Belated ITR: Many taxpayers are unable to file returns by the last date for filing income tax returns. There is a provision for filing belated returns for them. However, taxpayers have to pay a penalty for filing belated returns.
Belated ITR: If a taxpayer is unable to file a return by the last date for filing income tax returns, then he can file a belated return. Income Tax has made this provision keeping in mind such taxpayers, who are unable to file returns by the stipulated time due to some compulsion. There is a penalty for filing belated returns. Along with this, interest has to be paid on tax. It is important to know about it properly before filing belated returns.
Who can file belated returns?
The last date for filing Income Tax Return is generally 31 July for individual taxpayers. The deadline for filing income tax returns for the financial year 2023-24 was 31 July, which has passed. If a taxpayer has not filed the return by 31 July, then he can file a belated return.
Till what date can a belated return be filed?
Belated returns can be filed till 31 December of the respective financial year. This means that if you have not filed the return by 31 July this year, then you can file it till 31 December.
How much is the penalty?
Penalty is levied under section 234F of the Income Tax Act for filing a belated return. If the taxpayer’s income is less than Rs 5 lakh, then the penalty is Rs 1,000. If the taxpayer’s income is more than Rs 5 lakh, the penalty is Rs 5,000. Apart from this, if tax is due on the taxpayer, then under section 234A, he will have to pay interest on it.
Will loss carry forward be allowed?
On filing a belated return, certain losses like business loss and capital loss are not allowed to be carried forward to the subsequent years. However, losses under the head of ‘income from house property’ can be carried forward.
Is revised return allowed?
If you feel that you have made a mistake in the belated return, you can file a revised return till December 31.
Also Read- ITR Refund: Have you not received your income tax refund? Know what you need to do
Will the return have to be verified?
After filing the belated return, it will be necessary to verify it. Taxpayers can verify it online through means like Aadhaar OTP, netbanking. Another way is that they can sign a copy of ITR-V and send it to the Centralized Processing Center (CPC) within 120 days.
What is the process of filing a belated return?
The process for filing a belated return is the same as that of filing a normal return. You have to go to the e-filing portal of the Income Tax Department. Then you have to log in with your user ID and password. Then you have to select the ITR form based on your source of income. Then you have to select the correct assessment year. You have to enter your income details, deductions and tax. After paying the tax, the return has to be submitted. After that it has to be verified.
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