Know How to File IT Returns After Due Date

Know How to File IT Returns After Due Date

12 April, 2023

Income tax is levied on the income earned by individuals, businesses, and other entities. In India, the Income Tax Act 1961 is the governing act that sets out the rules and regulations for the levy, collection, and administration of income tax. All taxpayers who pay income tax are mandated to file an Income Tax Return (ITR). The ITR is a form used to file annual income tax returns with the Income Tax Department. The ITR forms vary depending on the source and value of income, the time of submitting the return, and the tax laws applicable to the taxpayer.

Now that you know what is ITR, it is also vital to know when to submit it. The deadline for filing the ITR is July 31 each year. If you fail to do so, you can be subjected to penalties and other hassles. However, the government allows you to file the ITR even after the due date under some circumstances. But you need specific forms for this.

Read ahead and learn more about this and how you can file your return after the due date.

1. Belated ITR

As per Section 139 of the Income Tax Act 1961, all taxpayers must file an income tax return. However, if you miss the deadline of July 31, the government allows you to use a belated ITR form to submit your tax return. The belated ITR can be used till three months before the end of the concerned assessment year. This means if you do not file your ITR by July 31, 2023, you can do so before December 2023 using a belated ITR. However, keep in mind that taxpayers incur a penalty when they miss the original deadline under Section 234F. Here’s how this is charged:

  • Individuals with a gross income of up to ₹ 2.5 lakh are exempt from any penalty

  • Individuals with a gross income of between ₹ 2.5 lakh and ₹ 5 lakh must pay a penalty of ₹ 1,000 

  • Individuals with a gross income of over ₹ 5 lakh must pay a penalty of ₹ 5,000

2. Revised ITR

Sometimes, you may have filed your ITR before the due date. However, there may be an error on your return that needs correction. In this case, you can use a revised ITR under Section 139 (5) of the Income Tax Act 1961. The revised ITR can be used in the following cases:

  • If you forget to add some information

  • If you misquote something on your original form, such as your bank details, residential status, etc.

  • If you use the wrong ITR form in your original ITR

  • If the information on the income tax return and Form 26AS do not match

  • And other similar mistakes

A revised ITR can be submitted three months before the end of the assessment year or before the assessment has been completed, whichever comes first. It is crucial to note that the revised return is considered to be the final proof of your income tax return for the year. Therefore, it is essential to enter accurate information for your convenience. Having said that, you can file a revised tax return as often as possible to correct any errors made in the previous forms.

3. Updated ITR

The updated ITR is the third ITR form that can be used to correct a mistake or update other information. It can be used under Section 139(8A) of the Income Tax Act, 1961. You can file an updated ITR within 24 months from the end of the assessment year. The form can be used for the following purposes:

  • If the return was not filed previously 

  • If the income is not reported correctly 

  • If you choose the wrong heads of income in your form

  • If there is a reduction of carried forward loss 

  • If there is a reduction of unabsorbed depreciation

  • If there is a reduction of tax credit under Section 115JB/ 115JC 

  • If the rate of tax has been incorrectly levied

The ITR is a legal requirement for all taxpayers. Therefore, filing a return on time is essential to avoid penalties, interest charges, and inconvenience. However, you can use these three forms if you need to file an ITR again or after the due date. It is also worth consulting with a tax professional or an accountant to ensure that your ITR is accurate and complete, making filing your return faster and easier and eliminating errors in the first place.

Wondering How To Get ITR Copy Online? Click Here.

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​​​​​​​*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.

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