An individual can file a belated income tax return (ITR) for FY 2022-23 (AY 2023 24) if he/she has missed the deadline of July 31, 2023. The last date to file belated ITR for FY 2022-23 (AY 2023-24) is December 31, 2023.
While filing a belated ITR, an individual is required to pay a penalty under Section 234F of the Income Tax Act, 1961. Further, losses under various income heads cannot be carried forward in a belated ITR except for house property losses.
The penalty for filing a belated ITR is Rs 5,000 if net taxable income is more than Rs 5 lakh for FY 2022-23 (AY 2023-24). If net taxable income is below Rs 5 lakh, the penalty amount is Rs 1,000. If your net taxable income is below the basic exemption limit, you do not need to pay any penalty while filing a belated ITR.
How to pay the penalty for belated ITR
An individual can either pay the penalty under Section 234F before starting the process of filing belated ITR, or pay the penalty and any additional tax liability at the time of belated ITR filing on the e-filing portal.
The challan details of the penalty paid will have to be entered manually in the – ‘tax paid’ schedule in the ITR form.
An individual cannot file a belated ITR before providing penalty paid details in the ‘tax paid’ schedule of the ITR form.
If you are paying penalty before filing belated ITR
An individual will be required to use the e-pay tax facility on the income tax e filing portal to pay the penalty before filing a belated ITR. The e-pay tax facility can be used with or without logging into their account.
Here we have taken reference of how an individual can pay the penalty without logging into their account. On the e-filing portal
(https://www.incometax.gov.in/iec/foportal/) under ‘Quick Links’ select the ‘e pay tax’ option.
Enter your PAN, mobile number and click on continue. A one-time passworda
(OTP) will come on your mobile, enter that. A new webpage will open asking
you to select the relevant assessment year, i.e., AY 2023-24 for FY 2022-23 incomes. Select the type of payment, i.e., self-assessment tax (300) and click on continue.
A new webpage will open where an individual will be required to enter the
penalty amount. If there are any additional tax dues payable, then it must be entered here. Click on continue.
The individual will be redirected to the payment page. The penalty can be paid using any of the five methods, namely, debit card, net banking, payment gateway, offline bank challan, RTGS/NEFT. Make the payment and download the tax payment summary challan which will be generated after a successful payment.
This challan will be needed while filing the belated ITR.
If you are paying penalty while filing belated ITR
In the ITR form, there will be a total of five schedules. They are:
. Personal information
. Total deductions
. Tax paid
Total tax liabilities
When an individual fills in and confirms the information in the relevant schedules mentioned above, the ‘total tax liability’ schedule will automatically calculate the penalty and additional tax payable (if any) to be paid while filing belated ITR.
An individual will be required to use the ‘pay now’ facility to pay the penalty and additional tax dues (if any). Once the penalty and additional tax (if any) has been paid, an individual will be required to enter the challan details in the ‘Tax Paid’ schedule.
An individual will be required to enter the challan number, Basic Statistical Return (BSR) code, amount and other details. These details will be entered in the self-assessment and advance tax payments column under the ‘taxes paid schedule. Once entered, click on the confirm button.
Once all the required schedules have been filled, click on ‘preview return’. If all the details are fine, click on ‘Submit’ to make the final submission. Do not forget to verify the belated ITR within 30 days of submitting it.