ITR filing without penalty AY 2022-23: Not able to fill ITR? What is the way to file return now after the deadline has passed?

Belated ITR filing for AY 2022-23: The last date for filing Income Tax Return for Assessment Year 2022-23 ended yesterday. More than 5.8 crore returns were filed till July 31. Such taxpayers who have not been able to file their ITR by July 31, can still file the return, but they will have to pay a penalty for it. If you too have missed to file ITR and are planning to file belated ITR, then here we have given all the information related to it for you. Let us know how you can file your ITR now.

Who will have to pay the fine

The last date to file belated ITR for AY 2022-23 is 31 December 2022. According to income tax rules, late filing of ITR can attract a penalty of up to Rs 5,000. Deepak Jain, chief executive, tax e-filing and compliance management portal, says, “If you fail to file your ITR by the due date, you can file the belated return by December 31, 2022. If the return is filed after the last date but before December 31, 2022, you will have to pay a fine of Rs 5,000.

1000 will have to be fined in this case

As per section 234F, Rs 5,000 will have to be paid as penalty for filing ITR after the last date. However, if the total income of the person is less than Rs 5 lakh, then in this case a fine of Rs 1000 will have to be paid. If the total income of a person is not exceeding the basic exemption limit under the tax regime chosen by him, then he will not have to pay any penalty while filing belated ITR.

These people can fill ITR without penalty

As per the laws related to income tax, not everyone is required to pay late fee for filing ITR after the deadline is over. If a person whose gross total income does not exceed the basic exemption limit, then he will not have to pay penalty while filing ITR late. If the gross total income does not exceed the basic exemption limit, then no late fee is levied on ITR under section 234F.

What do experts say

Late filing of ITR attracts interest under section 234A, late filing fee under section 234F etc. Further, set-off and carry forward of losses (except house property loss) in case of belated ITR filings and claim of certain deductions under Chapter VI-A will not be allowed. Sujit Bangar, Founder, Taxbbuddy says, “We should never delay in filing income tax returns. The first major disadvantage of filing late is the penalty. If tax is to be paid, interest will be charged at the rate of 1% per month from the end of the last date till you pay taxes and file ITR. Also, R cannot carry forward the loss. Lastly, delay in ITR filing will lead to delay in processing and also delay in your refund (if any).