Missed submitting ITR? Deadline to file belated revenue tax return to finish on Dec 31

Have you missed submitting your revenue tax return (ITR) for the monetary 12 months 2021-22? Hurry, solely 4 days left now as  the deadline to file the belated and revised ITR will finish on 31 December 2022.  An particular person who has missed the final date to file an unique revenue tax return can file a belated ITR.

What occurs in case you miss submitting the belated ITR by the due date?

The final likelihood for submitting late returns comes with a penalty, nevertheless, no penalty might be levied on revised returns.

“Paying a late ITR is punishable below Section 234F of the Income-Tax (I-T) Act of 1961. Assessees should incur a late submitting penalty of as much as ₹5,000. For small taxpayers with taxable revenue of lower than ₹5 lakh, the punishment is ₹1,000. Sections 234A, 234B, and 234C impose penalty curiosity, based mostly on the kind of tax payable. Those who submit late returns are likewise prevented from carrying their losses ahead. Taxpayers who file a late return are disqualified for curiosity on I-T refunds, that are paid at a charge of 0.5% monthly if the ITR is filed nicely earlier than due date. An ITR that was submitted late could be up to date. Nevertheless, in case you file it on the very minute, you’ll lose the chance to file a corrected ITR in case you uncover a mistake later. As a end result, file earlier or be further cautious in case you submit near December 31,” mentioned Amit Gupta, MD, SAG Infotech

Updated ITRs

If a taxpayer misses the deadline for submitting a late ITR, he or she can file an up to date ITR. The Finance Act, of 2022 launched a brand new idea of up to date returns, which permitted taxpayers to replace their ITRs inside two years of submitting, topic to cost of taxes.

New type ITR-U was made obtainable in May this 12 months for taxpayers to replace their revenue tax return (ITRs) with any revenue or earnings that will have been skipped within the unique filings for fiscal years beginning 2019-20 (the evaluation 12 months 2020-21).

The Budget 2022-23 has permitted taxpayers to replace their ITRs inside two years of submitting, topic to cost of taxes, a transfer geared toward serving to appropriate any discrepancy or omissions.

A taxpayer could be permitted to file just one up to date return per evaluation 12 months.

Belated ITRs

An ITR which is filed after the due date of return is called a belated return. Belated return could be filed until 31 December of the related AY u/s 139(4) of IT Act.

Revised Return

If a taxpayer has filed unique or belated ITR however later discovers a fallacious assertion, they’ve the choice to revise their tax return below part 139(5) of the IT Act. Revised returns could be filed until 31 December of the related AY.

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