ITR

ITR Filing AY 2022-23 Latest News: Missed deadline? You can still file Income Tax Returns but there’s a catch

Belated ITR Filing for Assessment Year 2022-23 Latest News today: Know the consequences of late filing Income Tax Returns, How different is it from regular ITR filing

Belated Income Tax Return Filing for Assessment Year 2022-23 Latest News: Taxpayers who missed filing their returns by 31 July 2022 can still do so. However, there is a catch! Such taxpayers will have to pay a penalty. There are also some other associated costs of late ITR filing.

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31 July 2022 was the last date of ITR filing for AY 2022-23 for taxpayers whose accounts don’t need to be audited. More than 5.8 crore returns were filed by the due date. However, some taxpayers may still have missed filing their returns. They can now file belated ITRs till 31 December 2022.

“Taxpayers who have not filed their income tax returns within the due date, i.e. up to 31st July 2022 for the FY 2021-22, can file a belated return. However, there is a timeline for filing the belated return. A belated return for FY 2021-22 can be filed on or before 31st December 2022,” says Archit Gupta, Founder and CEO of Clear (formerly ClearTax). 

Belated ITR filing Process

The process of filing a belated return is almost the same as filing the original return (returns filed before the due date).

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Belated ITR filing Process

The process of filing a belated return is almost the same as filing the original return (returns filed before the due date).

While it is always advised to file returns before the due date, those who missed the 31 July deadline can still file their income tax returns by paying the above-mentioned penalty and interest.

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