Every taxpayer whose annual income exceeds the basic exemption limit is required to file an Income Tax Return (ITR) by 31st July to stay compliant and avoid penalties or legal consequences. Although 31st July is the standard due date, the Income Tax Act provides additional filing options for taxpayers who miss this deadline.
If you were unable to file your ITR for FY 2022-23 within the prescribed time, you can still file it through one of the following options: Belated Return, Revised Return, or Updated Return (ITR-U). This article explains these filing options, their applicability, and the related interest and penalty provisions.
What is the Due Date for Filing an ITR in India?
For most taxpayers, the due date to file an Income Tax Return without attracting any late fee, penalty, or other consequences is 31st July of the relevant assessment year. For FY 2023-24, the due date was 31st July 2024.
Filing your ITR within the prescribed timeline not only ensures compliance with tax regulations but also helps maintain proper financial records and supports various financial transactions.
Failure to file the return on time may result in late filing fees and interest on the outstanding tax liability. The provisions relating to late filing fees are covered under Section 234F of the Income Tax Act.
The due dates for filing ITRs for FY 2023-24 for different categories of taxpayers are given below:
| Taxpayer Category | ITR Filing Due Date (FY 2023-24) | Audit Report Due Date (FY 2023-24) |
|---|---|---|
| Businesses (Audit Cases, including Private Limited Companies, OPCs, LLPs, and Firms) | 31st October 2024 | 30th September 2024 |
| Businesses (Non-Audit Cases, including Private Limited Companies, OPCs, LLPs, and Firms) | 31st July 2024 | – |
| Association of Persons (AOP) | 31st July 2024 | – |
| Body of Individuals (BOI) | 31st July 2024 | – |
| Individuals | 31st July 2024 | – |
| Trusts, Colleges, and Political Parties (Audit Cases) | 31st October 2024 | 30th September 2024 |
| Trusts, Colleges, and Political Parties (Non-Audit Cases) | 31st July 2024 | – |
| Report to be Furnished under Section 92E | 31st October 2024 | – |
| Income Tax Return in Transfer Pricing Cases | 30th November 2024 | – |
| Revised Return | 31st December 2024 | – |
| Belated Return | 31st December 2024 | – |
What are the ITR Filing Options After Missing the 31st July Due Date?
Although 31st July is the due date for filing an Income Tax Return (ITR) without attracting any late fee or penalty for most taxpayers, missing this deadline does not mean you lose the opportunity to file your return. Under the provisions of the Income Tax Act, 1961, you can still file a Belated Return, Revised Return, or Updated Return (ITR-U), depending on your situation.
The appropriate return to file depends on the reason for missing the deadline or the nature of the correction required. Each filing option has its own conditions, procedure, and applicable charges.
Let’s understand each option in detail.
Belated ITR
A Belated Return provides relief to taxpayers who fail to file their original ITR within the prescribed due date. It enables individuals to remain compliant and avoid stricter legal consequences from the Income Tax Department.
Under Section 139(4) of the Income Tax Act, a belated return can be filed up to 31st December of the relevant assessment year. However, taxpayers are required to pay the applicable late filing fee, interest, and any outstanding tax while filing the return.
As per Section 234F, taxpayers with a total income of up to Rs. 5,00,000 are liable to pay a late filing fee of up to Rs. 1,000. If the total income exceeds Rs. 5,00,000, the late filing fee is Rs. 5,000.
How to File a Belated ITR
The filing process for a belated return is the same as filing an original ITR. Taxpayers can file it through the Income Tax e-filing portal or the Tax2win portal. After logging in and completing the required details, ensure that Section 139(4) is selected while filing the return. Since there is no separate form for a belated return, the same ITR form applicable to the original return must be used.
Penalty and Interest
Before filing a belated return, taxpayers should ensure that the applicable tax, late filing fee, and interest have been paid.
Under Section 234F, a late filing fee of up to Rs. 1,000 applies where the total income does not exceed Rs. 5 lakh, while a fee of Rs. 5,000 applies if the income exceeds Rs. 5 lakh.
Additionally, Section 234A imposes interest at 1% per month on any unpaid tax liability. Where there is a shortfall in advance tax payment, interest under Sections 234B and 234C is also charged at 1% per month.
Revised ITR
A Revised Return allows taxpayers to correct errors made while filing their original ITR. Mistakes may include incorrect bank account details, omission of income, incorrect reporting of income, or other filing errors. If additional income is reported while revising the return, the taxpayer may also have to pay the corresponding tax and applicable interest.
There is no restriction on the number of times an ITR can be revised. Both original and belated returns can be revised multiple times. However, it is advisable to make corrections as early as possible, as filing close to the deadline leaves little scope for further revisions.
The due date for filing a revised return is also 31st December. Although multiple revisions are permitted, frequent revisions may invite scrutiny from the Income Tax Department.
How to File a Revised ITR?
A revised return can be filed only if an original return has already been submitted and corrections are required. The filing procedure remains the same as that of an original or belated return.
While filing, select Section 139(5) as the return filing option. You will also need to provide the acknowledgement number and filing date of the original ITR.
Penalty and Interest
No additional penalty or interest is charged merely for filing a revised return. Taxpayers can revise their returns without incurring any separate fee or penalty.
Updated ITR (ITR-U)
Introduced through Budget 2022, the Updated Return (ITR-U) enables taxpayers to update their income tax return within 24 months from the end of the relevant assessment year. It can be used both when the original return was not filed and when incorrect details were reported in the previously filed return.
However, ITR-U cannot be filed to claim a refund, declare lower income, or increase losses. Where the updated return is filed due to under-reporting or incorrect disclosure of income, additional tax and other applicable charges are payable.
How to File ITR-U?
As per the Income Tax Act, Form ITR-U must be filed along with the applicable ITR form for the relevant assessment year.
The ITR-U form consists of two sections:
- Part A: General information.
- Part B: Details of the updated income and the resulting tax liability.
Both sections should be completed accurately before submitting the updated return.
Penalty and Interest
No separate penalty is imposed merely for filing an Updated Return under Section 139(8A). However, an additional amount is payable along with the tax and interest.
- If ITR-U is filed within one year from the end of the relevant assessment year, an additional 25% of the tax and interest is payable.
- If it is filed after one year but within two years, the additional amount increases to 50% of the tax and interest.
How to Choose the Right ITR Filing Option?
If you missed the ITR filing deadline or could not file your return for any reason, filing a Belated Return is the appropriate option to reduce penalties and remain compliant with the Income Tax Act.
If your original ITR contains incorrect information or any filing errors, you should file a Revised Return to correct those mistakes.
Likewise, if you discover that income was underreported or reported incorrectly in previous financial years, you can file an Updated Return (ITR-U) within 2 years from the end of the relevant financial year.
Once you understand the purpose of each filing option, you can choose the most suitable one and file a Belated Return, Revised Return, or Updated Return based on your specific circumstances.