ITR Filing: The last date for filing Income Tax Return (ITR) was 31 July 2023 but there is still a chance for taxpayers who missed this deadline.
ITR filing deadline: Although the last date for filing Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24) was 31 July 2023, there is still a chance for the taxpayers who missed this deadline. You can still file the return but it will be called belated ITR. This deadline for returns is till December 31, 2023.
You may have to pay penalty: This is the last date for filing belated ITR under Section 139(4) of the Income Tax Act, 1961. It also attracts a fine of up to Rs 5,000. Apart from this, you can also file revised ITR to correct the mistakes. Revised ITR is filed under section 139(5) of the Income Tax Act.
There is no separate form: While filing belated ITR, remember to select the correct category 139(4) in the ITR form. There is no separate ITR form for this. Usually every April month the Income Tax Department notifies the ITR form for the financial year. This has been done to incorporate the changes made in the Income Tax Act. If there is a mistake in the original ITR and the tax return has not yet been processed then an individual can file a revised ITR. The steps to file revised ITR are the same as filing belated or original ITR. Remember to select section 139(5) in the ITR form while filing revised ITR.
Now the question is what happens if you miss the 31st December deadline? Actually, as per income tax laws, individuals who do not file belated ITR by December 31 still have the opportunity to file their ITR. This is called filing an updated return. It is also known as ITR-U. However, updated returns can be filed only after the assessment year ends.
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