Now that the deadline (31 July 2021) for the filing of FY 2021-22 Income Tax Return (ITR) is over, those who failed to file their tax return must be wondering about the next thing they should do. Well, for them December 31 (tomorrow) is the last date to file your belated tax return for the AY 2022-2023 or FY 2021-22. The belated ITR applies to most individuals who had income from salaries, small businesses, and professionals.
An income-tax return that filed after the due date is called Belated Return. It is filed under section 139(4) of the income tax Act.
How to file Belated Income tax return?
The process of filing belated return is similar to that of filing regular Income Tax Return. All you need to do is select the ITR form that applicable for you. You can fill the form in the same manner as when you had filed the return on time. You will have to choose the assessment year for which you are filing the belated return.
While it is always being advised that you must file your ITR before the end of the deadline, however if somehow you miss the deadline, you can still do so by paying penalty.
Filing ITR can be done both online and offline. Not filing ITR or late filing can attract penalty up to Rs 5,000. The penalty has been reduced by half this time, as previously late filing of ITR would attract upto Rs 10,000 penalty. If your taxable income is less than Rs 5 lakh, then you pay a penalty of Rs 1,000. Additionally, if you have an income below the taxable limit, you are not even required to pay the penalty incase you miss the ITR filing deadline. However, this is subject to certain exceptions.