Income Tax Department Issues Final Warning: File Belated ITR for AY 2022-23 by December 31

By Aditya Bhagchandani On Dec 29, 2023

The Income Tax Department has issued a final warning to individuals who missed the July 31 deadline for filing their Income Tax Return (ITR) for the financial year 2022-23. The last opportunity to file the belated or revised ITR is set for December 31, 2023. Taxpayers are reminded of the distinction between belated and revised returns, with a penalty of Rs 5,000 (or Rs 1,000 for income below Rs 5 lakhs) for late filing.

Key Details to Note:
– The deadline for belated or revised ITR filing is December 31, 2023.
– Late-filing penalty is Rs 5,000 (Rs 1,000 for income below Rs 5 lakhs).
– Belated ITR can be filed under Section 139(4) of the Income Tax Act.
– No separate form for belated ITR; use forms notified for the specific assessment year.
– Failure to file ITR may lead to adverse consequences, including the inability to carry forward losses, interest under Section 234A, a fee under Section 234F, and ineligibility for certain exemptions.

Taxpayers are urged to act promptly and utilize the provided website link for necessary information to ensure compliance with the December 31 deadline and avoid potential consequences.