Entertainment
Digital Desk: Pop icon Britney Spears has provided an update after removing her $7.4 million mansion in Thousand Oaks due to the devastating wildfires raging across Los Angeles. The singer took to Instagram to share her
Because the deadline for filing a revised return also expires on December 31, 2022, if you file your tardy ITR for FY 2021–22 (AY 2022-23) on that date, you might not have the chance to do so.
Digital Desk:
For AY 2022–23, or Fiscal Year 2021–2022, the deadline to file an income tax
return was July 31, 2022. Even if the ITR filing deadline is missed, a person
may still file. Belated ITRs are income tax returns that are submitted after
the due date. When submitting an ITR after the deadline, there is a late filing
fee.
What you need
to know about submitting a late tax return is provided here.
What does
"late ITR" mean?
A belated ITR
is an income tax return submitted after the deadline set forth in section
139(4) of the Income Tax Act, 1961.
What is the
deadline for submitting a late ITR?
The time frame
for submitting a late ITR has been shortened by three months as a result of the
adjustment made public in Budget 2021. A belated return may be submitted at any
time up until three months before the end of the applicable assessment year or
until the assessment is finished, whichever comes first.
An individual
has until March 31 of the assessment year to file a belated ITR through FY
2019–20 (AY 2020–21). However, the belated ITR can now be submitted up until
December 31 of the assessment year, starting with FY 2020–21 (AY 2021–22).
Therefore, an individual taxpayer now receives 5 months (December 31, 2022)
instead of 8 months (March 31, 2023) following the expiration of the ITR filing
due date (July 31, 2022).
What is the
cost of a late ITR filing penalty?
There was a
two-tier organization up until FY 2019–20 (AY 2020–21). A late filing fee of Rs
5,000 was charged if the belated ITR was submitted after the deadline (July 31)
but on or before December 31. There was a Rs. 10,000 late filing fine if the
ITR was submitted between January and March. Section 234F was subsequently
changed as a result of the shortened deadline for submitting a late ITR.
Therefore, now,
as per current rules, an individual will be required to pay a late filing fee
of Rs 5,000 if a belated ITR is filed. For small taxpayers whose total income
does not exceed Rs 5 lakh, the late filing fee will not exceed Rs 1,000.
What are the
advantages lost when submitting an ITR late?
An individual
will also have to give up additional perks in addition to paying a late filing
cost of up to Rs 5,000. Taxmann.com Naveen Wadhwa, DGM and Chartered
Accountant, said, "An individual would not be permitted to carry forward
losses if they file an ITR after the deadline but before it has passed (except
loss under the head "Income from house property"). If a belated ITR
is filed, losses under the following income heads-
i) income from business and
profession, including speculation business; ii) income from capital gains; and
iii) revenue from other sources-cannot be carried forward”
Penal interest
will also be assessed if there are any unpaid taxes at the time the ITR is
filed. Wadhwa said, "If self-assessment taxes are outstanding, penal
interest would be assessed under section 234A."
Can a postponed
ITR be amended if a mistake is found?
If a mistake is
found after the tardy ITR has been filed, the individual taxpayer may edit the
belated ITR. But keep in mind that the deadline for submitting both a belated
ITR and a revised ITR is the same- December 31 of the applicable assessment
year.
Because the
deadline for filing a revised return also expires on December 31, 2022, if you
file your tardy ITR for FY 2021–22 (AY 2022-23) on that date, you might not
have the chance to do so.
What should I
bear in mind when filing an ITR late?
If you are
completing an ITR after the deadline, you must complete and submit it using the
appropriate ITR form that was announced for the assessment year. The immediately
subsequent fiscal year is the pertinent assessment year for a given fiscal
year.
As a result,
the appropriate assessment year when filing a belated ITR for the FY 2021–22 is
2022–23. The ITR forms announced for AY 2022–23 must be used by an individual
taxpayer to submit a late ITR.
Leave A Comment