Belated ITR Filing
When is the last date to file an ITR?
Although the initial deadline for filing Income Tax Returns for the Financial Year 2022–23 (Assessment Year 2023–24) was July 31, 2023, individuals who failed to file by the stipulated date have the opportunity to submit a belated return until December 31, 2023.
Rules for Belated ITR Filing for AY 2023-24
Normal Due Date - 31st July 2023.
Belated Due Date - 31st December 2023.
Penalty of Belated ITR (Income Tax Return)
If your income is less than 2.5 lakh, there is no penalty.
Penalty of Rs.1000/- if your income is between 2.5 Lac and 5 Lac.
If your income is above 5 lakh, a Rs. 5000 penalty
What Happen once Belated ITR Due Date is over
You can't file the ITR for AY 2023-24 and can file only through Updated ITR
Updated ITR Restriction
No claim for a TDS Refund
Not filing for a Nil Return
You need to pay a penalty plus additional taxes of 25%–50% plus interest.
You can file only if you have tax liabilities.
What are the Financial Year (FY) and the Assessment Year (AY)?
Financial Year Covering 1st April 2023 to 31st March 2024
The assessment year would be immediately next year, i.e., April 1, 2024, to March 31, 2025. Hence, the assessment year would be AY 2024–25.
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