Deadline For Revised and Belated ITRs: Now that 2022 is finishing and the new year 2023 is going to start in approximately every week, the window for filing the revised or belated ITR (profits tax return) is also going to be closed on December 31. So, if you could not file your income tax return by means of July 1, 2022, or had filed the ITR however made a few mistakes in that, you can correct the course with the aid of submitting a belated or revised ITR with the aid of December 31, 2022.
The authentic closing date for submitting the earnings tax returns for the evaluation yr 2022-23 become July 31, and the closing date became not extended this year. A report 72.42 lakh earnings tax returns have been filed at the remaining day of such submitting on July 31, taking the cumulative returns to 5.83 crore, near to the same tiers of closing yr. While, to begin with, profits tax go back (ITR) submitting changed into slow, the tempo picked up because the deadline neared.
Under Section 139(four) of the Income Tax Act, 1961, there’s a provision for submitting a belated ITR if you have missed the unique cut-off date. However, as in line with Section 234F, a penalty of Rs 5,000 needs to be paid if one documents a belated ITR after July 31 by means of taxpayers with a total income of Rs 5 lakh and above. For taxpayers with much less than Rs 5 lakh total income, the best quantity is Rs 1,000 whilst those who are exempt from paying income tax do no longer ought to pay any penalty.
For submitting the belated ITR, filers ought to select Section 139(4) inside the tax return shape. The closing date for submitting the belated ITR is December 31. If someone misses this cut-off date, he or she will now not be capable of file the ITR except the earnings tax department sends a word.
If you filed the ITR within the authentic deadline of July 31 however made a mistake, you may accurate that and document a revised ITR by means of December 31. The provision for this is given beneath Section 139(5) of the Income Tax Act. The procedure to file a revised ITR is similar to authentic ITR. However, you want to select Section 139(five) inside the income tax go back shape and ought to have the original ITR as the figures positioned within the authentic ITR will also be wished inside the system.Sumit Mangal, associate at Luthra and Luthra Law Offices India, said, “The revised go back can be filed multiple times inside the statutory deadlines. However, if a go back is revised multiple times, the said return may be selected for an in depth evaluation to evaluate the motives for multiple revisions inside the tax return. There is not anything particular that need to be considered at the same time as submitting the revised go back.”
He introduced that because the revised go back substitutes the original go back and multiple revised returns may want to bring about specified scrutiny of the problem, it need to be ensured that the revised return reflects the appropriate information and statistics. “Further, the revised return must be in keeping with the disclosures made in the tax audit report.”
Maneet Pal Singh, companion at I.P. Pasricha & Co, stated, “Even people who file belated ITR (the go back this is filed after the due date) are allowed to report a revised go back. Previously, handiest those taxpayers who had filed ITR earlier than the expiry of the cut-off date were allowed to revise their returns.”
Singh delivered that if your income tax return has been processed and you’ve availed money back, a revised go back may be filed if it is filed inside the designated due date. If the ITR form has to be modified, a revised go back can be filed.
“The method of filing a revised ITR is the same as submitting an authentic one. However, whilst filing revised ITR, you are required to document it beneath segment 139(5) of the Income-tax Act. You are required to pick out the choice ‘ Revised u.S.139(5)’ within the ‘go back filed below’ column. The ITR form will additionally ask you for information of the authentic ITR, i.E., receipt variety and date of submitting of original ITR,” he said.
In October, the government extended the deadline for filing earnings tax returns by organizations until November 7 for the evaluation yr 2022-23, from the unique remaining date of October 31. Before this, the CBDT had also extended the closing date for filing audit reviews.