Did you forget to file your income tax return this year? If so, before getting in to the new year party mode, just pay attention here.

31st December 2022, is the last day to file any income tax return that is delayed or to be revised for FY 2021-22 (AY 2022-23)

Under income tax law, an individual who has missed to file the original income tax return can file a belated return. That means, any person who has not filed an income tax return on or before 31st July 2022 for FY 2021-22 (AY 2022-23) can file a belated return on for before 31st December 2022.

Likewise, if there was a mistake done while filing the original income tax return on or before 31st July 2022, such individuals also stand chance to file a revised return. For all this, the last date to file the income tax return is 31st December 2022 for FY 2021-22 (AY 2022-23) .

What is the procedure to file belated return?

A belated return is filed under Section 139(4) of the Income-tax Act, 1961. The process remains the same. You may contact the consultant here to get it done.

Under Section 234F of the Income-tax Act, a penalty of Rs 5,000 is levied on an individual filing a belated ITR. However, small taxpayers with a taxable income of up to Rs 5 lakh have to pay only a penalty of Rs 1,000. This late filing fee must be deposited before you start the process of filing a belated ITR.

Penal interest is applicable if any income tax dues are payable at the time of filing the belated ITR. It is calculated at the rate of 1 per cent per month if self-assessment and advance tax are due while filing.

What is the procedure to file the revised return?

A belated return is filed under Section 139(5) of the Income-tax Act, 1961. The process remains the same. You may contact the consultant here to get it done.

While filing the income tax return the tax payer should select Section 139(5)