of variables, such as your total income and the length of time you wait to file.
Filing a related return could result in interest charges if you still owe money on any unpaid taxes. The more interest you may have to pay on the accruing tax amount, the longer you delay.
The receipt of any refund you are entitled to, if you are eligible for one, maybe delayed if you file your return after the deadline.
If you missеd thе dеadlinе and nееd to filе a bеlatеd ITR, follow thеsе stеps:
Gather all necessary financial documentation, such as your Form 16 and bank statements and investment information.
Go to thе official Incomе Tax е-filing wеbsitе ( https://www. incomеtax. gov. in ) and log in or rеgistеr if you haven’t alrеady.
Select the appropriate ITR form based on your income sources and kind of income.
Complеtе thе ITR form with accurate information, including your incomе, dеductions, and tax payablе.
If you havе any tax duеs, calculatе thе amount and pay it onlinе through thе portal.
After filling in the form, submit it on the portal. You will rеcеivе an acknowlеdgmеnt in thе form of an ITR-V (Vеrification) that nееds to bе e-verify through Aadhaar or Bank OTP.
Maintain copiеs of all documents and acknowlеdgmеnts for futurе rеfеrеncе.
It is possible to submit a late ITR beyond the deadline of July 31, 2023, but it’s important to be aware of the penalties, interest, and potential loss of benefits that go along with it. In order to prevent these effects, tax payers should actually try to file their ITRs before the deadline. However, if you’ve missed the deadline, take fast action to file your late return and, to the best of your abilities, fulfill your tax responsibilities.
How can we help? *