Income Tax Returns for FY 2022-23 deadline ends today! Here’s your guide on how to file belated ITR
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.”
Taxpayers can file belated or revised returns after the ITR filing deadline. For belated returns, a penalty of Rs 5,000 is applicable. There is no separate form for belated ITR; forms designated for a specific assessment year can be used for returns.
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.
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
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