Belated ITR Filing AY 2023-24: Last Date, Fees, Penalty for Late Income Tax Return FY 2022-23
Belated Income Tax Return Filing AY 2023-24: If you have failed to file your ITR for AY 2023-24 by July 31, you can file a belated return till December 31, 2023. The Last Date to file ITR without any penalty for taxpayers whose accounts don’t need to be audited was July 31.
While data shows that most of the taxpayers have already filed their returns, a few of them might have failed. This article explains the consequences of belated ITR filing, fees and penalties.
Belated ITR Fee: For belated ITR filing, you will have to pay a late fee of up to Rs 5000. For taxpayers having an annual income less than Rs 5 lakh, the late fee is Rs 1000 while for others it is Rs 5000.
Penal Interest: In the case of an ITR field after July 31, you may have to pay penal interest at the rate of 1% per month on any tax due at your end.
Lost off interest on refund: When the ITR is filed before the due date, taxpayers get interest at the rate of 0.5% per month on the refund amount from April 1 till the date of refund. However, in case of a belated return, this interest will be calculated from the date of filing ITR till the date of refund.
No carry forward of losses: Belated ITR filers are not allowed to carry forward their losses to subsequent assessment years.
According to Data shared by the Income Tax Department, more than 6.7 crore Income Tax Returns were filed by taxpayers for Assessment Year 2023-24 by July 31. Of these, over 5.62 crore returns were verified by taxpayers while the Income Tax Department processed more than 3.44 crore returns till July 31.
The number of ITRs filed has been increasing year-on-year. Till July 31 last year, over 5.83 crore returns were filed. This number increased by approx. 93 lakh this year. It is expected
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