How to File Belated Income Tax Return Online A.Y. 2023-24: You can still file your income tax return if you missed the deadline of July 31, 2023, for the Assessment Year 2023-24. This is referred to as a belated income tax return by the income tax department. While there are certain drawbacks to filing your income tax return late, you can still file it and claim income tax deductions. You can also claim and carry forward some business losses, but you are still eligible to claim and carry forward house property losses. The deadline to file your belated income tax return is December 31, 2023. In this article, we will discuss the complete procedure for filing your belated income tax return online for the Assessment Year 2023-24.
What is Belated Return?
A belated tax return is one that is filed after the original due date. A belated return must be submitted within a specific timeframe, which is determined by the following rules:
- It is possible to file a belated return up to three months before the end of the relevant assessment year.
- A belated return can also be submitted before your return’s assessment is completed, whichever comes first.
- It is still possible for an individual to rectify the situation if they miss the income tax return deadline (e.g., July 31 for A.Y. 2023-24). Section 139(4) of the Income Tax Act allows individuals to file late or ‘belated’ returns. It can be done either up to three months before the end of the relevant assessment year or before the formal tax assessment is finalized by the authorities, depending on when these events occur.
Belated Income Tax Return: Penalty, Time Frame & Consequences
How to File Belated Income Tax Return Online?
Here is the step by step procedure to file belated income tax return for A.Y. 2023-24.
Step 1: Visit the official website of the income tax department, i.e. incometax.gov.in.
Step 2: Log in with your credentials using your PAN and password.
Step 3: After logging in, click on “e-File” -> “Income Tax Returns” -> “File Income Tax Return.”
Step 4: A new webpage will open. Select the Assessment Year (A.Y. 2023-24) -> Mode of Filing: Online -> Click on “Continue.”
Missed Deadline ITR – What to Do Now?
Step 5: Another webpage will open. Select “139(4) – Belated return” and click “Continue.”
Step 6: Now a new webpage will open. Click on “Start New Filing.”
Step 7: Select the status “Individual” and click “Continue.”
Step 8: Choose the appropriate ITR form applicable to you, i.e., ITR-1/ITR-2/ITR-3.
Step 9: Select the reason for filing the income tax return. You can choose “Taxable income is more than the basic exemption limit.”
Step 10: The next page will display pre-filled data of your income sources. You can edit or add new data according to your income and deductions.
Step 11: Ensure that you select filing section 139(4).
Step 12: Verify all your pre-filled data automatically provided by the income tax department. You can edit it based on your income or keep it the same. Review all the incomes pre-filled by the income tax department. If there is any mismatch, enter the details of the income. Complete any missing income to calculate the correct income tax.
Step 13: Proceed to fill in deduction details such as 80C, 80D, 80G, 80TTA, etc. You can claim income tax deductions only under the old tax regime.
Step 14: The portal will calculate your tax liability or tax refund due.
Step 15: After completing all the steps for belated return filing, a penalty of Rs. 5000 or Rs. 1000 will be applicable as per your income.
Step 16: Pay your tax due and penalty fee for late filing. The system will then redirect you to the final submission page where you can e-verify your income tax return.
That’s it! You have successfully submitted your belated income tax return for A.Y. 2023-24. If you have any queries related to filing a belated income tax return, you can ask us using the comment form.