If you have missed filing your income tax return for the financial year 2021-22 (AY 2023), till now, or need to file a revised return for the year, then you need to do it right away.
December 31, 2022 is the last for filing income tax return for AY 2023, both belated and/or revised, as after this date, you cannot file a return for this particular assessment year.
Some Important Things To Know About Belated Return
● You will have to pay a late fee for filing a belated return. The penalty is a flat fee of Rs 5,000. For those with a taxable income below Rs 5 lakh, the penalty amount is Rs 1,000. If your income is below the taxable limit, you will not have to pay any penalty.
● Apart from penalty, based on the type of tax return one is filing, the belated return may also include other components, such as interest, and other penalties under sections 234A, 234B and 234C of the Income-tax Act, 1961, as the case may be.
● If one had earned an income in the taxable limit in the financial year 2021-22 and did not file his/her income tax return, and neither a belated return, and this practice has been occurring for the past two consecutive years, then the TDS component on income other than salary will be deducted at twice the rate.
● You cannot carry forward the losses while filing a belated return.
● Besides this, you will also miss out on the interest paid back by the Income Tax Department while processing the tax refund. The Income Tax Department pays an interest of 0.5 per cent per month on the Income Tax refunds if only the returns are filed before the due date (July 31, 2022 for AY 2023).
● In a belated income tax return, a taxpayer cannot change his/her income tax regime. Let’s suppose, someone has been paying tax on his/her salary income under the old tax regime and now wants to switch to the new tax regime, it has to be done with the original income tax return (July 31, 2022) and not the belated income tax return (December 31, 2022).
