Income Tax Return Filing Last Date: The deadline for filing Income Tax Returns for the FY 2022-23 expires today. Taxpayers who missed the July 31 deadline to file their ITR for the financial year 2022-23 have been cautioned by the tax department to do so by December 31, especially if they need to update or rectify errors in their returns.
The tax department emphasized on social media platform X that this is the final opportunity to submit belated or revised ITRs for the financial year, stating, “Attention Taxpayers: December 31, 2023, marks the last chance to file a belated/revised ITR for AY 2023-2024. Act swiftly! File your ITR before the deadline.”
Filing the return of income has been mandatory for all individuals from the assessment year 2020-21. According to the tax department, deposits exceeding ₹1 crore in one or more current accounts, expenses exceeding ₹2 lakh in foreign travel, and payments of over ₹1 lakh on electricity bills are subject to taxation under newly listed conditions.
Consequences of missing the December 31 deadline
The Income Tax Department specifies that losses (other than income from house property) cannot be carried forward. Penalties under Section 234A and fees under Section 234F will be imposed, and exemptions under Sections 10A and 10B, along with deductions under Part-C of Chapter VI-A, cannot be availed.
Under Section 234F, a penalty of ₹5,000 or ₹1,000 (for small taxpayers) is levied, and a 1% per month penal interest under Section 234A applies to pending tax payments. Verifying the filed ITR within 30 days is crucial as any unverified ITR will be considered ‘not filed’ by the Income Tax Department.
How to file belated ITR?
Steps to file:
1. Login: Visit the official e-filing website for income tax and use your credentials to log in.
2. Select ITR Form: Click on the e-File section and choose the relevant ITR form.
3. Fill in Details: Enter accurate information regarding income, deductions, and tax payments, along with necessary schedules and annexures.
4. Verify Details: Double-check all entered information to prevent errors. Ensure accuracy of PAN, bank details, and contact information.
5. Calculate Tax and Pay if Due: Calculate your tax liability and make payments using specified online methods if tax is owed.
6. Submit ITR: If opting for “Online,” file the return on the website, review all details, pay any outstanding taxes, and submit the completed form.
7. Generate ITR-V: Upon successful submission, download the ITR-V (Verification) form, an acknowledgment of filing.
8. Verify ITR: Mail the signed ITR-V to the Centralized Processing Center (CPC) within 120 days from e-filing. Alternatively, use Aadhaar OTP or net banking for e-verification to bypass physical submission.
Taxpayers should specify the filing type as revised, providing the “Acknowledgement Number” and “Date of filing” of the Original Return filed.