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Belated ITR Filing: Last chance to file income tax return, will have to pay a fine of up to Rs 5,000

Belated Return for FY 2022-23: ITR filed with penalty after the last date for filing income tax return (31 July) is called belated return.

New Delhi: Belated ITR Filing Deadline: If you have not yet filed Income Tax Return (ITR) for the financial year 2022-23, then this news is important for you. This is your last chance to file ITR. The deadline for filing Income Tax Return (ITR) with late fees is approaching. Actually, the last date for filing ITR in the year 2022-23 was July 31, 2023. However, belated returns can be filed with penalty till December 31. In such a situation, taxpayers who have missed filing ITR for the financial year 2022-23 by July 31, 2023, should complete this process by December 31.

Belated returns can be filed with penalty till 31st December

According to income tax rules, it is mandatory for taxpayers to file income tax returns every year. But even if you fall in the tax slab and have not been able to file ITR by the deadline of 31st July, you are still given one last chance. But instead of this, you are charged late fee for filing belated return as a penalty. According to income tax rules, ITR filed after the last date (31st July) is called belated return (Belated ITR Filing Deadline). You can file belated return with penalty till December 31, 2023.

This much fine will have to be paid for filing belated returns

According to the Income Tax Act, taxpayers with annual income less than Rs 5 lakh will have to pay a penalty of Rs 1,000 for belated ITR filing. Whereas, for annual income more than Rs 5 lakh, a fine of up to Rs 5,000 will have to be paid.

Around 7.76 crore ITR filed till December 2

According to government data, about 7.76 crore income tax returns (ITR) have been filed till December 2 for income earned in the financial year 2022-23 and more returns may be filed by the end of this month. 10.09 crore PAN holders had paid income tax in 2022-23 for the income earned in 2021-22. Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in the Lok Sabha, “7.76 crore returns have been filed till December 2, 2023.” Have been done and more returns can be filed till the last date December 31, 2023.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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