What happens if you miss the ITR filing deadline of July 31, 2023

ITR Filing
The income tax filing deadline (ITR) is getting closer ; the deadline is July 31. The government often extends the deadline, but it hasn’t made any announcements so far for FY 2022-23 ITR Filing. So taxpayers have 21 days to file their ITR. Taxpayers will file their ITR for the Financial Year 2022-23 and the Assessment Year 2023-24 ended on March 31.

Also Read: F&O Trading ITR Filing: Everything an trader should know about tax return filing

Penalty for missing ITR deadline

As a responsible Indian Citizen, it is the duty of every taxpayer to file an ITR in time. But if somebody fails to file an ITR in time, they may invite monetary penalties of up to Rs 5,000 or imprisonment of up to 7 years against them.

Also Read: ITR Filing AY 2023-24: Maximise your income tax refund while filing ITR

How to file belated return?

The process for filing a belated return is the same as filing the tax return on or before the due date. The main difference is that we need to select “Return filed under section 139(4)” from the drop-down menu while filling out the ITR form.

The last date for filing a belated return for FY 2022-23 (AY 2023-24) is December 31, 2023.

Also keep in mind that if you are filing a late return for FY2022-23 (AY 2023-24), you have to do using the appropriate ITRs that have been made accessible only for FY 2022-23 and not for any earlier or later FY.

Also Read: Free ITR filing Online for AY 2023-24: Complete guide to e-file Income Tax Return

Can you revise the belated ITR?

Yes, you can. After filing your belated tax return you find that you have not reported certain incomes, or some deductions were not availed or not used in the return computation, it is possible to file a revised return.

Do keep in mind that the last date to file a belated and revised return is the same for FY 2022-23, i.e., December 31, 2023.

Therefore, if you e-file your belated ITR on December 31, 2023, then you can still revise your tax return online on the last day (i.e., December 31, 2023, on or before midnight).

Also Read: Cryptocurrency in ITR: All you need to know about Crypto tax rules

How much time is available to verify ITR?

Filing the tax return is just half of the process – still we need to verify it as well. As per the present tax laws, ITR Should be verified within 30 days of filing it. Till July 31, 2022, an individual had time limit to verify their ITR within 120 days from the date of filing.

Also Read: Income tax return: 10 mistakes to avoid while filing ITR for AY 2023-24

Can we carry forward losses even after filing a belated return?

As per the Indian income tax laws, losses under any head of income (other than income from house property), can be carried forward only if the tax return is filed within the due date, i.e., July 31 of the relevant AY (unless extended by the government).

However, taxpayers can carry forward the loss under the head income from house property, even if the tax return is filed after the due date.

Also Read: New ITR Filing form for AY 2023-24 (FY 2022-23): Everything you need to know
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