December 31 Deadline for ITR Filing: Learn the Process and Applicable Penalties for Late Returns

Important Update on ITR Filing for 2022-23: The final deadline to submit belated and revised income tax returns (ITRs) for the financial year 2022-23 (Assessment Year 2023-24) is December 31, 2023. 

While the original due date was July 31, 2023, the Income Tax department has granted an extension until December 31, 2023, for those who missed the initial deadline. 

Please note that individuals filing returns during this extended period will incur a late-filing fee of Rs 5,000, or Rs 1,000 if their income is below Rs 5 lakhs.

What are Belated and Revised Income Tax Returns?

A belated return is filed after the original deadline for filing Income Tax Returns (ITRs) has passed. On the other hand, a revised return is specifically intended to disclose additional income that was not previously reported.

Belated returns are filed under Section 139(4) of the Income-tax Act, 1961, while revised returns can be submitted under Section 139(5) of the Income Tax Act. The process for both is the same as filing an original ITR.

However, it's crucial to note that there is a penalty of Rs 5,000 under Section 234F of the Income Tax Act, 1961, for filing a belated return. For taxpayers with a total income of up to Rs 5 lakh per annum, the maximum penalty for the delay is Rs 1,000.

Additionally, if there is outstanding tax, taxpayers will incur interest charges at a rate of 1 percent per month after the due date until they file their ITR.

There is no extra penalty for a revised IT return. Still, it's important to understand that if the assessing officer at the Income Tax department discovers intentional or fraudulent errors, the revised return may not be accepted, and a penalty could be imposed.

What is Revised ITR Filing Deadline?

The revised income tax return (ITR) serves the purpose of rectifying errors present in the original ITR. The process is identical to filing a belated ITR.

After filing any type of ITR (belated, revised, or updated), verification must be completed within the next 30 days. Failure to verify within this timeframe will result in the income tax department not processing the return.

In case taxpayers miss the December 31 deadline for belated ITRs, they can opt for updated ITRs. The Finance Act of 2022 has introduced the concept of updated returns, allowing a more extended duration for an assessee to file the return of income. Taxpayers can file their updated return within 24 months from the end of the relevant AY, provided to some conditions. 

Notably, it can only be filed after the end of the relevant assessment year. Therefore, if taxpayers don't file a belated ITR now, they will have the opportunity to file an updated ITR starting from April 1, 2024.

How to File Belated and Revised Income Tax Returns?

The Income Tax (I-T) department provides a dedicated portal for e-filing income tax returns at incometaxindia.gov.in.

1. Visit the e-filing portal: https://www.incometax.gov.in/iec/foportal 

2. Log in using your user ID (PAN or Aadhaar) and password.

3. After logging in, click on 'e-file', then navigate to 'income tax returns' and proceed to 'file income tax return'.

4. On the new webpage, select the assessment year (AY 2023-24).

5. Choose the mode of filing – online or offline and then enter the required details & upload them on the e-filing portal.

6. Select the type of ITR – 139(4) Belated ITR and click on 'Continue'.

7. On the next webpage, choose 'Start New filing', or access a draft ITR if available.

8. Select the status as 'Individual' or 'HUF' and continue.

9. Choose the relevant ITR form based on your income. Ensure that you specify the reason for filing the ITR.

10. The following webpage will display pre-filled data, including personal information, gross total income, taxes paid, and total tax liability.

11. Verify personal information like name, address, and contact details. Later on, provide details related to gross taxable income.

12. For those opting for the old tax regime, claim eligible deductions under sections 80C, 80D, 80TTA, etc.

13. After tax payment, you will be redirected to the ITR filing page.

14. In the 'tax paid' column, click on 'Advance and Self-Assessment' tax payment. Next, add the tax challan details and click on the proceed button.

Also Read: Taxpayers Could Potentially File Revised GST Returns Starting April 2025