The last date for filing your income tax return (ITR) for the financial year (FY) 2021-22 was July 31, 2022. However, if you have missed this ITR filing deadline, you can still file a belated ITR. Here is all you need to know about this process.
What Is Belated ITR?
Belated ITR refers to the income tax return that is filed after the due date under Section 139(4) of the Income Tax Act, 1961.
What Is The Last Date to File A Belated ITR?
Till FY 2019-20, a belated ITR could be filed till March 31 of the assessment year. However, after an amendment was announced in Budget 2021, you can file a belated ITR latest till December 31 of the assessment year. This amendment has been effective from FY 2020-21.
So, if you have missed the deadline for ITR filing for FY 2021-22 and now want to file a belated ITR, you can file it by December 31, 2022.
What Is The Penalty For Late Filing Of Income Tax Returns?
Before the amendment that was announced in 2021 came into effect, there was a two-tier structure for the late fee for ITR filing. For a belated ITR filed on or before December 31, a late fee of ₹5,000 was applicable, whereas those filed between January and March were charged a late filing fee of ₹10,000.
After the amendment in Section 234F of the Income Tax Act, 1961, since the time limit for belated ITR filing was reduced, the penalty structure was also revised. Now, as per the current rule, the late filing fee for a belated ITR is ₹5,000. However, if your total income does not exceed ₹5 lakh, the late filing fee will not exceed ₹1,000.
What Are The Other Consequences Of Filing A Belated Income Tax Return?
Apart from the late filing fee, you will also have to let go of some other benefits if you file a belated ITR. You will not be eligible to carry forward the losses from certain income heads when you file a belated ITR. These heads are:
Income from business and profession
Income from capital gains
Income from other sources
Moreover, as per Section 234A of the Income Tax Act, 1961, if you file a belated ITR, you will have to pay interest at the rate of 1% per month or part month on the unpaid income tax amount.
Can You Revise A Belated Income Tax Return?
If you find a mistake in your returns after filing a belated ITR, you can revise it before the last date for belated ITR filing. However, you must note that the last date for filing a belated ITR and a revised ITR is the same- December 31.
So, for FY 2021-22, if you file a belated ITR on December 31, 2022, you may not get the chance to make any revision to the ITR as the deadline for filing a revised ITR will also be December 31, 2022.
What Should You Remember While Filing A Belated Income Tax Return?
An important thing to remember while filing a belated ITR is that you will be required to fill and file the belated return using the applicable ITR form for the said assessment year. The assessment year for a particular financial year is the succeeding year.
So, if you are filing a belated ITR for the financial year 2021-22, the assessment year, in this case, will be 2022-23, and you will have to use the ITR forms that are notified for the assessment year 2022-23 to file your belated ITR.
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