How to pay the penalty before filing a belated income tax return (ITR)

economictimes.indiatimes.com:

ITR for FY 2022-23 (AY 2023-24) is December 31, 2023. While filing a belated ITR, an individual is required to pay a penalty under Section 234F of the Income Tax Act, 1961. Further, losses under various income heads cannot be carried forward in a belated ITR except for house property losses. The penalty for filing a belated ITR is Rs 5,000 if net taxable income is more than Rs 5 lakh for FY 2022-23 (AY 2023-24). If net taxable income is below Rs 5 lakh, the penalty amount is Rs 1,000. If your net taxable income is below the basic exemption limit, you do not need to pay any penalty while filing a belated ITR.

An individual can either pay the penalty under Section 234F before starting the process of filing belated ITR, or pay the penalty and any additional tax liability at the time of belated ITR filing on the e-filing portal. The challan details of the penalty paid will have to be entered manually in the ‘tax paid’ schedule in the ITR form.

How to pay income tax on income tax e-filing portal in 9 easy steps

An individual cannot file a belated ITR before providing penalty paid details in the ‘tax paid’ schedule of the ITR form.If you are paying penalty before filing belated ITR An individual will be required to use the e-pay tax facility on the income tax e-filing portal to pay the penalty before filing a belated ITR. The e-pay tax facility can be used with or without logging into their account. Here we have taken reference of how an individual can pay the penalty without logging into their account. On the e-filing portal (https://www.incometax.gov.in/iec/foportal/) under ‘Quick Links’ select the ‘e-pay tax’ option.

How to verify ITR? Here are 6