Belated ITR Filing Deadline: The date of December 31 is very important for those taxpayers who have not filed their income tax returns by July 31, 2023 for the financial year 2022-23 and assessment year 2023-24. You have the last chance to file ITR with late fees. Apart from filing ITR with late fees, this is also the last chance to correct any mistake in your original ITR. Revised ITR can be filed under section 139(5) of Income Tax.
How to file ITR with late fees-
Filing income tax return with late fees is similar to filing original ITR, except you will have to pay a penalty amount of Rs 1,000 to Rs 50,000 depending on your annual income. Let us know about this process.
1. To file belated income tax return, first of all go to the e-filing portal of the Income Tax Department.
2. Go ahead and select the option of Income Tax Return and then select the assessment year and financial year.
3. Next you will see the option of New Filing, click on it and select the option of Individual.
4. Individual will have to select ITR Form-1 and further click on Lets Gets Started.
5. Then all the details of income tax will open in front of you, then select the option of Proceed to Validation.
6. Further, deposit the amount of penalty due and your billed ITR will be filed.
There may be problems if you do not file ITR-
Taxpayers who have not yet filed income tax returns for the financial year 2022-23 and assessment year 2023-24 should complete this work as soon as possible because if you fail to do so, you will receive a notice from the IT department. You may have to face problems. According to Section 23F of the Income Tax Act, people with annual income of less than Rs 5 lakh will have to pay a fine of Rs 1,000 for filing late ITR.
Whereas people with annual income more than Rs 5 lakh will have to pay a fine of Rs 5,000. After completing e-filing, you will have to complete the process of e-verification within 30 days. If you fail to do so, your ITR will not be considered complete and the process of e-filing will not be completed.
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