Income Tax Return Filing: If you have missed the last date for filing income tax return (ITR) or need to revise it due to some error or omission, it can still be filed under belated ITR and for that the deadline is December 31, 2022. 

Income Tax Return Date: What happens if taxpayer does not file ITR by December 31?

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According to Tax Expert, Sunil Garg, as per the changes made by the government in the income tax rules, taxpayers now have to file belated ITR or revised ITR by December 31. Earlier, one could file the returns till the end of the financial year — that is, till March 2023. He added that after December 31, taxpayers will not be able to avail the benefit of any old tax returns. 

Also Read: New Year 2023: Set your financial goals for the coming year in 6 easy steps – Experts explain

Income Tax Return Filing Due Date: How much penalty will be charged? 

This last chance for filing late returns comes with a penalty, however, no penalty will be levied on revised returns.

According to tax expert Mukesh Gupta, belated returns can be filed by taxpayers under section 234 of income tax act with a penalty of Rs 5000.

Income Tax Return Last date: How to file belated returns?

Belated return can be filed online and offline:

Online: On Income Tax e-Filing Portal

Offline: Using the Offline ITR Preparation Utility, which must be uploaded to the e-filing portal.

Income Tax Return Filing: Online Method

Step 1: Log in to your account on the e-filing account

Step 2: > Click on ‘e-File‘

> Choose ‘Income Tax Returns‘ and

> Select ‘File Income Tax Return

Step 3: Select the assessment year as ‘2022-23’

Step 4: If you select the mode of filing as ‘Online’, follow Steps 5-10. If you select the ‘Offline’ mode of filing, skip to Step 11.

Step 5: Click on ‘Start new filing button’

Step 6: Select the applicable ‘Status’

Step 7: Now, select the applicable ITR form

Step 8: Click on the ‘Personal Information’ section and ensure all your personal details are correct.

Step 9: Scroll down to the filing section and select 139(4).

Step 10: Fill in all your income details under various source heads and proceed to make the tax payment.

Step 11: Download Offline ITR Preparation Utility and prepare the ITR. Once done, upload a .json file and proceed to verification.

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