Income Tax Return: File Belated ITR, Revised ITR Before Dec 31, I-T Dept Urges Taxpayers As Deadline Nears

• December 31, 2022
• CA Chandan Agarwal's Office

Income Tax Return Latest News: As part of Section 139(4) of the Income Tax Act, 1961, there is a provision for filing a belated ITR if the taxpayers have missed the original deadline.

Income Tax Return Deadline Latest Update: The taxpayers who have not yet filed their Revised ITR and Belated ITR, take note. The deadline to file the tax return will end on December 31, 2022 and in this regard, the I-T department has urged all taxpayers to file the return before deadline. Notably, total 5.83 crore income tax returns were filed till the last day of such filing on July 31.

“Delays end in dues! 31st December, 2022 is your last chance to file a belated/revised ITR for AY 2022-2023. Hurry! File your ITR before the due date,” the income tax department said in a tweet on Thursday.

What is Belated ITR?

As part of Section 139(4) of the Income Tax Act, 1961, there is a provision for filing a belated ITR if the taxpayers have missed the original deadline. According to Section 234F, a penalty of Rs 5,000 needs to be paid if one files a belated ITR after July 31 by taxpayers with a total income of Rs 5 lakh and above. However, for the taxpayers with less than Rs 5 lakh total income, the fine amount is Rs 1,000 while those who are exempt from paying income tax do not have to pay any penalty. To file belated ITR, the taxpayers need to select Section 139(4) in the tax return form.

What is Revised ITR?

In case if have filed the ITR within the original deadline of July 31 but made a mistake, you can correct that and file a revised ITR by December 31. This provision is there under Section 139(5) of the Income Tax Act. Filing Revised ITR is the same as original ITR. However, you need to select Section 139(5) in the income tax return form and must have the original ITR as the figures put in the original ITR will also be needed in the process.

Source: https://www.india.com/business/income-tax-return-latest-update-29-december-2022-file-belated-itr-revised-itr-before-dec-31-i-t-dept-tweets-how-to-file-belated-itr-step-by-step-guide-5829194/