Individuals whose annual income exceeds the basic exemption limit are required to file an Income Tax Return (ITR) by 31st July to avoid penalties and other legal consequences. Although 31st July is the standard deadline for filing an ITR, the Income Tax Act permits returns to be filed after this date under certain circumstances. Therefore, if you missed the ITR filing deadline for FY 2022-23, you may still have three options: a belated return, a revised return, or an updated ITR. This blog explains the available ITR filing options, the procedures for filing them, and the applicable penalties and interest.
What Is the ITR Filing Due Date in India?
Generally, 31st July each year is the deadline for filing an ITR without incurring a late filing fee or other consequences associated with delayed submission. For FY 2023-24, the ITR filing deadline is 31st July 2024.
Filing an ITR helps taxpayers comply with tax regulations, avoid applicable penalties, facilitate financial transactions, and maintain accurate financial records.
Failure to file an ITR on time may also result in substantial penalties and interest on outstanding tax liabilities. Section 234F of the Income Tax Act specifies the provisions relating to late filing fees for income tax returns.
The ITR filing deadlines for firms, HUFs, and other taxpayer categories for FY 2023-24 are listed below.
| Taxpayer Category | ITR Filing Deadline for FY 2023-24 | Audit Report Submission Deadline for 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 required under Section 92E | 31st October 2024 | – |
| Income Tax Return filing for transfer pricing cases | 30th November 2024 | – |
| Revised Return | 31st December 2024 | – |
| Belated or Late Return | 31st December 2024 | – |
What Are the ITR Filing Options If You Miss the 31st July Deadline?
For most individuals, 31st July is the annual deadline for filing an ITR without a late fee or penalty. However, if you fail to submit your return by the due date or have not filed one at all, the Income Tax Act, 1961, provides options to file a belated, revised, or updated return, subject to the applicable conditions.
The choice between a belated return, revised return, and updated return depends on why the original filing deadline was missed. If you need to submit an ITR after the due date, you have three options, each governed by its own rules and requirements.
Let’s explore the available ITR filing options, the procedures involved, and the penalties that may apply.
Belated ITR
A belated ITR provides an opportunity for taxpayers who have missed the original filing deadline to submit their returns later. Filing a belated return helps taxpayers meet their obligations and avoid more serious legal consequences from the Income Tax Department. Under Section 139(4) of the Income Tax Act, a belated ITR can be filed up to 31st December each year. However, applicable interest and late filing fees may still need to be paid when submitting the return.
Under Section 234F of the Income Tax Act, taxpayers with an annual income of up to Rs. 5,00,000 may be charged a late filing fee of up to Rs. 1,000. Individuals earning more than Rs. 5,00,000 may have to pay a fee of Rs. 5,000.
How to File a Belated ITR
The procedure for filing a belated ITR is similar to that of filing an original return. Log in to your account and enter the required information. After completing the necessary details, select Section 139(4) when submitting the belated return. Since there is no separate ITR form specifically for belated returns, the usual return filing process applies.
Penalty and Interest
Before filing a belated ITR, ensure that the applicable tax, late filing fee, and interest have been paid. As explained above, Section 234F provides for a late filing fee of up to Rs. 1,000 for individuals earning up to Rs. 5 lakh and Rs. 5,000 for those earning more than Rs. 5 lakh.
Ensure that the outstanding income tax and applicable fee are paid. Under Section 234A, interest at 1% per month may apply when tax remains unpaid. If there is a shortfall in advance tax payments, interest may also be charged under Sections 234B and 234C, at the applicable rate of 1% per month.
Revised ITR
A revised ITR allows taxpayers to correct mistakes made in a previously filed return. Common errors include incorrect bank account information, omitted or undisclosed income, and other reporting inaccuracies. Such mistakes can occur during the filing process, and declaring additional income may lead to further tax liability and interest charges.
There is no restriction on how many times an ITR can be revised within the permitted time limit. Taxpayers can revise an original or belated return multiple times. However, it is advisable to make corrections as early as possible to allow sufficient time for further changes if necessary.
Like the belated return, the deadline for filing a revised ITR is generally 31st December. Although multiple revisions are permitted within the applicable time limit, frequent revisions may draw the attention of the Income Tax Department.
How to File a Revised ITR?
A revised return can be submitted when an error or omission is identified in a previously filed ITR. Filing a revised return requires an original return to have been submitted. The filing procedure is broadly similar to that for an original or belated ITR.
When filing a revised ITR, select Section 139(5) as the applicable filing provision. You must also provide the acknowledgment number and the date on which the original return was filed.
Penalty and Interest
The Income Tax Act does not impose a separate penalty or interest solely for filing a revised return. Therefore, taxpayers may revise their ITR multiple times within the permitted period without incurring a penalty or interest specifically for making the revision.
Updated ITR or ITR-U
Introduced in the Union Budget 2022, ITR-U enables taxpayers to file an updated income tax return within 24 months from the end of the relevant assessment year. It can be used to address missed filings or correct errors in previously submitted returns, subject to the applicable conditions.
However, ITR-U cannot be used to claim a refund, report a loss, or declare a lower income. Additionally, updating a return to correct an incorrect income declaration may result in additional tax liability and substantial extra charges.
How to File ITR-U?
Under the Income Tax Act, ITR-U must be submitted along with the applicable updated ITR form. The ITR-U form contains two sections: Part A and Part B. Part A requires general information, while Part B includes details of the updated total income and the tax payable. Complete both parts with accurate information before submitting the updated return.
Penalty and Interest
When filing an updated return under Section 139(8A), an additional amount is payable along with the applicable tax and interest. If the ITR-U is filed within one year after the end of the relevant assessment year, the additional amount is 25% of the tax and interest. If filed after one year but within two years, the additional amount increases to 50% of the tax and interest.
How to Select the Right ITR Filing Option
- If you missed the original ITR filing deadline or did not file your return for another reason, you can submit a belated return to address the delay and limit the applicable consequences.
- If you discover an error in a previously filed ITR and need to correct it, you can file a revised return within the permitted time limit.
- If you need to correct an earlier return or report previously underreported income, you may be able to file an updated ITR within two years from the end of the relevant assessment year, subject to the applicable rules.