Last day to file ITR for FY2022-23 ends today
The clock is ticking for taxpayers, as the deadline to file Income Tax Returns (ITR) for the financial year 2022-23 is set for today (December 31). The Income Tax Department took to X, urging individuals to file their belated or revised ITRs for the assessment year (AY) 2023-2024 before it's too late. This reminder is especially important for those who haven't filed yet or need to make changes or corrections to their previously submitted tax returns.
Consequences of missing the deadline
If you miss the December 31 deadline for belated ITRs, don't worry, you can still submit updated ITRs. The good news is that the Income Tax Department doesn't charge penalties for filing revised ITRs. However, if you make changes that result in additional income declarations, you might have to pay extra taxes. Failing to fix errors could lead to fines and interest on outstanding amounts, so it's best to act now.
How to file a belated ITR?
Login to the official e-filing website. Choose the appropriate ITR form and click on e-File. Enter accurate income, deductions, and tax payment details. Verify all entered information, ensuring PAN, bank, and contact details are correct. Calculate and pay any due taxes online. Submit the completed ITR form online. Download the ITR-V acknowledgment. Mail signed ITR-V to the CPC within 120 days or e-verify using Aadhaar OTP or net banking to avoid physical submission. Specify filing type as revised if needed.
Late filing penalties
If you're filing a belated return, be prepared for a fine of up to Rs. 5,000 under Section 234F. However, if your annual income is below Rs. 5 lakh, the maximum late fee is Rs. 1,000. To avoid unnecessary penalties and stay compliant with regulations, take action immediately.
