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Income Tax Return (ITR) Filing: Last Day to File Late Returns and Penalty Details

Today is the last chance to file your late ITR for FY 2022-23. Know the penalties, steps to file, and why timely compliance matters.

The clock is ticking for taxpayers who missed the original deadline to file their Income Tax Return (ITR). Today marks the final opportunity to file a late ITR for the financial year 2022-23. Filing your ITR after the due date comes with penalties, but it is crucial to meet this extended deadline to avoid further complications. Here’s everything you need to know about filing late returns, penalties, and the steps involved.

Income Tax Return (ITR) Filing
ITR Filing Deadline: Taxpayers must meet this deadline, as failing can result in severe consequences.

Final Day to File Late ITR

Taxpayers who missed the original deadline of July 31, 2023, have until today, January 15, 2025, to file their belated ITR. This extended deadline allows individuals and businesses to fulfill their tax obligations and avoid severe consequences like prosecution or higher penalties.

Late Filing Penalty and Charges

Filing your ITR beyond the original due date attracts penalties under Section 234F of the Income Tax Act. Here are the key details:

  1. Penalty Amount:

    • For taxpayers with a total income exceeding ₹5 lakh, the penalty is ₹5,000.

    • For those earning below ₹5 lakh, the penalty is reduced to ₹1,000.

  2. Additional Charges:

    • Interest on the unpaid tax amount is levied under Section 234A at 1% per month or part thereof.

Why File a Belated Return?

Filing a belated ITR ensures compliance with the law and avoids future complications. Here are the benefits:

  • Avoid Prosecution: Failing to file your ITR can lead to legal actions, including prosecution for willful default.

  • Claim Refunds: Taxpayers eligible for refunds can only claim them by filing their ITR.

  • Rectify Mistakes: Filing a belated return allows you to correct errors made in previous filings.

Steps to File a Belated ITR

Follow these steps to file your late ITR:

  1. Visit the Income Tax Portal: Log in to the official website (www.incometax.gov.in).

  2. Select ‘File Now’: Navigate to the ‘e-File’ section and select ‘Income Tax Return’.

  3. Choose the Assessment Year: Select AY 2023-24 for the financial year 2022-23.

  4. Complete the Form: Fill in the required details and verify the information.

  5. Pay Penalties and Dues: Use the payment option to settle penalties, interest, or outstanding tax.

  6. Submit and Verify: Submit your return and complete e-verification using Aadhaar OTP, net banking, or other methods.

Key Considerations

  • Ensure all income sources, deductions, and exemptions are accurately reported.

  • Retain necessary documentation, such as Form 16 and investment proofs, for reference.

  • Verify your ITR promptly to avoid it being treated as invalid.

Consequences of Non-Compliance

Failing to file your ITR even within the extended deadline can lead to severe consequences, including:

  • Additional interest and penalties.

  • Difficulty in obtaining loans or visas.

  • Increased scrutiny from the Income Tax Department.

Conclusion

Filing your Income Tax Return is not just a legal obligation but a critical financial responsibility. Use this final opportunity to file your late ITR and ensure compliance with the law. Avoid penalties and legal complications by acting today.