Deadline for revised and late ITRs: With 2022 drawing to a close and the new year 2023 starting in about a week, the window for filing the revised or delayed ITR (income tax return) will also close on December 31. your income tax return before July 1, 2022, or if you filed the ITR but made a mistake, you can correct the course by filing a late or revised ITR before December 31, 2022.
The original deadline for filing the income tax return for the 2022-2023 tax year was July 31, and the latest date has not been extended this year. A record income tax return of 72.42 lakh was filed on the last day of such filing on July 31, bringing the cumulative returns to 5.83 crore, almost the same level as last year. While the Income Tax Return (ITR) was slow at first, the pace picked up as the deadline approached.
Late ITR
Under Section 139(4) of the Income Tax Act, 1961, there is a provision for filing a late ITR in case you missed the original deadline. However, according to Section 234F, a fine of Rs 5,000 must be paid if anyone files a late ITR after July 31 by taxpayers with a total income of Rs 5 lakh and above. For taxpayers whose total income is less than Rs 5 lakh, the penalty amount is Rs 1,000, while those who are exempt from paying income tax do not have to pay a penalty.
To file the late ITR, filers must select section 139(4) in the tax return form. The last date for submitting the late ITR is December 31. If someone misses this deadline, he or she will not be able to file the ITR unless the Income Tax Department sends a notice.
Revised ITR
If you submitted the ITR by the original July 31 deadline but made a mistake, you can correct that and submit a revised ITR before December 31. The provision for this is given in Section 139(5) of the Income Tax Act. The process to submit a revised ITR is the same as the original ITR. However, you must select Section 139(5) in the income tax return form and you must have the original ITR, as the figures in the original ITR are also needed in the process.
Sumit Mangal, partner at Luthra and Luthra Law Offices India, said, “The revised return can be filed multiple times within the legal time limits. However, if a return is revised multiple times, that return may be selected for detailed assessment for the reasons for multiple revisions to the tax return. There is nothing specific to consider when filing the revised return.”
He added that since the revised declaration replaces the original declaration and multiple revised declarations may lead to a detailed investigation of the case, care should be taken that the revised declaration reflects the correct data and information. “Furthermore, the revised return must be consistent with the disclosures in the tax audit report.”
Maneet Pal Singh, partner at IP Pasricha & Co, said: “Even those who file late ITR (the return filed after the due date) are allowed to file a revised return. Previously, only taxpayers who filed ITR before the deadline passed were allowed to review their returns.”
Singh added that if your income tax return has been processed and you have availed yourself of a refund, a revised return can be filed if filed within the specified due date. If the ITR form needs to be changed, a revised declaration can be submitted.
“Submitting a revised ITR is the same as submitting an original. However, when filing a revised ITR, you must file it under Section 139(5) of the Income Tax Act. You must select the option ‘Revised u/s 139(5)’ in the ‘declaration submitted under’ column. The ITR form will additionally ask you for details of the original ITR, i.e. the receipt number and date of submission of the original ITR,” he said.
In October, the government extended the deadline for corporate income tax filings to November 7 for the 2022-23 tax year, from the original deadline of October 31. Before that, the CBDT had also extended the deadline for submitting audit reports.
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