Income Tax Return: If you haven’t filed your ITR by July 31, don’t worry. Here’s how you can file a belated ITR

If you haven’t filed your income tax return (ITR) before the due date, you can still do so by visiting the official income tax (I-T) department website. The website provides all the necessary provisions for filing belated returns.

The belated ITR is an income-tax return filed after the prescribed due date for the original return, along with a late filing fee of Rs 5,000 (Rs 1,000 in case total taxable income is below Rs 5 lakh).

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Dr. Suresh Surana, Founder of RSM India, said, “The belated ITR is prepared and filed on the income-tax portal similarly as the original ITR except for the difference that while filing original ITR, you need to select return filed under ‘section 139(1)’ of the Income-tax Act, 1961, whereas, in case of belated ITR, you need to select return filed under ‘section 139(4)’ of the Act. The aforesaid late filing fee needs to be deposited before the filing of the belated ITR. It is reported under ‘Fee for default in furnishing return of income (section 234F)’ in ‘Part B – TTI – COMPUTATION OF TAX LIABILITY ON TOTAL INCOME’ of the belated ITR with payment challan details being reported in ‘SCHEDULE IT’. Further, the taxpayer would be subjected to interest u/s 234A of the IT Act @ 1% simple interest per month or part of a month for the delay in furnishing return.”

Here’s a step-by-step guide to help you through the process:

1. Logging: Log in to the ITD website using your registered credentials.

2. Select ‘Belated Return’: Once logged in, navigate to the “File Returns” tab on the website. From the options available, choose “Belated Return”. A belated return is filed after the original due date has passed.

3. Assessment year: While filing for the financial year 2022-23 (FY 2022-23), the corresponding assessment year would be 2023-24 (AY 2023-24).

4. Type of return: Select the appropriate type of return you need to file based on your income sources, such as ITR-1, ITR-2, etc.

5. Adding information: Provide your financial and income-related information as required in the return form.

6. Attaching requisite documents: Attach any necessary supporting documents, such as Form 16, TDS certificates, investment proofs, etc., per the guidelines.

7. Review and submit: Before submitting, carefully review all the details you've entered to ensure accuracy.

Raghuram Trikutam, CEO, Descrypt, said, "It's important to note that filing a belated return comes with an associated penalty, depending on the time of filing: If the return is filed after the due date but before December 31 of the assessment year, the penalty can go up to Rs 5,000. If the return is filed after December 31 of the assessment year, the penalty can go up to Rs 10,000. Therefore, filing your income tax return within the original due date is advisable to avoid penalties and ensure timely compliance with tax regulations."