The assessees who overlooked the date of filing the ITR on 31st July 2022 should file their late ITR by 31st December.
Tax experts mentioned that “This deadline applies to all types of taxpayers, including individual, corporate, audit, and non-audit.”
A late return could get furnished for the former year at any time three months before the lapse of the related assessment year or prior to the finish of the assessment.
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Tax experts mentioned that “It provides an additional opportunity to those taxpayers who missed the deadline due to an unavoidable reason.”
Specified Advantages Are
Furnishing the late income tax return draws penalties under Section 234F of the Income-Tax (I-T) Act, 1961. The taxpayer is obligated to file a late filing fee of up to Rs 5,000. Rs 1,000 is the fine for small assessees whose taxable income is not more than Rs 5 lakh.
As per the kind of tax due the penal interest would get imposed under sections 234A, 234B, and 234C.
Those people who furnish the late returns would be barred to take their losses forward. But people are permitted to take their losses forward beneath the head of the income from the house property.
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The assessees who furnish the late return are not qualified for the interest on the IT refund that is levied to be paid at a 0.5% rate per month when the income tax return would get furnished prior to the due date.
Furnish the Belated Return
Even with the specified above downsides the assessees must proceed and furnish the late return. The IT department could levy a penalty on the individual who is obligated to furnish the return however do not perform that. “By filing a belated return, you can avoid the consequences of non-disclosure of income. You can also avoid a notice from the I-T Department for not filing an ITR.”
When the assessee does not furnish the return, the tax council could compute the income of the assessee as per its own assessment. The same can exceed the actual taxpayer’s income.
Tax experts mentioned that “If taxes have been deducted from your income, it is still possible to file a belated return and claim a refund of the excess taxes deducted.”
An individual who furnishes tax returns on regular grounds could claim the advantages like higher life insurance coverage, quicker processing of loan and visa applications, etc.
Use CO-Browsing Utility
IT department has made a co-browsing feature on the website of e-filing which permits the helpdesk agents to support the assesseess to furnish their returns. Tax experts mentioned, “This allows agents to provide personalised and real-time support to taxpayers while filing an ITR.”
As two weeks are left prior to 31st Dec ask you, the tax consultant, to furnish your belated Income tax return. Do-it-yourself (DIY) assessees and senior citizens could approach for the support of the IT department’s agents.
Tax experts mentioned that “They can connect with the taxpayer’s screen for a session only when the latter approves a request. The agents can’t see any other data on the taxpayer’s computer.”
You Should Note
The same would be recommended to furnish the ITR within time. However, you lose to perform that and then furnish the belated rather than skipping to furnish the return.
Take precautions during ITR belated filing. Tax experts specified that “Be cautious about selecting the right ITR form. Also, keep all the documents handy while filing the return. Ensure that you disclose your income accurately, and cross-check every field in the pre-filled form.”
A belated income tax return could be amended. But when you furnish the same last time, you miss the chance for filing the amended ITR when you see a mistake afterwards. Therefore furnish at the initial time or be attentive while you furnish the return close to the 31st of December.
If the above-mentioned last date is not been followed by the assessee or can say that if the taxpayer misses this date then he or she would not able to furnish the ITR until receives a notice of tax from the IT department.
Payment Process for a Late ITR Filing Fee
- Prepare your ITR by depositing the late filing fee
- For late filing fees or penalties, use challan number 280
- You need to file the return once you have completed the form and paid online on the NSDL website
- Payments made at a bank branch will be accompanied by a receipt or challan
