Belated Return: How to File an Income Tax Return after the Due Date?

The last date for filing income tax returns for the financial year 2022–23 was July 31, 2023. However, if you were not able to file your ITR within the stipulated period, you still have the option to file a late return, also known as a belated return. A belated income tax return (belated ITR Filing) is a return filed after the original due date, i.e., July 31st, but before the extended deadline, i.e., December 31st. Sounds interesting? Let’s go a little deeper and try to understand what exactly it is.

What is Belated Return u/s. 139(4)?

As per Section 139(4), if a taxpayer fails to file an income tax return before the due date, then a dated return can be filed 3 months before the end of the relevant assessment year or before the completion of the assessment year, whichever is earlier.

However, please note that the deadline applies to individuals who do not have to get their books audited. People whose accounts need to be audited have to file an ITR by September 30th. Any return filed after the mentioned deadline is known as a belated return and is filed under Section 139(4) of the Income Tax Act. Also, filing a belated return comes with a cost. You need to pay penalties and additional interest on taxes.

Belated Return due date

The Belated ITR filing has to be filed before December 31st every year.

Can I file ITR for the last 2 years now?

As per the amendment in the Finance Act 2021, you can file your Belated ITR filing anytime on or before three months before the end of the relevant assessment year (AY).

Let’s try to understand this with an example: As mentioned above, the due date to file a belated return is on or before 31 December 2023, for AY 2023–24.

The amendment to the Finance Act 2021 has reduced the timeline for filing the belated return. Hence, effective AY 2021–22, you can file the belated return three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

What are the interests and penalties applicable to filing late returns in India?

• You might have to pay interest under sections 234A, 234B, and 234C.
• The following late fees will be applicable under Section 234F while you file a belated return:

• Further, you have no option to carry forward and set off your losses, like business and capital losses, in the subsequent years. Only losses from house property can be carried forward.
• Various deductions and exemptions will not be available.

Who can file a dated return (U/S139(4))?

• Any individual’s total income is more than Rs. 2,50,000.
• People who have deposited an amount exceeding Rs. 1 crore during a financial year in a current account that is held with a bank or a cooperative bank.
• Exceeding and spending more than Rs. 2 lakhs on foreign visits or travel in the relevant year.
• Your total electricity consumption exceeds Rs. 1 lakh.

In conclusion, any assessee who is required to file an ITR but has missed doing so needs to file a belated return.

How do I file belated returns?

Step 1: First of all, visit the ITR e-filing portal: https://www.incometax.gov.in/iec/foportal/.

Step 2: Login using your user ID and password.

Step 3: After you log in, click on ‘e-file’, then click on ‘income tax returns’ and then on ‘file income tax return’.

Step 4: Select the assessment year (AY 2023–24). After this, you need to select the mode of filing—online or offline.

Step 5: Select the ITR form applicable to your income.

Step 6: Now select the reason for the ITR filing.

Step 7: A new webpage will open showing pre-filled data like your personal information, gross total income, taxes already paid, and total tax liability.

Step 8: Click on the personal information column to check your details, such as name, address, contact details, etc. While checking, ensure that ‘Filing Section 139(4)’ is selected.

Takeaway

I hope this article helped you understand all about belated ITR filing. If you have not filed your ITR and missed the deadline, don’t worry; you can still file a belated return with Legal Window in just a few steps. We are just a call away. So, what are you waiting for? Grab your phone and connect now.