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Belated Return [Sec 139(4)]: Filing ITR for Previous Years

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.

For more details contact out team at +91-7991109093 or drop email us at [email protected]

Note: This Post was last updated on June 16, 2023

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation i.e. June 16, 2023. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, We assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. We assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL WE SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION.

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