This year, more than 70 million taxpayers filed their returns. However, in the final days, many taxpayers and chartered accountants complained of glitches and slow speeds on the income tax portal, preventing them from filing their returns on time. If you missed the deadline, don’t panic.
Recently, the deadline for filing income tax returns (ITR) was extended from September 15th to September 16th. This year, more than 70 million taxpayers filed their returns. However, in the final days, many taxpayers and chartered accountants (CAs) complained of glitches and slow speeds on the income tax portal, preventing them from filing their returns on time.
If you missed the deadline, don’t panic. You can still file a belated return.
What is a belated return?
Any income tax return (ITR) filed after the due date is called a ‘belated return’.
According to the Income Tax Department, a belated return is filed under Section 139(4) of the Income Tax Act. It states, “If a person has not filed his return within the time limit prescribed under Section 139(1) or within the time limit of the notice issued under Section 142(1), he may file a belated return for any financial year, three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.”
Penalty on Delayed Returns
Belated returns give taxpayers an opportunity to file their ITR late, but they may incur a penalty. The penalty for late filing is levied under Section 234F of the Income Tax Act.
According to this section, if a person files a return after the due date prescribed under Section 139(1), they will be fined ₹5,000. However, if the person’s total income does not exceed ₹5 lakh, the penalty amount is reduced to only ₹1,000.
How to file a belated return online?
Here’s a step-by-step guide to filing a belated return online…
Step 1: Visit the official website of the Income Tax Department (incometax.gov.in) and log in with your user ID and password.
Step 2: Go to the ‘e-File’ menu, select ‘Income Tax Returns’, and then click on ‘File Income Tax Return’.
Step 3: Select the relevant ‘Assessment Year’ and select ‘Online’ as the mode of filing.
Step 4: Click on ‘Start New Filing’ and choose your appropriate status, such as Individual, HUF, etc.
Step 5: Select the ITR form that applies to you.
Step 6: Verify your details by clicking on the ‘Personal Information’ section.
Step 7: Scroll down to the Filing section and select ‘139(4) – Belated Return’ as the return type.
Step 8: Enter all your income details under the relevant sections and proceed to pay taxes.
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