Belated ITR Filing: You can file ITR till December 31 with late penalty; know step-by-step process

Belated ITR: Under income tax rules, taxpayers have to file their income tax return (ITR) by July 31 every year, but if for some reason, someone couldn't file their ITR by that date, they can still file it with a late fee. Such late filing of ITR is known as belated ITR.

It gives you the opportunity to file ITR even if you miss the original deadline. 

How much penalty will have to be paid for filing belated ITR?

If you file belated ITR, then its biggest disadvantage (Disadvantages of Belated ITR) will be that you will have to pay late fees.

If your taxable income is less than Rs 5 lakh, you will have to pay a penalty of Rs 1,000 while filing ITR.

Whereas, if your taxable income is more than Rs 5 lakh, you will have to pay a fine of Rs 5,000.

How is Belated ITR filled?

Belated ITR is also filled in the same way (How to file Belated ITR) as the normal ITR, but here the section changes. Normal ITR is filed under section 139(1) of the Income Tax Act, while the belated ITR is filed under section 139(4). Know the step-by-step process of belated ITR filing.

Step 1- First of all, go to the e-filing portal of Income Tax, https://www.incometax.gov.in/iec/foportal/.
Step 2- Here enter PAN, password, and captcha code in the user ID and log in.
Step 3- You will see the e-file menu above, go to Income Tax Return and select File Income Tax Return.
Step 4- On the next page, you have to select the relevant assessment year. In the mode of filing below, online option has to be selected. Then click on Continue.
Step 5- Here you will click on Start New Filing. If you had tried filing earlier and had saved the draft, you can choose the above option.
Step 6- Here you have to click on Individual in Status Applicable because you have to file ITR-1.
Step 7- On the next page, you have to choose ITR form, where you will select ITR 1. Here you can see which type of the taxpayer has to fill which ITR form. Proceed with ITR Form 1.
Step 8- You can see here which documents you will need. Click on Let's Get Started to proceed.
Step 9- In the next page, you will tell why you are paying income tax.
Step 10: Now you have to validate the details of your pre-filled return. In this, check your details in personal details. If there are some changes in the filing section, you can edit it.
Step 11- Similarly, you will also have to validate the details of your total income, tax deduction, tax paid, and tax liability. When you have validated all the details, you can proceed. If any tax amount has to be paid now, you can do it now or later with e-pay tax service.
Step 12- Now you can see the preview of your ITR. From here, click on Proceed to Validation.
Step 13- Now you have to verify ITR. Three options will come, choose whichever option is easy and convenient for you. After e-verification, your ITR will be submitted. You can download your ITR receipt from here.