Missed the July 31 deadline for filing your Income Tax Return (ITR)? Here’s how to submit a belated ITR

If you missed the deadline for filing your Income Tax Return (ITR), don’t worry. You have the option to submit it later by visiting the official website of the Income Tax (IT) Department. The website offers all the required provisions for filing delayed/belated returns.

A belated ITR refers to an income tax return filed after the designated deadline for the initial return. When submitting a belated ITR, there is a late filing fee of Rs 5,000 (or Rs 1,000 if the total taxable income is below Rs 5 lakh).

According to Dr. Suresh Surana, Founder of RSM India, preparing and filing a belated ITR is similar to filing the original ITR on the income-tax portal. However, there is one key difference: when filing the original ITR, you select the option for ‘return filed under section 139(1)’ of the Income-tax Act, 1961, whereas, for the belated ITR, you need to choose ‘return filed under section 139(4)’ of the Act.

To file the belated ITR, you must deposit the specified late filing fee before the filing process. This fee is reported under ‘Fee for default in furnishing return of income (section 234F)’ in ‘Part B – TTI – COMPUTATION OF TAX LIABILITY ON TOTAL INCOME’ of the belated ITR. Additionally, you must provide payment challan details in ‘SCHEDULE IT.’

Moreover, if you file the belated ITR, you may be subject to interest under section 234A of the IT Act. The interest rate is 1% simple interest per month or part of a month for the delay in furnishing the return.

Here is a step-by-step guide to assist you through the process:

1. Log in to the IT website using your registered credentials.
2. After logging in, go to the ‘File Returns’ tab on the website. A belated return is filed when the original due date has passed.
3. For the Financial Year (FY) 2022-23, the corresponding assessment year would be 2023-24. Thus, select the Assessment Year as 2023-24.
4. Select the suitable type of return based on your income sources, such as ITR-1, ITR-2, etc.
5. Fill in your personal details. Under the filing section and select option ‘139(4): Belated Return Filed After Due Date’.
6. Fill in your income-related details as required in the return form.
7. Upload any necessary documents, like Form 16, TDS certificates, investment proofs, etc., following the guidelines.
8. Before finalising, carefully review all the entered details to ensure accuracy, and then submit your belated return.

According to Raghuram Trikutam, the CEO of Descrypt, it’s crucial to understand that filing a belated return can lead to penalties based on the time of filing. If you file the return after the due date but before December 31 of the assessment year, the penalty can amount to Rs 5,000. However, if the return is filed after December 31 of the assessment year, the penalty can increase to Rs 10,000.

For any clarifications/feedback on the topic, please contact the writer at samiksha.swayambhu@clear.in