Belated ITR Filing: Belated ITR filing for financial year 2022-23 with late fees before 31st December. We are explaining to you its complete step by step process.
Belated ITR Filing Deadline:The deadline for filing Income Tax Return (ITR) with late fees for FY 2022-23 and Assessment Year 2023-24 is approaching. . You can complete this work by December 31, 2023. Actually, income taxpayers who have not filed their ITR by July 31, 2023, can submit it with late fees till December. Along with this, if there is any mistake in your original ITR, it can also be updated.
There may be problems if ITR is not filed
This is the last chance to file income tax return for FY 2022-23. If you fail to do this, you may have to face many serious problems like income tax notice. Along with this, a penalty ranging from 50 percent to 200 percent of the tax liability can be imposed on such a taxpayer.
According to Section 23F of the Income Tax Act, people with annual income of less than Rs 5 lakh will have to pay a fine of Rs 1,000 for filing late ITR. Whereas people with annual income of more than Rs 5 lakh will have to pay a fine of up to Rs 5,000.
Method of filing belated ITR-
- The process of filing ITR with late fees is very easy.
- For this you visit the e-filing portal of the Income Tax Department.
- Here select the Income Tax Return menu and select the assessment year and financial year.
- After this select the option of New Filing and then select the option of Individual.
- Then here you have to select ITR Form-1 and then click on Lets Gets Started.
- Then the complete details of your income tax will be open in front of you.
- After checking everything, click on Proceed to Validation.
- Further, complete the process of e-filing by paying penalty as per your income.
- It is also necessary to complete e-verification
- It is necessary to complete e-verification after filing the income tax return. These tasks are required to be done within 30 days of filing the return. If you do not do this, your
- ITR will not be processed. Due to this, the process of your ITR file will not be completed.
