The last date for filing Income Tax Return (ITR) is about to end and you have only 3 days left to file it. That is, you can do this work till 31st December. In such a situation, if you have not yet filed ITR, then without delay, first of all settle this work.

Because, not filling it can cause you many losses. Not only this, many big benefits can also be found by filling, knowing which you will be surprised. The Finance Ministry had given 31 July 2022 as the deadline to file ITR for 2022-23. Giving another chance to taxpayers who are unable to file ITR on this date, the last date for filing has been given as December 31, 2022. That’s why taxpayers should file belated and revised ITR under any circumstances.

Delayed ITR

Taxpayers who have not been able to submit their return (ITR) by July 31, 2022, have a chance to submit delayed ITR till December 31, 2022. If you miss this time, you may have to face a lot of trouble along with a notice from the Income Tax Department. Taxpayers who have made a mistake in filing the original ITR, then the taxpayer can rectify his mistake by filing a revised income tax return.

Process of filing belated ITR Belated or belated ITR is filed under section 139 (4) of the Income Tax Act, 1961. Explain that the way the original ITR is filled, it is also filed in the same way. While filing belated ITR, a taxpayer needs to ensure two things. Section 139(4) has to be selected in the tax return form and the penalty amount, penalty interest and tax dues have to be paid.

Know how much is the fine:

Under Section 234F of the Income Tax Act, a fine of Rs 5,000 is imposed on a person who files ITR late. However, small taxpayers with taxable income up to Rs 5 lakh will have to pay a penalty of Rs 1,000 only. This late filing fee should be deposited before starting the process of filing belated ITR.

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