Belated Income Tax Return Filing AY 2023-24: The last date for filing income tax return for assessment year 2023-24 is July 31, 2023. Taxpayers who have not filed their returns till this date will now have to do late filing with penalty.
The Income Tax Department gives taxpayers the option to file their ITR even after the deadline, just for this they have to pay a penalty according to their income. Here we are giving you all the information regarding belated ITR.
What is Belated ITR?
When you do not file your ITR by the deadline set for the assessment year, i.e. file ITR after the deadline, then you have to file belated ITR. It is clear from the name of billet that it was filed late. The Income Tax Department gives you the facility to file ITR from the belated ITR term.
Penalty has to be paid for belated ITR
You have to pay late fee for filing belated ITR. Late ITR filing attracts a penalty of up to Rs 5,000. If your income is less than 5 lakhs annually, then you will have to pay a fine of Rs 1,000, on income above this it is Rs 5,000.
The burden of interest will also increase
You should also know that when you do not pay the tax, then interest continues to accrue on this unpaid tax. For the number of months the ITR is not filed, the interest will be increased at the rate of 1 percent per month for the same number of months. When you file ITR before the due date, you get interest at the rate of 0.5% per month on the refund from April 1 till the refund is issued. But on late filing this interest is calculated from the day of ITR filing. You cannot carry forward any loss on belated refunds.
