With the online process the filing of Income Tax Returns (ITR) has become more convenient and hassle free. Now, one can file an ITR from the comfort of their own home, thereby saving time and avoiding the hassles associated with the traditional, manual filing.   

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To ease the process, the Income Tax Department has introduced a pre-filled ITR form. Leveraging the vast pool of data available in its database, the department automatically fills in several details, such as salary income, interest income, and tax payments. This step effectively lessens the time taken and simplifies the entire ITR filing process for the taxpayers.

However, it's crucial to remember that the final date for the ITR filing for the Financial Year 2022-23 (AY 2023-24) is July 31, 2023. This deadline marks the culmination of the four-month window that the government allows taxpayers to collate their income details and file their ITR without paying any fee.

What happens if you miss the deadline?

Missing this deadline could have varying consequences and may lead to penalties. Nevertheless, if a taxpayer isn't required to file an ITR as per Section 139 of the Income Tax Act due to their financial circumstances, they will not be subjected to a late fee as per Section 234. Conversely, those taxpayers obliged to file their ITR but fail to do so by the deadline might incur a penalty of Rs 5,000 under Section 234F.

For individuals with an income of less than Rs 5 lakh, the penalty will be Rs 1,000.

Even if you miss the filing deadline, you can still submit what is known as a belated return. If an individual doesn't file the ITR by the deadline it is termed a belated return. If you miss the deadline the belated ITR can be filed up to December 31, 2023.

The late filing fee of Rs 5,000 or Rs 1,000 as applicable will be levied on filing the belated ITR and it may also attract interest on the tax amount.

The option to file an updated return even after the belated return's due date has expired is provided under sub-section (8A) of Section 139. Regardless of the type of return previously filed—be it original, belated, or revised—you have the chance to file an updated return within 24 months from the end of the relevant assessment year, subject to certain conditions.

Other penalties for missing ITR filing due date

Nonetheless, it's worth bearing in mind that late filing of ITR can lead to repercussions beyond penalties. As per the Income Tax Department's website, non-payment of taxes can lead to stringent penalties, accrued interest, and even legal prosecution. Evading taxes can result in imprisonment ranging from three months to two years. If the evaded tax amount surpasses Rs 25,00,000, the imprisonment term can extend up to seven years.