The last date to file for income tax returns (ITR) for FY 2022-23 is July 31, 2023. It is advisable to file your ITR before the end date, however, if you couldn’t manage to do so then there are some options available for you.

First of all, if you missed the deadline for filing your ITR for FY 2022-23, then you have the option to file a belated ITR. The due date for filing belated ITR is December 31, 2023 for FY 2022-23, unless extended by the government.

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However, if the ITR is filed after the deadline date and before the belated ITR deadline date, then a late filing fee would be levied. This late fee penalty was implemented in FY 2017-18. A new section 234F was inserted by the government in the Income-tax Act, 1961. This section was further amended in Budget 2021.

The amendment was made as the central government has reduced the time limit to file for ITR to three months. Till FY 2019-20, there was an option to file belated ITR till the end of the relevant assessment year, till March 31. Adding up to that, a consequential amendment was made under section 234F to reduce the penalty levied on belated ITR filing by half.

How to file belated ITR?

The process of filing a belated ITR is the same as the normal ITR before and after the deadline date. If you are filing for a belated return for FY 2022-23, then you need to fill the applicable ITRs as notified for FY 2022-23 only and not for any previous or later FY.

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However, while filing for ITR, then you would have to select "Return filed under section 139(4)" in the drop-down menu in the relevant box in the form.

Can you revise belated ITR?

Yes, according to the new rules implemented in FY 2016-17, you can revise your belated ITR return. However, you should note that if you file your ITR after the deadline, you will lose out certain benefits and penalty will also be levied.

What to do if there’s an error in belated ITR?

If after filing belated ITR, you found out that you have not reported certain incomes, or some deductions were not availed of in the return computation, it is possible to file a revised return.