What is Belated Return?
A belated return is a return that is filed after the due date specified in the income tax act. It can be filed at any time before the end of the relevant assessment year or before the completion of assessment whichever is earlier.
For Example, for the AY 2022-23 the taxpayer is not able to file his income tax return, he can still submit a belated return on or before 31 December 2022 (if income tax authorities do not complete the assessment on their own).
Who can file Belated Return?
- If an individual’s total income exceeds INR 2,50,000.
- Over INR 1 crore is deposited in a current account with a bank or cooperative bank in a fiscal year.
Can a Belated Return be Revised?
Yes, a belated return can be revised. However, the last date to file a revised return or a belated return is 31st December of the relevant assessment year. Therefore, the revision must be done before this deadline.
What is Penalty for filing Belated Return?
A late fee of Rs 5,000 will be levied under Section 234F while filing a belated return. If the total income is less than Rs 5 lakh, the late filing fee shall be reduced to Rs 1,000. However, if your income is less than the taxable limit, no late fee shall be levied u/s 234F.
How To File Belated Returns?
Step 1: Log in to your account on the e-filing account
Step 2: > Click on ‘e-File‘ > Choose ‘Income Tax Returns‘ and > Select ‘File Income Tax Return‘
Step 3: Select the relevant assessment year
Step 4: Click on the ‘Start new filing‘ button
Step 5: Select the applicable status
Step 6: Now, select the applicable ITR form
Step 7: Click on the ‘Personal Information’ section and ensure all your personal details are correct.
Step 8: Scroll down to the filing section and select 139(4).
Step 9: Fill in all your income details under various source heads and proceed to make the tax payment.
Step 10: Download Offline ITR Preparation Utility and prepare the ITR. Once done, upload .json file and proceed to verification.
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Note: This Post was last updated on June 16, 2023
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