Belated Income Tax Return Filing for Assessment Year 2022-23 Latest News: Taxpayers who missed filing their returns by 31 July 2022 can still do so. However, there is a catch! Such taxpayers will have to pay a penalty. There are also some other associated costs of late ITR filing.
31 July 2022 was the last date of ITR filing for Assessment Year 2022-23 for taxpayers whose accounts don’t need to be audited. More than 5.8 crore returns were filed by the due date. However, some taxpayers may still have missed filing their returns. They can now file belated ITR s till 31 December 2022.
“Taxpayers who have not filed their income tax returns within the due date, i.e. up to 31st July 2022 for the FY 2021-22, can file a belated return. However, there is a timeline for filing the belated return. A belated return for FY 2021-22 can be filed on or before 31st December 2022,” says Archit Gupta, Founder and CEO of Clear (formerly Clear Tax).
Belated ITR filing Process
The process of filing a belated return is almost the same as filing the original return (returns filed before the due date).
Belated returns need to be filed using ITR forms (ITR-1 to ITR -7) notified by the government for FY 2021-22.
“The only difference is, under the ‘Part A – General Information’ they have to select the section for belated return, which is ‘139(4)’,” says Gupta.
Belated ITR filing consequences
Taxpayers filing belated returns will have to bear the below consequences:
Loss under head capital gain and business and profession may not be allowed to be carried forward
The taxpayer will be liable to pay interest under section 234A depending upon the amount of tax due to @1% per month;
The income tax officer may levy a penalty of Rs 5,000 under section 234F for late filing of return. However, if taxable income is below Rs 5,00,000, the penalty amount is Rs 1,000. The penalty amounts. Needs to be paid before filing the bus related return
In case the taxpayer is eligible for a refund, the tax department pays interest under Section 244A, a portion of which will be lost due to the late filing of the return.
While it is always advised to file returns before the due date, those who missed the 31 July deadline can still file their income tax returns by paying the above-mentioned penalty and interest.
E-Filing of ITR
The user can file the Income Tax Return (ITR) in two ways:
1. Offline: Download the applicable ITR, fill the form offline, save the generated XML file and then upload it.
To E-File the ITR using
upload XML method, the user must download either of the following ITR utility:
Excel Utility
Java Utility
Perform the following steps to download the Java Utility or Excel Utility, then to generate and Upload the XML:
Go to the Income Tax e-Filing portal https://www.incometax.gov.in/iec/foportal/ Download the Appropriate ITR utility under 'Downloads > IT Return Preparation Software'. Extract the downloaded utility ZIP file and Open the Utility from the extracted folder. (For more information and prerequisites, refer to the 'Read me' document).
Note : System Requirements
Excel Utilities: Macro enabled MS-Office Excel version 2007/2010/2013 on Microsoft Windows 7 / 8 /10 with Net Framework (3.5 & above)
Java Utilities: Microsoft Windows 7/8/10, Linux and Mac OS 10.x with JRE (Java Runtime Environment) Version 8 with the latest updates.
To Enable Macros in Excel, Go to > File > Options > Trust Centre > Trust Centre Settings > Macro Settings > Enable All Macro > Click ‘OK’ button twice to save these settings. Fill the applicable and mandatory fields of the ITR form.
Note :
Pre-filled XML can be downloaded post login to the e-Filing portal from 'My Account > Download Pre-Filled XML' and can be imported to the utility for pre-filling the personal and other available details. Validate all the tabs of the ITR form and Calculate the Tax. Generate and Save the XML. Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click 'Login'. Click on the 'e-File' menu and click 'Income Tax Return' link.
On Income Tax Return Page:
PAN will be autopopulated Select 'Assessment Year' Select 'ITR form Number' Select 'Filing Type' as 'Original/Revised Return' Select 'Submission Mode' as 'Upload XML'
Choose any one of the following option to verify the Income Tax Return:
Digital Signature Certificate (DSC). Aadhaar OTP. EVC using revalidated Bank Account Details. EVC using revalidated Demat Account Details. Already generated EVC through My Account Generate EVC Option or Bank ATM. Validity of such EVC is 72 hours from the time of generation. I would like to e-Verify later. Please remind me. I don’t want to e-verify this Income Tax Return and would like to send signed ITR-V through normal or speed post to "Centralized Processing Center, Income Tax Department, Bengaluru – 560500" Click 'Continue' Attach the ITR XML file.
On choosing,
DSC as verification option, attach the signature file generated from DSC management utility. Aadhaar OTP as verification option, Enter the Aadhaar OTP received in the mobile number registered with UIDAI. EVC through Bank account, Demat account or Bank ATM as verification option, Enter the EVC received in the mobile number registered with Bank or Demat Account respectively. Other two verification options, the ITR will be submitted but the process of filing the ITRs is not complete until it is verified. The submitted ITR should be e-Verified later by using 'My Account > e-Verify Return' option or the signed ITR-V should be sent to CPC, Bengaluru. Submit the ITR. To view the uploaded ITR
2. Online: Enter the relevant data directly online at e-filing portal and submit it. Taxpayer can file ITR 1 and ITR 4 online.
Go to the Income Tax E-Filing portal, https://www.incometax.gov.in/iec/foportal/ Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click 'Login'. Click on the 'e-File' menu and click 'Income Tax Return' link.
On Income Tax Return Page:
PAN will be autopopulated Select 'Assessment Year' Select 'ITR Form Number' Select 'Filing Type' as 'Original/Revised Return' Select 'Submission Mode' as 'Prepare and Submit Online'Click on 'Continue'Read the Instructions carefully and fill all the applicable and mandatory fields of the Online ITR Form.
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