Only 2 Days Left To File Belated Income Tax Return: All You Need To Know

Any person who has missed the last date to file an original ITR can file a belated ITR. The last day of filing the belated and revised ITR will end on December 31, 2022 (Saturday)

If you missed filing your income tax return (ITR) for the financial year 2021-22, hurry up. You have only two days left as the deadline to file the belated and revised ITR will end on December 31, 2022 (Saturday).

Any person who has missed the last date to file an original ITR can file a belated ITR. The last chance for filing late returns comes with a penalty, however, no penalty will be levied on revised returns.

If ITR for the assessment year 2022-23 has not been filed by December 31 2022, then there is no option to file ITR for the AY 2022-23 as of yet.

According to reports, if an individual doesn’t file ITR, he or she may face repercussions like denial of VISA as ITR has not been filed, the Income Tax department can start proceedings on the assumption that the non-filer has sort to evade his/her income for the assessment year and may charge penalty which can be as high as 200 per cent of the tax amount aside from the taxes and interest, and if non filing is continuous for two years then the non-filer may face higher amount of tax deduction form all his income (except salary income).

If a taxpayer misses the deadline for filing a late ITR, he can file an updated ITR.

According to the Finance Act, of 2022, a new concept has been introduced on updated returns that allowed taxpayers to update their ITRs within two years of filing, subject to payment of taxes.

New form ITR-U was made available in May this year for taxpayers to update their ITRs with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21).

The Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes, a move aimed at helping correct any discrepancy or omissions.

A taxpayer would be permitted to file only one updated return per assessment year.

An ITR which is filed after the due date of return is known as a belated return. In case of a belated return, an indiviual can be file ITR till December 31 of the relevant AY u/s 139(4) of IT Act. On the other hand, if a taxpayer has filed original or belated ITR, however, finds a wrong statement, he has the option to revise his tax return under Section 139(5) of the IT Act.