ITR Filing 2023: Not filing ITR at all can have significant consequences. Taxpayers then will not be able to carry forward losses from the current assessment year.
ITR Filing 2023 Latest Update: Attention taxpayers. The last date to file belated income tax returns is December 31. If you haven’t filed your ITR yet, December 31, 2023, is the final opportunity to do so but it comes with penalties and interest for late filing. Hence, it is vital to understand the consequences and the significance of timely filing.
Check Late Filing Fee And Interest Charges
The first deadline for filing income tax returns for the fiscal year 2022-2023, also known as the assessment year 2023-2024, expired on July 31, 2023. The taxpayers who were unable to meet this deadline now have until December 31 to file their ITRs.
Notably, December 31 deadline applies to all taxpayers, including individuals, corporations, those undergoing audits, and those not undergoing audits. However, individual taxpayers who fail to file their returns before the due date will be subject to a late filing fee. For those who missed the deadline, the penalty is Rs 5,000 for them. The taxpayers whose total income remains below Rs 5 lakh will only have to pay a reduced penalty of Rs 1,000.
Moreover, if taxpayers file their return late, they will be charged interest under section 234A. This interest is calculated at a rate of 1 percent for every month, or part of a month, on the amount of unpaid tax.
What Happens If You Don’t File ITR
Not filing ITR at all can have significant consequences. Taxpayers then will not be able to carry forward losses from the current assessment year, and penalties may be imposed for non-compliance. Fines can range from 50 percent to 200 percent of the assessed tax, depending on the extent of non-compliance.
How to File Belated ITR Online
- First you need to visit the official web site https://www.incometax.gov.in/iec/foportal/.
- Then log in with credential using your user ID (PAN or Aadhaar) and password.
- Then on the home page, click on ‘e-file’, then click on ‘income tax returns’ and then on ‘file income tax return’.
- Here, a new webpage will open on screen and you will have to select the assessment year (AY 2023-24).
- Then select the mode of filing, i.e., online and offline.
- Choose online method of filing a belated ITR and select the type of ITR – 139(4) Belated ITR.
- Click on continue and a new webpage will open.
- Then select ‘Start New filing’. If there is any saved ITR draft, it will be shown here as well.
- Select your status as ‘Individual’ and click on ‘continue’.
- Select the ITR form applicable to your income.
- Then select the reason for ITR filing. Here you have to select ‘Taxable income more than exemption limit’ for reference.
- Then a fresh webpage will open showing pre-filled data like your personal information, gross total income, taxes already paid and total tax liability.
- Here, click on the personal information column to check your personal details such as name, address, contact details etc. While checking ensure that ‘Filing Section – 139(4)’ is selected.
- Then fill in the details related to gross taxable income.
- Then finally click on the submit button.