The last date for filing Income Tax Return (ITR) for the financial year 2022-23 was 31 July 2023, which has now passed. In such a situation, the taxpayers who have missed the deadline for filing ITR till 31st July, they should know about the options available to them.
The Income Tax Department gives such people a chance to file late tax returns but imposes a hefty penalty. At the same time, those who have filed ITR are required to verify it within the stipulated time limit.
File belated ITR by paying penalty
According to income tax rules, if you have missed filing ITR on the due date, then penalty will have to be paid, after which belated ITR can be filed. Under section 234F of the Income Tax Act 1961, the penalty for small taxpayers can be Rs 1,000. Whereas, big taxpayers may have to pay a fine of up to Rs 5,000. Now in such a situation, it is important to know that how long will be the deadline for the belated ITR. According to income tax rules, taxpayers can file ITR till 31 December.
Income tax department will impose penalty on interest
It is important for taxpayers to note that if you have any unpaid tax liability, penal interest will be levied on it. If you are filing belated ITR then you will be charged penalty on interest. But if no tax liability is payable then the taxpayer will have to pay penalty only for late filing of ITR.
Deadline to verify ITR
Taxpayers should know that filing the tax return is only half of the process. You also need to verify it. As per the current tax laws, you have to verify your ITR within 30 days of filing it. However, till last year, 4 months time was given to verify ITR. But, only 30 days time has been given to taxpayers in this financial year.