Revised and Belated Return - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Thu, 28 Dec 2023 04:18:57 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png Revised and Belated Return - Rightsofemployees.com https://www.rightsofemployees.com 32 32 ITR Filing Last Date: 👉 Dec 31 is the last date to file these ITRs, know details here https://www.rightsofemployees.com/itr-filing-last-date-%f0%9f%91%89-dec-31-is-the-last-date-to-file-these-itrs-know-details-here/ Thu, 28 Dec 2023 04:18:57 +0000 https://www.rightsofemployees.com/?p=25989 ITR Filing last date 2023: The big deadline is near for those taxpayers who have not yet filed their income tax return for the financial year 2022-23 (AY 2023-24). Or such returns in which something still needs to be updated or some mistake has been made. These taxpayers have a chance to file their Revised […]

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]]> ITR Filing last date 2023: The big deadline is near for those taxpayers who have not yet filed their income tax return for the financial year 2022-23 (AY 2023-24). Or such returns in which something still needs to be updated or some mistake has been made. These taxpayers have a chance to file their Revised and Belated Return till December 31, 2023.

How to file ITR with late fees-

Filing income tax return with late fees is similar to filing original ITR, except you will have to pay a penalty amount of Rs 1,000 to Rs 50,000 depending on your annual income. Let us know about this process.

Read More: Income Tax Department cautions taxpayers, have you also done this transaction?
  • To file belated income tax return, first of all go to the e-filing portal of the Income Tax Department.
  • Go ahead and select the option of Income Tax Return and then select the assessment year and financial year.
  • Next you will see the option of New Filing, click on it and select the option of Individual.
  • Individual will have to select ITR Form-1 and further click on Lets Gets Started.
  • Then all the details of income tax will open in front of you, then select the option of Proceed to Validation.
  • Next, deposit the penalty amount and your billed ITR will be filed.

What fine will have to be paid?

No charge or penalty is imposed by the Income Tax Department on filing revised ITR. However, if you make any change in your income and show additional income while filing revised ITR, then you will have to pay additional tax on it. In such a case, you may also be charged a fine and interest on the outstanding amount.

At the same time, for filing belated return, you may have to pay a fine of up to Rs 5,000. There is a rule under Section 234F of the Income Tax Department that a fine of Rs 5,000 will be imposed on taxpayers who have made late filing of ITR. But those whose annual income is less than Rs 5 lakh, the maximum late fee will be Rs 1,000.

 

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