Missed the ITR Filing Deadline for FY 2022-23 (AY 2023-24)? No worries! You can still file a Belated ITR until December 31, 2023, but be aware of late fees under section 234F. The late fee is Rs 1,000 for income up to Rs 5 lakh and Rs 5,000 for income exceeding Rs 5 lakh, payable before filing.
For FY 2022-23 (AY 2023-24), over 6.50 crore ITRs were filed by July 31, 2023. An estimated 13-14% have missed the ITR Filing deadline. Late filers can still file a belated ITR with late fees and interest penalties until December 31, 2023. However, claiming deductions and carrying forward losses has limitations. Late filing incurs late fees and 1% penal interest per month on taxes.
Late tax payments also incur interest penalties under Sections 234A, 234B, and 234C of the Income Tax Act, 1961. Those filing by July 31 can revise without late fees until December 31, 2023.
The interest rate for belated tax payments is 1% per month.
Belated ITR filing limits certain deductions and loss carryforwards, except for losses from house property due to missed due dates.
For assistance with belated ITR filing, consult tax professionals for a smooth and compliant process. Don’t miss the opportunity to fulfill your tax obligations and avoid unnecessary penalties.
For more information and expert assistance with your Belated ITR filing, visit www.apkireturn.com. Our team of tax professionals can guide you through the process, helping you avoid unnecessary penalties and ensuring compliance with tax regulations. We understand the complexities of the Indian tax system and can provide the expertise you need to file your Belated ITR accurately and on time.
Filing your Belated ITR is a crucial step in meeting your tax obligations and avoiding legal repercussions. Our experienced professionals are here to assist you every step of the way, ensuring that your ITR is filed correctly and in compliance with the latest tax regulations.