“Last Chance”: Income Tax Department Warns Taxpayers To File Belated ITR By Dec 31

The Income Tax Department has issued a warning for taxpayers who missed the July 31 deadline to file their income tax return (ITR) for financial year 2022-23. In a post on social media platform X, the department said these taxpayers must do that by December 31, 2023. The post made it clear that this is the “last chance” to file the belated/revised ITR for the financial year. The Income Tax Department’s post also mentioned the difference between revised and belated ITRs.

“Kind Attention Taxpayers, 31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date,” the post on X said.

Kind Attention Taxpayers,

31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024.

Hurry! File your ITR before the due date.

Pl visit https://t.co/uv6KQUbXGv#FileNow pic.twitter.com/S6HRuxYGBg

— Income Tax India (@IncomeTaxIndia) December 28, 2023

The department also shared a link to its website where users can find all the information about filing ITRs.

The income tax department rules has made it mandatory for every person to file return of income with effect from assessment year 2020-21. It has also laid down three main conditions for people who will have to pay the income tax. These are: If per person has deposited Rs 1 crore or more in one or more current account, has incurred aggregate expenditure in excess of Rs 2 lakh for himself or any other person for travel to a foreign country, and has an aggregate expenditure in excess of Rs 1 lakh towards payment of electricity bill.

The department has also said that people who fail to file the income tax return within the specified time limit, a belated return can be filed under Section 139(4) of the income tax act. There is no separate form for belated ITR, an assessee will have to use the forms notified for a particular assessment year.

If a taxpayer fails to file even the belated ITR, he/she may face certain “adverse consequences”. As per the Income Tax Department, the loss (other than income from house property) cannot be carried forward, levy of interest under Section 234A and fee under Section 234F, the taxpayer will also not be entitled for exemptions under Sections 10A and 10B, and deductions under Part-C of Chapter VI-A will not be available.

Section 234F mandates a penalty of Rs 5,000, or Rs 1,000 for small taxpayers, and a 1 per cent per month penal interest under Section 234A is applicable on pending income tax payment.

Another important step is to verify the filed ITR within 30 days. It is essential to initiate processing and any unverified ITR will be considered as not filed by the Income Tax Department.