Every eligible taxpayer is responsible for filing income tax returns. The deadline for filing income tax returns is usually the 31st of July of each year. However, life may be hectic, and you may end yourself missing this deadline. But don’t be concerned! Even though the time has passed, you can still file your income tax return (ITR).
If you are meant to be paying taxes but were unable to do so by the due date, July 31st, you can still pay taxes by December 31st. Simply file a late return. This late return is often referred to as Belated Return. The belated return can be filed at any time after July 31st but before December 31st, however, there is a late charge.
If your net income exceeds Rs 5 lakh, you can file your taxes after paying a late charge of Rs 5000. However, if your net income is less than that, you will be charged a Rs 1000 late fee.
How To File A Late Tax Return
There are two ways to file a late return under section 139(4):
1. Online: Use the Income Tax e-Filing Portal to file it.
2. Offline: The Offline ITR Preparation Utility, which must be submitted to the e-filing portal, can be used.
If you do not pay your taxes for the fiscal year 2022-23, you must pay the tax liability plus interest under Sections 234A, 234B, or 234C. Even if you were unable to file your income tax returns, you must pay the tax.
If you have paid your taxes on time but did not file your returns, you will be unable to submit the returns or request forgiveness for the delay. The Income Tax Department may issue a notice under Section 271F for failure to file an ITR, which may result in a penalty of up to Rs 5,000 for failing to meet the deadline.
If you have a reasonable explanation for the delay and the assessing officer accepts it, you may be spared from paying the penalty.
It is still suggested that you follow the deadlines established by the authorities to pay taxes in order to avoid incurring any late fees, but if you are unable to do so due to unavoidable circumstances, filing a delayed return is the best option.