How Do You File A Revised Income Tax Return After The Due Date?

Timely filing of income tax returns is the hallmark of a responsible citizen.  There are many disadvantages of filing an income tax return after the due date.  Where on the one hand there is the procedural complexity to be faced.  And then it comes to paying the fine.  However, in the budget for 2022, the government had announced bringing a new portal for filing updated returns.  But the work on this portal has not started yet.

What is the process to file ITR after the due date?

ITR can be filed even after the due time of filing an income tax return. There are certain rules for filing an income tax return after the due time.  What is important to know and understand.  Earlier, as per the 1987 amendment to the Finance Act, ITR could be filed one year after the end of any assessment year.  After the 2016 amendment to the Finance Act, it was directed to file the delayed ITR before the end of the assessment year.  The last date for delayed ITR filing for the financial year 2019-20 was March 31, 2021 (the period was extended due to the corona pandemic).

You can also read this blog to learn how to file Income Tax  Return?

Is need permission to file ITR after the due date?

After the due date of the income tax return has passed, the application has to be made to the Commissioner of Income Tax of your area for permission from the Income Tax Department under section 1192B of the Income Tax Act.  The Income Tax Department will scrutinize your application.  Verify the genuineness of the application.  Will try to understand your problem.  The Income Tax Department will allow you to file a revised ITR even after the stipulated time has elapsed if it finds that your deduction has been exceeded or TDS, advance tax, or self-assessment tax has been deducted more.

Have to tell, me why ITR was not filed in due time?

A notice will be issued by the Income Tax Department on your application.  You can see this notice in the e-Proceeding section of your income tax login.  Do you have to manually explain why the Income Tax Return was not filed within the stipulated time?  Then you will be allowed to file an IT return by the Income Tax Department.  Which you can see in the e-Proceeding section of your ITR filing login.

Will the TDS claim facility be available?

But the point to be noted here is that while issuing the notice to you by the Income Tax Department, you may also have to pay a fine of Rs 5000 if his taxable annual income exceeds Rs 5 lakh.  If the annual taxable income is less than 5 lakhs, then in that case the penalty increases to 1000 rupees.  If you are able to explain your point to the tax commissioner, then you can also avoid the fine.  But if the delayed income tax return is allowed in the re-processing section of your ITR return filing login, then you will be able to file the income tax return as per the normal procedure.  In this process, the facility of TDS claim, etc. is available.

What is the facility for updated return filing?

In Budget 2022, the government announced that a new portal of updated returns would be launched for ITR filing.  But till now this portal has not come into existence.  But experts are expressing hope that very soon this portal may come into existence.  Experts are telling that after the arrival of this new portal, you will be able to file an income tax return and make corrections but a TDS claim may not be possible.

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