Attention! Missed July 31 ITR filing deadline for FY 2022-23? File your belated ITR by December 31





Do not worry if July 31 eluded you and your FY 2022–2023 Income Tax Return (ITR) remained unfiled. The window has not yet closed. You still have time to correct the situation and become compliant, but there may be a penalty. The window of opportunity to do so closes on December 31.



A belated ITR: what is it? According to Section 139(1) of the Income Tax Act, 1961 (henceforth referred to as the "IT Act"), qualified taxpayers are required to file their tax returns by the specified deadline, which is either the 31st of July, the 31st of October, or the 30th of November of the relevant Assessment Year. However, under section 139(4) of the IT Act, a taxpayer who fails to provide the income return within the previously specified time frame may do so by providing a belated return, subject to the payment of any applicable late fees and interest.



In order to submit an online overdue income tax return for the fiscal year 2022–2023, follow these simple procedures, which anyone can complete without any trouble at all:

1. Login: Visit the official income tax e-filing website and log in with your credentials.


2. Choose the ITR Form and click the e-File.

3. Complete the Form: Provide correct information about your income, deductions, and tax payments. Complete all required annexures and schedules.

4. Verify Details: To avoid errors, go over all of the information you submitted again. Verify the accuracy of your PAN, bank account information, and contact details.

5. Determine Your Tax and Pay Any Due:  Determine how much tax you owe. If you owe money on taxes, pay it using the designated online Payment methods.6. File ITR: If the taxpayer chooses "Online," they must file their return directly through the website. After verifying all the information and paying any unpaid taxes, turn in your filled-out ITR form.

7. Generate ITR-V: Download the ITR-V (Verification) form following the successful submission of the ITR. It is a filing acknowledgment.


8. Verify ITR: Within 120 days of e-filing, mail the signed ITR-V to the Centralized Processing Center (CPC). Alternatively, you can avoid mailing the physical copy by e-verifying your return through net banking or Aadhaar OTP.


Penalty and penal interest:

 Under Section 139(1) of the IT Act, taxpayers who do not provide their income return by the deadline are subject to a penalty of Rs 5000 under Section 234F of the IT Act. For taxpayers whose total income does not exceed Rs 5,00,000, the same will be lowered to Rs 1,000. Additionally, beginning on the day that follows the deadline and ending on the day that the return is furnished, the taxpayer would be required to pay simple interest under section 234A of the IT Act at the rate of 1% for each month or portion of a month. 


The taxpayer may not be eligible to carry forward certain losses (except loss from house property) for set-off or claim specified exemptions/ deduction in case of furnishing of belated return.

Keep in mind to keep any records and invoices related to your earnings, credits, and taxes. If you need highly customized advise based on your circumstances or have complex financial problems and concerns, tax professionals can offer reliable advice.


Thanks & Regards

Anuj Kumar Tomar 
9899097490