December 31 last date to file belated/revised ITRs for FY 2022-23. Details you must know

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Those who missed the July 31 deadline to file income tax returns (ITRs) for FY 2022-23 (AY 2023-24) must file a belated ITR by December 31, which is also the last date to submit a revised ITR for the same period.

A maximum penalty of 5000 is levied for filing a belated ITR (Representational Image)

A revised return is one that is filed after correcting mistakes, if any, in the original one.

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How to file a belated ITR?

The steps are the same as those for the original ITR: taxpayers must log in to their account on the income tax e-filing portal to begin the process.

While submitting a belated return, people must remember the following points: there is no separate ITR form for such an ITR; in the form, it must be filed under Section 139(4) of the Income Tax Act, 1961; and, for a financial year, the IT department notifies the form every April, with this being done to incorporate changes made to the Income Tax Act.

Is there a penalty for a belated ITR?

A penalty of 5000 is levied for this. However, for small taxpayers whose total annual income is 5 lakh or less, the penalty is just 1000.

Also, for a pending tax payment, a penal interest of 1% is applicable on the tax due.

How to file a revised ITR?

The steps are the same as for the other two. In the form, it must be submitted under Section 139(5) of the Income Tax Act, and there is no penalty for such a return, as the original ITR was filed on time.

What if the December 31 deadline is missed?

Individuals still have an opportunity to file their belated ITR through what is known as filing of updated returns (ITR-U). This, however, can be done only after the relevant assessment year ends. For example, if a person misses the deadline of December 31, 2023 (AY 2023-24), the ITR-U can be submitted from April 1, 2024.




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Pooja Gupta

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

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CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

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